People always ask me to call if I find a good deal on a property.
During the peak of the market (which was the valley for investors who stopped to a the numbers), they’d hear from me once every 4-6 months. And, that property was usually gone within a day.
Now it seems I get to contact people once every couple of weeks. And the property I call about is usually gone in a day or, every now and then, a week.
I found one this morning, with a huge positive cash flow. And I sent it to the people working with me.
Contrary to popular belief, Realtors don’t always save the “best deals” for themselves. Especially now. I do, however, save them for the people who have commited to working only with me by signing a buyer’s exclusive representation agreement.
What’s that? Well, in the simplest terms, an exclusive representation agreement states that you’ll work only with me in the process of locating and purchasing a property. It runs a specific length of time and can be cancelled, in writing.
There are several reasons for this. First, if I contacted everybody who asked me to when I found a deal, I wouldn’t have time for anything else. I work hard to find my clients good opportunities, and it’s frustrating to learn after my efforts, someone is working with another agent at the same time. Finally, the state of Minnesota requires us to have some sort of agreement as to the nature of our working relationship. There are other kinds, of course, and I’ll discuss them another time.
If you commit to and ask an agent to find you a deal, always remember that even in today’s market, there are lots of buyers for terrific opportunities.
Don’t hesitate. Find the time to see the property; and if need be, write an offer. It’s the only way you can add a “How I made a ton