Real Estate Agent

While many Real Estate Agents often have a reputation of not understanding the real estate investing side of our business, there are some Real Estate Agents out there (like James Orr) that do understand real estate investors, how they operate, their unique needs and desires and will be great additions to your dream team.

The challenge is finding the few Real Estate Agents that do work with Real Estate Investors in your market. If you’re in Northern Colorado, of course, you have me, James Orr.

A great Real Estate Agent will help you by finding potential investor deals in the Multiple Listing Service (MLS) and help you with reasonable requests for comparable sales data (notice I said reasonable) in exchange for recommending them as the listing agent on properties that you are not able or willing to buy.

Few Real Estate Agents and even fewer Real Estate Investors ever make the connection that as Real Estate Investor we only buy approximately 1 out of 10 properties that we visit from our own marketing. What happens to the 9 out of 10 where the seller is unable or unwilling to sell to us? These are home owners that want to sell their home, but our offer has terms or a price that is someone not acceptable to them. These are exactly the type of people that our Real Estate Agent would like to talk to about listing their house for sale via the Multiple Listing Service.

I am a Real Estate Entrepreneur and happen to have a real estate license in my state. I encourage other local investors to talk me up as another possible solution if they are not going to buy the house.

A key thing that a great Real Estate Agent can do is to provide you access to their Dream Team for more information on key Dream Team members). You’ll notice as you go through various Dream Team members on this website that we recommend asking for a recommendation from Real Estate Agents. Why? Because they are the center of many real estate transactions and know the people required to get those deals done.

Property Management

Here in Colorado (and this is true in many other states so check with your Attorney if you are considering offering Property Management services), managing properties that you do not own is a licensed activity. That means you need to be a licensed Real Estate Agent to be a Property Manager or perform activities that look like Property Management.

Calling On Real Estate Agent Listed Property (Without An Agent Representing You)

If you have an agent representing you, ignore this. If you are calling on listing property yourself, this is for you.

When you are calling on real estate agents that have properties they are selling, use the Calling Real Estate Agent Listed Property Checklist™ as a guide. You can use that as part of the Contact CraigsList For Sale By Broker Ad Checklist™.

If you plan on utilizing Real Estate Agents as a major source of your deals, then you may want to reference Finding Deals Listed By Agents Checklist™ for ideas and information on how I recommend you do that.

Great real estate agents can also help get your the data to determine statistics like Days On Market for your market.

Selecting and Interviewing A Real Estate Agent

If you are looking to learn what I recommend you use to find a real estate agent to work with, you can read about that in How To Select A Real Estate Agent™ and when you actually go out and start interviewing potential real estate agents, you will find the Real Estate Agent Interview Questions™ extremely helpful. Real Estate Agents can be a great Poor Marketing Method.

What Real Estate Agents Can Provide To Real Estate Entrepreneurs

Here are a few of the key things that working with the right real estate agent can provide to Real Estate Entrepreneurs:

  • Mailing Lists for marketing and analysis
  • Comparable Sales and help determining the value and marketability of properties
  • Market Data and Market Statistics
  • Real Estate Investor Forms and paperwork:
    • Real Estate Contracts
    • Real Estate Options
    • Rental Agreements or Leases
    • Seller Property Disclosure Statement
  • Knowledge of local laws, sales and negotiation skills, real estate contracts and paperwork
  • Access to their network and dream team

Real Estate Agent Daily Follow Up Checklist™

As part of your daily Dream Team Checklist you should use the following as a guide for making contact with key Dream Team members like Real Estate Agents:

  • Log into your Highrise account.
  • Click on the “Tags” tab and select “Real Estate Agent”.
  • If you do not have any or you want more, use Business Networking or marketing to find additional ones to add to your Dream Team. Marketing to find Real Estate Agents might include:
    • Contact CraigsList For Sale By Broker Ad Checklist™
  • Process each contact record with that tag:
    • You should make contact at least once a month to keep “top of mind awareness” to maximize referrals and look for new opportunities between you.
    • Remember contacts can be requests for any new deals, referrals of any real estate related Dream Team member, market trends or information.
    • Update your notes in Highrise for that contact.
    • Update or create a new task in Highrise for the next time you’d like to follow up if you do not hear back from them.
    • If it has been more than 6 attempts at contact with no replies, consider removing them from your contact list in Highrise.

Return to Dream Team Checklist.

See also…