Working with a realtor

[mar]

Hello everyone,

I would appreciate some feedback on the following:

I have been working with a realtor in another city for approximately 4 months now. They do not specialize in investment properties, however they do own a rental unit. I know and like this realtor from a previous working relationship. We have used her as a buyers agent on three occassions (in three months) and intend to purchase more properties in the area. Here is the catch...based on our enthusiasm, the same realtor is now actively looking to purchase similar props in the same areas. Furthermore, they have just made a successful offer on a property that fits our profile (we never received an MLS alert).

Here are my options as I see them:

[list type=decimal][*]Define our relationship more clearly and insist on first dibs on properties that fit our profile.[*]Relax...there are lots of properties for everyone.Joint venture with our realtor (never have done a JV and not certain that I want to on smaller props).Work with another realtor.[/list type=decimal]I know REIN recommends working with realtors who are also investors, ideally who are REIN members. So how do you ensure that your realtor will bring you the best deals and has your best interest at heart?

Thanks in advance, I look forward to your input.

Marcus

 

[SamEfford]

This is all part of the REIN system. Your realtor is becoming an expert on your niche, and at the same time learning the REIN system. This will help them become a better member of your team and those deals will continue to be brought to you.

So yes, there is enough properties for everyone, and if your realtor continues to bring you the deals, even if they take a few for themselves, everybody wins.

Congratulations on forming a better team!

 

[tahani]

hello mar. i am a realtor too and i would say go with number 2 on your list. relax since there is a lot of homes on the market and i say this lady is honest and tells you what she is up too. plus you already like her and trust her. over all she will be a better realtor for you.


i would also talk to her about your concern and she what`s her reply.

your doing awesome and i am sure she is very gratfull that she has you as a client since you opened a whole new world to her.

all the best

Tahani

www.tahani.ca

 

[RedlineBrett]

I have been faced with this predicament before - the way that I do it is to 'relax' myself. I know I will always find a property that fits for me investment wise... if something is a great deal and I have to let it go well it's not a loss as I get to keep my clients happy - and when they are happy I'm happy. I expect referrals from clients I do great work for and most are happy to oblige.



Bottom line - you, as the client should always get the deal first. When you run out of money your agent can buy something for themselves. They are running a business and should be asking themselves if they are willing to lose an excellent stream of income (you) for the sake of scoring one investment property. To me it's always a no-brainer. You break this trust barrier like your agent has and it is very tough to get it back!



As an alternative, if you both like a property your agent can refer you to someone else in their brokerage to help you write the contract and you can compete with them. Probably not ideal but a professional agent should be able to facilitate this.




QUOTE (tahani @ May 15 2008, 01:03 PM)
hello mar. i am a realtor too and i would say go with number 2 on your list. relax since there is a lot of homes on the market and i say this lady is honest and tells you what she is up too. plus you already like her and trust her. over all she will be a better realtor for you.





i would also talk to her about your concern and she what's her reply.



your doing awesome and i am sure she is very gratfull that she has you as a client since you opened a whole new world to her.



all the best



Tahani



www.tahani.ca

 

[mar]

Thanks to everyone for their replies. My gut tells me I should have an honest discussion with my agent and clear the air. Then we can establish some expectations for future transactions.

Anyone else?

 

[invst4profit]

Yes have that honest discussion and make sure she understands the next deal is yours.

 

[trudijohnston]

Hi,

Great advice you are receiving. I am a realtor as well as investor. I also have 5 or so REIN members as clients.(they are buying in the same pockets.) We have never had an issue. There is lots for everyone, and I am always fair. I don`t put my purchases above my clients ever nor do I give better leads to another client. BUT, I explain this right from the first day we meet so they will understand. In fact, my clients even send each other prospective tenants to help each other out if they don`t need a tenant.

We are even having all of the REIN members that buy with us in Durham over to our house for a bbq so we can all meet and support each other!!!!!!

 

[BobHudson]

Abundance thinking is always better than scarcity thinking. Can you imagine the chaos if REIN members thought of themselves as `in competition` with each other?? There really is plenty for everyone!

 

[mar]

Hi guys,

Just an update...I guess actions speak louder than words. Our realtor has just brought us another deal that fits our profile. A very nice little property at that (accepted offer by the way). She does so much legwork for us and really is an integral part of our team. I believe I will go with option #2 from my original post above and learn to share a little more

Thanks to everyone for their feedback!

Marcus