royemunson 0 Report post Posted May 30, 2007 Okay, Realtors or anyone please help me on this one. Do most charge a fee to go out and lookat houses? I have never heard this before and its been a while since we've used a realtor to buy housesbut that is what my realtor mentioned non-chilantly (excuse the spelling). We not only do lease options, but also rehabs and such and as soon as i said we wereready to move into that market and make offers he brought this up. is it time to find a new one?? Thanks Joe Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 30, 2007 I've heard of that from some Realtors who claim to be very successful (so successful that they can't be bothered to show you houses without being paid to do it). I guess I can't blame them, there's no way I would drive somebody around looking at all kinds of houses, and not get paid! I'll meet with a buyer at ONE house and they had better have their cash deposit in hand. But, I would imagine you can find another Realtor who won't charge you, unless the whole area is trending that way. Share this post Link to post Share on other sites
royemunson 0 Report post Posted May 30, 2007 I've heard of that from some Realtors who claim to be very successful (so successful that they can't be bothered to show you houses without being paid to do it). I guess I can't blame them, there's no way I would drive somebody around looking at all kinds of houses, and not get paid! I'll meet with a buyer at ONE house and they had better have their cash deposit in hand. But, I would imagine you can find another Realtor who won't charge you, unless the whole area is trending that way. I agree. I told him that anyones time is valuable, but spending hours to look at deals that may or may notpan out is a waste of money to me. He is pretty successful but I did his tax return last year and he's no 6 figure earner even if he cheateda lot Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 30, 2007 If you're aiming to do L/Os, then you shouldn't be going out to look at a house anyway, unless the seller has already agreed more or less to the terms and you're going over there to sign the deal up. In that case he shouldn't be charging you to "look" at the house since he's about to get his commission! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 30, 2007 Realtors or anyone please help me on this one. Do most charge a fee to go out and look at houses?Heck, no! Unless I'm out of touch, ( I am, according to my 18 year old daughter), I have not seen this "trend" taking root in my area. That's a part of their job, like it or not. Just like we, as investors, need to qualify homeowners and tenants, the Agent needs to do the same with any prospective buyer. But charge me a buck to look at a house? Realtors are a dime a dozen. I'll employ another one, thank you. Share this post Link to post Share on other sites
royemunson 0 Report post Posted May 30, 2007 Realtors or anyone please help me on this one. Do most charge a fee to go out and look at houses?Heck, no! Unless I'm out of touch, ( I am, according to my 18 year old daughter), I have not seen this "trend" taking root in my area. That's a part of their job, like it or not. Just like we, as investors, need to qualify homeowners and tenants, the Agent needs to do the same with any prospective buyer. But charge me a buck to look at a house? Realtors are a dime a dozen. I'll employ another one, thank you. That's what I thought. You know I thought that was part of their job and why they were paid commissionand why they got into the biz. You know these aren't for l/o deals necessarily but i was just asking other real estate investors. He has said a few things that has had me question him even though he invests himself. its not a problem finding another realtor if i need one but just thought i'd ask Joe Share this post Link to post Share on other sites
Rich_in_CT 0 Report post Posted May 31, 2007 I'd tell him to pound sand. There are a million other Realtors just as good as him that can take me through a house, I don't need cheapskate Charlie to hold my hand. Share this post Link to post Share on other sites
Dan (SoCAl) 0 Report post Posted May 31, 2007 Many (most?!) RE agents are not good business people. Many get into the business because they're good little networkers and it requires virtually NO education or qualifications of any kind. They know everybody and everybody knows them. In other words, they occasionally earn a commission for knowing everybody's business — something they would do for free anyway Drive people around and gab all day — great!! Then there's the hardcore professional agents who do make it a business and *everything* is about their bottom line....you won't find them gabbing away with anybody willy-nilly. Every conversation has a point and every action is leading to a sale. These guys absolutely charge you for "looking." The typical fee starts at $1500 and goes up depending on the buyer's needs. However, it's like OPTION money; if you buy a house you get a credit at closing; if you don't your money is nonrefundable. DanFreedom Creek LLC Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 31, 2007 Dan, I'm not quite that tough but defintitely charge T/B's a $500 non-refundable deposit to view a house, it's credited 100% if they buy. I'm just trying to figure out how I can successfully charge sellers for making me come out to look at their house and make an offer that they reject... Share this post Link to post Share on other sites
Dan (SoCAl) 0 Report post Posted May 31, 2007 Dan, I'm not quite that tough but defintitely charge T/B's a $500 non-refundable deposit to view a house, it's credited 100% if they buy. I'm just trying to figure out how I can successfully charge sellers for making me come out to look at their house and make an offer that they reject... $500...you're my new hero. I'm pretty good with sellers; it's rare that I meet with them or see their house until I have an okay on price and terms. In about 30% of my deals, I *never* meet the seller face to face. T/Bs though...don't get me started! I'd love to charge 'em for looking. And I would. If I could find them! DanFreedom Creek LLC Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 31, 2007 In about 30% of my deals, I *never* meet the seller face to face.Whoa! How does that work? Are you just email/faxing them the contracts to sign? Considering the payments you're charging are about HALF what they would be around here I'm surprised you have any trouble at all finding T/Bs. What happens when one of your T/Bs cashes out? Aren't their payments going to go through the roof? They're renting the place for $1700-$1800 now and when they get a mortgage all of a sudden their payments go to $3000! OUCH! Share this post Link to post Share on other sites
Dan (SoCAl) 0 Report post Posted May 31, 2007 In about 30% of my deals, I *never* meet the seller face to face.Whoa! How does that work? Are you just email/faxing them the contracts to sign? Out of town owners are excellent for this deal because they're....out of town. So all communication is by phone/email/fax/snail mail. I love those. Considering the payments you're charging are about HALF what they would be around here I'm surprised you have any trouble at all finding T/Bs. What happens when one of your T/Bs cashes out? Aren't their payments going to go through the roof? They're renting the place for $1700-$1800 now and when they get a mortgage all of a sudden their payments go to $3000! OUCH! I set my lease payments on the high side of fair market rent. When I've tried for higher than that, there is zero interaction with potential T/Bs. The trick is to find bonafide home buyers who see the low rent as a way to push closing out to 12-24 months and stockpile more money down. Where are these smart consumers? Maybe they're like the cicadas and only surface every few years. DanFreedom Creek LLC Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted May 31, 2007 Where are these smart consumers?They're over here I've got them by the boatload, it's the smart SELLERS that are hard to find in these parts. Share this post Link to post Share on other sites
