Rental listed with Realtor

[endeavor11 0]

I emailed a for rent ad on CL and I didn't know it was listed with a realtor. I get a response from the realtor saying a lease purchase is not out of the question and to give him a call to discuss. Now if the sellers are willing to due a CA, how do I work with this realtor in regards to contracts and option splits? Thanks in advance guys!

[vballdarin 1]

In my opinion....if you're thinking about doing a CA with the sellers, it's their responsibility to pay the Realtor. The less involvement you have with the Realtor = the better.

 

*(If the ad was placed by the Realtor, without clearly disclosing their brokerage in the advertising, they are in violation of the National Association of Realtors Code of Ethics) If the ad was placed by the seller who happens to have it listed...then it's ok.

 

Now...back to our regularly scheduled program.....

 

I know that most of the forum doesn't like to involve Realtors in any part of the transaction, but for me, I'm going to tell the sellers...."Here's the deal. I'm signing a Lease Purchase (CA) with you and if I find a tenant/buyer to take over the contract before your Realtor sells the house, then it's between you and your Realtor what you pay them." This is all a moot point if the Realtor won't agree to let the seller sell their own house as a Lease Purchase (Exclusive Right to Sell Contract). If the Realtor won't let them amend the bondage/slavery/monopoly of the contract, then I tell them to call me when their listing expires.

 

But hey...that's just me.

 

And now a word from our sponsor....... (This is where MC will chime in )

 

Darin

[endeavor11 0]

Sorry, I should have been more clear. I emailed a home that was advertised for rent on CL. I got a reply back from the realtor (who's representing the owners as their property manager) stating they are possibly open to a lease purchase. He wants me to call him to discuss. I am interested in doing CA.

[Jonathan RexfordFL 8]

Okay here is the real world. You need to let the realtor up front that you are an investor. That you have the intention of of Lease Purchasing the home with the intent to Lease purchase it to someone else. On some occasions that you don't Lease Purchase the home that you assign your position of the contract to the tenant that you place in the home.

 

Most ERS (Exclusive Right to Sell) agreements state that the broker is to recieve 50% of any option deposits plus 10% of the rents that are collected.

 

I am more than happy to pay a realtor. I offer 25% of what is collected, plus what ever the commission on the back end from a selling side minus the 25%.

 

Example is $100,000.00 property

You collect $3,000.00

You pay realtor $750.00

When the tenant buys the property the realtor also collects $2,250.00

 

Now this is just me. This is what I do when I own the home.

 

Since their is not much cash on the table with a CA you may want to adjust the numbers or have the seller discuss it with the agent. Never reccommend to the seller to cancel the agreement. That is the fastest way to get your name a bad rep in the area.

[BEV! 0]

Sorry, I should have been more clear. I emailed a home that was advertised for rent on CL. I got a reply back from the realtor (who's representing the owners as their property manager) stating they are possibly open to a lease purchase. He wants me to call him to discuss. I am interested in doing CA.

Ken, this very same thing just happened to me last night hehe.

 

In my opinion, if the house is officially "listed" with a Realtor, then I move on. But there are some exceptions to the rule though

 

- First I make sure is officially listed or is the Realtor just helping the owner by listing the ad on CL? This happens a lot in my area

- Secondly, I test the Realtor to see if I can get past him/her so I can talk directly with the owner.. If he/she says "no" and to deal with him/her, then I run the other way and move to the next prospect.. that's just me... But if he/she says "yes", then I'm good to go and take control

 

I applied all the details I mentioned above to a real case last night with a Realtor on CL (FRBO) and here's the email he sent me this morning...

 

----------------

 

Hello Ms. Bev,

 

Please call Mr. Garcia directly to talk to him about your program. He is very open to the lease option. His phone # is 209-xxx-xxxx.

---------------

 

Now if you'll excuse me, I'm gonna pick up that phone and give Mr. Garcia a call ASAP!

 

BEV!

[endeavor11 0]

@ Hilton & Jonathan - I appreciate the information and advice.

@ Bev - Thanks for all your help. I did what you said and the realtor wants control, so I wished him luck.

[TM_Properties 0]

Sorry, I should have been more clear. I emailed a home that was advertised for rent on CL. I got a reply back from the realtor (who's representing the owners as their property manager) stating they are possibly open to a lease purchase. He wants me to call him to discuss. I am interested in doing CA.

Ken, this very same thing just happened to me last night hehe.

 

In my opinion, if the house is officially "listed" with a Realtor, then I move on. But there are some exceptions to the rule though

 

- First I make sure is officially listed or is the Realtor just helping the owner by listing the ad on CL? This happens a lot in my area

- Secondly, I test the Realtor to see if I can get past him/her so I can talk directly with the owner.. If he/she says "no" and to deal with him/her, then I run the other way and move to the next prospect.. that's just me... But if he/she says "yes", then I'm good to go and take control

 

I applied all the details I mentioned above to a real case last night with a Realtor on CL (FRBO) and here's the email he sent me this morning...

 

----------------

 

Hello Ms. Bev,

 

Please call Mr. Garcia directly to talk to him about your program. He is very open to the lease option. His phone # is 209-xxx-xxxx.

---------------

 

Now if you'll excuse me, I'm gonna pick up that phone and give Mr. Garcia a call ASAP!

 

BEV!

 

Hi Bev. I'm a newbie here who's just getting my marketing started and I'm seeing a lot of these rentals through realtors. I'd like to see what you said to the realtor to get to the owner if you don't mind sharing that with us. Thanks and hopefully you were able to land this one.

 

-Tim