| Working with real estate agents can be a challenge if | | | | Instead of arguing the merits of the rules, accept |
| the agent you've selected isn't aware of your needs | | | | them and move on. You can also use a real estate |
| in acquiring property. They're accustomed to selling at | | | | agent effectively as a negotiation tool when working |
| retail and any deviation from what they consider | | | | short sales. If you're new to short sales or are |
| normal can jeopardize what could otherwise be a | | | | working with a lender with whom you've never |
| great working relationship. The good news is that | | | | worked before, you may not be aware of the |
| you have the power to provide the education - if | | | | specific steps involved. In addition, some lender loss |
| you're willing to take the time. Here's how you can | | | | mitigation departments have their own rules, policies, |
| do your part. | | | | and procedures. If you violate protocol your offer will |
| If you're trying to work with a real estate agent that | | | | be delayed - or rejected. |
| has never seen - much less worked with - a real | | | | A real estate agent is a known commodity to the |
| estate investor, the first thing you need to do is | | | | friendly banker. Banks work closely with real estate |
| have a sit-down meeting to explain your goals, your | | | | agents on traditional purchases, so there's an |
| investing strategy, and your needs. | | | | institutional bias that favors the real estate agent. |
| But don't forget that your real estate agent also has | | | | The bank is more likely to consider an offer that |
| needs. | | | | makes sense if it's presented by someone who |
| The good news is that today's market conditions | | | | speaks their language. Here's another thought to |
| make this a good time to forge what could be a | | | | consider: If a good real estate agent can help grease |
| mutually satisfying long-term relationship. Unless | | | | the wheels and get your offer in front of a lender, |
| you've been living under a rock you're pretty well | | | | you can get an answer more quickly, and potentially |
| aware that retail buyers have disappeared. Because | | | | close more deals. |
| of this - and low prices - real estate investors are on | | | | There can also be other perks to working with a real |
| a buying spree. You can work together and turn | | | | estate agent: research. Once you establish a solid |
| incredible profits with the help of a real estate agent | | | | working relationship, a real estate agent will be willing |
| that "gets it". | | | | to share information with you that would take much |
| You may be an investor that typically avoids real | | | | longer for you to do yourself. Comps and other MLS |
| estate agents whenever possible because you don't | | | | data is available through a real estate agent; |
| want to deal with real estate commissions. That's fine | | | | however, you don't want to abuse the relationship. |
| and dandy, but in some locations you may not have | | | | Solid relationships with a real estate agent will open |
| a choice. | | | | doors for you that may have been securely closed in |
| More and more states are enacting rules designed to | | | | the past. It makes sense to build relationships that will |
| protect consumers from those who would take | | | | further your goals, enhance your career, and add real |
| advantage of them. As a result, states like Oregon | | | | value to your bottom line. A real estate agent can |
| have passed laws requiring that real estate agents be | | | | help you as much as you can help them with repeat |
| involved in any deal that causes homeowner equity | | | | business and providing the means to keep earning |
| to be transferred to another party. Other states | | | | money despite the fact that the retail residential real |
| such as California could follow suit. | | | | estate market has almost completely dried up. |