Episode 74: Should Real Estate Agents Work With Investors?

How can you find a constant source of income no matter how the market is trending? Today on the podcast, Jerry and Jacobe are going to talk about strategy. They will share how they started in the business and added important pillars later on. Tune in now to prepare yourself for possible opportunities awaiting you.

Episode Highlights:

• Jerry and Jacobe talk about their initial understanding of investors.  
• The Find and Flip Summit was an event that Jerry and Jacobe went to in 2018 that changed Jerry’s mindset about working with investors.
• “Knowledge is power”, says Jacobe. If you get bad information, you'll take bad actions and get bad results.
• Jacobe says he started as an investor. He says there really is not a lot of true wisdom around investing and cautions not to listen to people who just simply say it is bad because they don’t understand it or know how to do it.
• The competition is lower on the investment side than for the deals that all the realtors are going after on the MLS.
• How can you find out what is going on in a city from the accessor? 
• What do you need to know about public records?
• What is an investor looking for? Jerry discusses what you need to figure out and what makes a good deal for a particular investor. He lists good questions to ask.
• What about 50% off market properties? Jacobe says he thinks that every single property except one he purchased off market.
• What do you need to buy a property or transfer a property?
• There are 3 main ways to buy property off market; Jerry lists and explains.
• Jerry likes to work directly with the seller for an off market property and explains why. 
• If you’re a realtor, how can you add in working with investors? Jacobe asks Jerry to talk about scenarios with wholesalers, directly with sellers, and with other investors.
• What about referral fees and wholesalers?
• Jerry talks about how he built the skillset to meet with sellers that were in the scenarios of investment opportunity.
• Jacobe personally would choose working directly with sellers if he were to be starting again.
• What defines a seller in a distressed situation? Jacobe talks about the categories they may fall into. Many of them have no clue what their options are.
• Jerry talks about properties that have had liens filed against them. 
• The concept of direct to seller is very easy but the psychological portion is very hard. Jacobe talks about the complexities.
• Jerry shares about his experience with foreclosure and the importance of building trust and having a good message.
• Jacobe always first asks people what they want to happen. He says you have to build your tool belt with solutions.
• Sometimes you can build trust with people and sometimes you can’t. Some people have a lot of other things going on along with an impending foreclosure.
• Jerry says “Don’t assume you know what the people want.” He shares a story where he worked through what someone needed quickly and efficiently by asking upfront questions.
• Jacobe says the number one thing is to make sure what you’re doing is in the best interest of the seller. When you start helping people and asking the right questions, that is where you start having real success and making money.
• What should you look for when looking to work with an investor? Jacobe describes characteristics and things they will readily know. 
• Jerry talks about how he worked his way into leads for investing. 

3 Key Points:

1. “50% of all transactions happen off the MLS”, says Jerry. What is the importance of understanding the significance of that? 
2. Jerry and Jacobe discuss the common theories around investing, their own personal experiences, and how to actually do it right.
3. There are 3 main ways to buy a property off market. What is best for you? How can you come to a win-win situation?

 

Resources Mentioned:

• https://www.facebook.com/groups/444333123042225