In order to be successful in your real estate business, one key component is having a good Real Estate Agent. You have to find the right agent who will do the things that you need done in order to be successful. In order to find deals on the MLS, you will have to submit a lot of offers each week. Not just one or two, but 20-40 and upward. You need an agent who will possess the following qualities:
- Does not have a problem with submitting low offers.
If your numbers are right, most of the time in order to stay below the 65% threshold of the ARV of a property, your offer may be significantly lower than the asking price. The right agent should not have a problem with consistently submitting low offers on property listings each and every week.
- Uses electronic transfers to complete paper work.
Your agent should be familiar with technology and should be able to send you a contract through some type of electronic transfer such as “DocuSign” or any other type of application that will allow you to receive a contract through an electronic device, sign it, then send it back. You do not want an agent solely relies on faxes or postal mail. You will have a lot of contracts to sign and you need to sign them quickly and the fastest way possible is using electronics.
- Someone you trust.
If you can trust your agent, you will be able to move even faster with submitting deals and submitting offers. With the right agent you could leave a copy of a blank check, a proof of funds letter, all of your personal information that you would put in a contract, and even leave them with a blank contract that is signed by you just in case electronics are not working properly for whatever reason. By doing this, you can just tell the agent that you want to make an offer on several properties and all the agent will have to do is just input the property information and everything is already done. Your information is already saved as a template on the contract. The agent already has a signed blank check that he/she would be able to copy and fill out the dollar amount then send with the contract showing earnest money deposit, a proof of funds letter, and will already know what your contingency and closing requirements are. They can fill out several contracts and send to you in no time where you will only have to sign and send back.
- Will not require you to go out and see every house that you make an offer on.
Your agent should understand that the more offers you put in the more likely that someone will accept. With that being said, they should also understand that you are making an offer based off of the estimated repairs of a property that you saw ON-LINE and not in person. This means that they should ultimately understand that your offer is really a guestimate and that you will only go and see the property if the offer is accepted or countered. If you go and see every single house that you make an offer on and you are making 20-40 offers per week, you will not have enough time to do anything else.
A good agent will become someone that talks to you every single day whether by email or phone, will consistently tell you what is going on with the properties that you made offers on, give you information about the agent who is selling a property because of previous experience with them, make offers fast because they know that other investors are making offers, and will basically know the importance of you purchasing properties because if you don’t make any money, they will not make any money and you both will have to work together to reach your common goal.
It is VITAL to have a personal agent of your own who is investor friendly on your team.
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