...........And they all need to be under $50K.
...........With VERY Little Rehab
First of all, there is ONLY something like 100 NON short sale SFRs that are active.
Second, I get these calls all the time. Late Winter/Early Spring is when they Sprung.
Third, I got three in the last 24 hours.
SO if me (a little time Las Vegas Realtor) gets THREE CALLS in a 24 hour period and you are all competing for those 100ish homes. How many others are out there?
Can you help me with our portfolio goals? Yes, I will be happy to help you. My retainer fee is $100/hour with a 30 hour minimum and only billed in 30 hour increments. This includes everything after this initial phone call.
The question of the century is: Can you give me a heads up on pre-market reo listings? All three asked that question in the last 24. You can find the "pre market reo listings" in Nevada Legal News. Subscription price is $100 a month and an entity that has goals to buy hundreds of hundreds of listings in cash, certainly has $100 a month to spare to subscribe to this newspaper to get the trustee's sales.
My best advice to the Investment Group buying large lots of homes: the resale market ain't your place. You belong in bigger leagues like:
I am not even going to sit down with you to have a consultation because you are not playing in the right market. I won't lie to you and tell you "I am the agent that can get it done!"
After your purchases, however, I will offer you property management (through my trusted property management partners) and options to list the property after rehab. That's when we can talk ;)
Until then, I have to send you back to the big leagues where I will sit in the stands (nosebleed section) and wait for you to get back with me (unless you want to schedule follow up immediately.)
Sorry I have to sound cocky but you are not special. A bunch of yous are ALL OVER OUR MARKET!
These folks seem to be everywhere. We do something similar.. large retainer... and poof.. they are gone.
I haven't had any of those calls only emails. My blogs do list pre listed REO properties. I always send those type of calls to my blog. That way they get an idea of REO prices in my area.
Hi Renee !
It's funny, but these guys contact you thinking you are going to start salivating and drop eveerything to sign their agreement !
... funny guys !
Cheers Renee !
Sheldon :o)
That was funny, very true and well said. Have a great night
Great one Renee as always.
H Renee, This was simply awesome. Are we all sick of it or what I have one lead from( source unmentioned) that doesn't respond when I write , yet he keeps asking to see stuff and I tell him, I am not scheduling any showing until we talk ( on the phone or in person) and he demonstrates being qulaified to purchase either cash or financed.
And...they want to make $100K per house, and they want that kind of return guaranteed...or who knows they will sue you!!!
Great post and great comments....love Carla's
I get those calls, too. I tell them to buy in bulk from the bank or on the courthouse steps because they ain't gonna find it in MLS. Too much competition. And cash doesn't really talk on a short sale -- those banks have no motivation to take a bigger hit.
I suspect they think that bargain-basement steals are sitting all by themselves in MLS, lonely and neglected, when the truth is the desirable homes have buyers lined up 15 deep and offers of thousands over list price.
But I also let them know that when they are looking for a listing agent to sell those newly acquired homes, they can call me back.
Joan: They want the freebies (they are really buying from trustees sales and in bulk but just want you to give them free consultation so they can determine investment potential.. People that know what's up always ask for retainers ;)
Julie: I give them my IDX for that. Pre-list properties are getting multiple offers right now due to lack of inventory!
Sheldon: no such luck.
Debbie: :grin:
Carla: LOL! Did you draw that yourself?
William: Those that I get are generally the financed buyers who want to "one, two, skip a few, 99, 1000". They think that you can get financing on condos no matter how much you tell them "no go."
Jane: I would never make such a promise! ESPECIALLY in this market which turns and twists more than a Texas tornado!
Elizabeth: ditto!
Renee,
It sounds like a time suck to me.
Great Post!
Renee,
You're such a tough guy...I mean gal! You tell 'em!
I hate time waster's, People like this need to get a life.
Gary: Absolutely!
Brian: LOL
Roy: they usually produce but at other venues that don't involve a Realtor. They are just looking for freebie market advice ;)
ya know Renee- I got hit up with a couple of these a few times and fell for it. I spent a ton of time writing up offers on 20-30 properties a week...but all were lowballs at 30-40% of list price. Not one ever bit. It took me a few weeks to wise up. It was during a month or two where I was just excited to get some buyers calling. I learned a huge lesson...and I think Im going to borrow that retainer fee idea going forward.
Great post Renee.
I have received calls from the investors after they buy in bulk. They are from out of state and they are looking for an agent to sell their Chicago homes in their bulk portfolio. After they give me the property addresses, I explain that the Chicago houses that end up in those bulk sales are often in the high crime neighborhoods. These homes have been gutted for copper, metal and cabinets. Often the water is left running when the copper is pulled from the walls, so most of these properties have a mold problem. None of the properties in the high crime neighborhoods are habitable. The investor's property is worth about $8K, even though the zillow estimate is for $140K. They are disappointed to find out that there are so many duds in their Chicago portfolio.
I have had some interesting converstations with these investors. I have agreed to list each property on a flat fee basis, but so far there have been no takers. Most of them want to sell the property without listing it on the MLS. Or, they want to pay the 2.5% of the $8,000 sale ($200) or less for listing services.
I used to work as a consultant, and I have been amazed at how real estate agents are expected to provide consulting services without any compensation.
I like your idea of a retainer fee. Please let us know if you have any takers.
Mike: We all live and learn
Laurie: That is what I suspected about the bulk purchases c-to-the-rap!