Marketing to Realtors?

[Tmartinloan 0]

I heard L/O guru Wendy paton is big on marketing to Realtors. Can anyone divulge how she markets to Realtors? and how she gets them to bring her homes?

 

Thanks

Thomas

[MichaelC 160]

Other than knowing her name and hearing her speak once at a local REIC a few years back, I am not familiar with the specifics of her marketing to Realtors angle.

[vballdarin 1]

Hey there Thomas....

 

I've purchased Wendy's "Working with Realtors" system, i've attended a REIA meeting with her as the guest speaker, and i've spoken to her at length about many different topics concerning L/O's. I've tried doing this in my area with ZERO success. Don't solely look at my experiences because what doesn't work for some...may work for others. MC and others on this board have WAYYYY more experience doing deals but I figured that I would give you the gist of what Wendy teaches.

 

Without going into too much detail, IN THEORY Wendy tells you to do this:

 

Contact 3-4 quality listing agents:

 

You can call them or send them some letters/emails and say something to the effect of: " I'm calling about your 123 Main street listing. I'm wondering if it's still available because it's been on the market for quite a while. Would your sellers consider something a little more creative such as a Lease with the Option to purchase? If they don't need their cash out yet but would like their monthly payments made, would like to sell the house, and you get your full commission, let me know. I know it's discouraging for you to spend all kinds of money on advertising then have the listing expire without any chance of you getting paid for your efforts. Instead of an expired listing, give me a call if/when you hear your seller say that "if my house doesn't sell soon, I may have to RENT it". I may be able to work a deal with you."

 

You will also have to TRY to educate the Realtor as it refers to doing things a little more creatively. They are not taught to do anything other than find a listing, throw it on the MLS, wait for a fully qualified buyer to put 20% down and close in 45 days. You also have to remember that they look out for the sellers best interest (AS WELL AS THEIRS) The key is to play off the idea of...."Um, so what are your sellers going to do at the end of the listing if the house HASN'T sold or what happens when they say to you that they might-as-well just rent it out?"

 

Here is the link to the Realtor's PowerPoint Presentation I've made that Wendy says you would give to a whole office. This is where you could network with them and try to start educating them on the benefits of Lease Options.http://www.scribd.com/doc/6082420/HHI-Inve...ion-to-Realtors

 

NOW.... IN REALITY .....

 

It's virtually impossible to convince a Realtor. As it's been said 1,000 times on the forum before, trying to work with a Realtor on a listed property for a Lease Option is like getting oil and water to mix. They are not going to want to get paid their commission 2 years from now when we/our tenant /buyers exercise our option. Even if you tell them that you will "front their commission" in the beginning, you will get this look:

 

Is it possible to work with a Realtor on a Lease Option....Yes.

 

Is it probable to get many deals done as Wendy teaches....Maybe.

 

Are most of us on this forum suggesting to call FSBO's and FRBO's and stay away from complicated deals involving Realtors........Absolutely. I think it was Adam King (MI), or Doug Pretorius who posted a comment on the forum about trying to work with Realtors with no success either. I'm sure that MC would agree that there is a WAYYYYY better chance of doing more deals without Agents than with them. I tend to feel more comfortable with the "Naked" way of doing things.

[Tmartinloan 0]

Hi Darin I really appreciate your input. Thanks . I sort of figured that because I called a Realtor the other day and gave her the pitch and when I wasn't convening enough I found myself trying to split my option fee. But that Wendy is such a good salesman that she had me going.

 

Thanks again

 

Thomas

http://www.fhamortgageprograms.com/

[Jonathan RexfordFL 8]

Look working with real estate agents is all about building relationships. Instead of running in and trying to WORK A DEAL. How about the idea of going and finding a few real estate agents and just let them know what you do. Just network with them. Go find out what they do. Find out what there problems are. Wendy's system does work. But then again it is WORK. Just like LUCK it is a 4 letter word.

[Guest Diver]

You could visit her forum but in my opinion she'e been doing this for 20 years, has about 600-700 deals under her skirt and has been successful. With her track record no wonder Realtors will listen to her.