Real estate agents can be great resources for you when wholesaling properties but not without these 3 best practises.
Ultimately, how you show up to an engagement with an agent can present you as a nuisance or a client.
Those are the 2 languages they understand.
Wholesaling properties is of course primarily about off market deals; no one should be targeting a house on the MLS with the marketing resources.
There are some strategies that can target MLS but those are the exceptions.
Wholesaling properties is legal but out of the box investing strategy; not a job… you are an investor.
So essentially, you are not really in competition with an agent but you can easily look like a competition or worse; a scam artist.
It all depends on how you present to them..
In the case of the question below, the agent was an afterthought so I agree… it came off a little tricky.
But with these 4 best practises and rules of engagement, it wouldn’t matter if the agent came out of the whole, you would handle it like a G.
And potentially still bag a deal.
One of the most common mistakes wholesalers make is talking too much when engaging an agent.
Once an agent is involved, you are now a full blown 100% buyer and you should ask questions and listen.
It will make them feel more special than they actually are.
(2) Let Go
If you approach them by trying to hug up on the control on the deal, you will lose the deal.
It makes you look desperate and that yellsss “RED FLAG.
And then you will end up having to explain yourself which puts you in the box of breaking the 1st rule of engagement.
Sure you are wholesaling properties, but as far as your sellers’ agent is concerned you are a buyer; a customer.
And the customer is always right.
(3) Pay Up
Not only should you entertain listening to the agent, offer to pay the agent’s sales commissions.
There is no agent in their right mind who would not get on your team in that case especially if calling the agent was an afterthought for the seller.
There is always a possibility that it won’t work out.
Therefore always keep your eyes on building your leads pipeline so that you can always maintain the energy that you have options.
It’s easier to move on when you know that there are 100 million prospects out there for you.
Below is a question for us to address with this lesson…
“Question: Property under contract as a wholesale deal.
I am selling to a retail buyer and closing with transactional funding.
The problem is our buyer decided to hire an agent that went directly to our seller’s agent to call my partner and I scams…
And trying to block the buyer from putting money into escrow with the title company.
It’s a huge mess.
I called her to clarify and the woman hangs up on me, yells that I’m a scam smh.
The contract has been submitted to the title company for at least 10 days.
Have you had this nightmare with working with agents?
This agent could literally just verify by calling the title company.”
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ABOUT YOUR HOST ::::|
Ola “Tux” Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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