Because of your “insider” status (as a real estate agent), you are exposed to literally hundreds of potential opportunities every day — from your lead generation of sellers, contracts that you negotiated for buyers which did not work out, and sellers who are just not going wait for a buyer any longer — you are bombarded with opportunities. Your standards must be held high regarding property that meets your parameters.
I would like run by some opportunities that were afforded me as an “insider” real estate broker which also increased my sampling of real estate from which to choose. They are the following:
1. If I do not sell your property, I will buy it.
This was one of my advertising promotions as a real estate agent that allowed me to receive more phone calls from potential sellers. I advertised, in all sincerity, that if I could not sell the property then I would actually buy it within a certain time frame. I also disclosed that there were certain conditions regarding this guarantee. The conditions were the following:
The sellers will list the property at a price that will allow the property to sell. If they were in need of a fast sale through me, they would have to discount the property another 5%. Furthermore, I charged my full 6% commission. This allowed a seller, who was eager to sell, an opportunity to have the property close with me in a 30 to 90 day time period. This was an outstanding way to receive seller phone calls and meet with sellers to determine their motivations and goals. Occasionally, the seller would take me up on my offer to buy, and I was able to add more property to my inventory.
2. Fast turns to my waiting buyers.
Many times I was introduced to real estate that did not meet my personal investor parameters, but there was equity in the property. With full disclosure, I would choose these properties and offer them to my buyers with a profit to me. This was done with full disclosure to all parties so there would be no hard feelings from buyers or sellers. Many times, I could insert myself between a buyer and seller for a larger piece of the action, not just the commission. This tactic is absolutely legal, if everyone understands with full disclosure of how much I paid and how much I am selling the property for.
3. Taking Seconds
Another opportunity of being an “insider” is giving my seconds to buyers. Often, I was able to negotiate transactions that were good, but just did not meet my individual parameters. These pre-negotiated transactions were easy to turn over to my buyers, who were extremely happy to receive these items.
4. From Buyer to Lister
Many times after negotiating a transaction with a seller, we found that the transaction did not meet my needs or my seller’s. I was put in the position where I was not able to close the transactions but could handle the marketing! Who knew more about the property than I did?
As you can see, you are presented with hundreds of opportunities when you become an “insider” investor in your real estate brokerage. There is no need to make rash decisions.
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