In my experience, no one (certainly not the listing agent) knows what a seller will accept unless and until there is a bona fide written offer from a qualified buyer in front of them.
Many, many times, I have been told by a listing agent that "the seller will not consider anything less than $X." Then I present a "bona fide written offer from a qualified buyer" for 10 or 20 percent less than what the listing agent said was the seller's bottom line and it's accepted.
There is just no substitute for a bona fide written offer from a qualified buyer
I have a lot of feedback, being a full time buyer and seller.
- Not returning phone calls or emails (This has to be #1)
- Always late to appointments and showings (And I do mean 99% of the time)
- Giving a blank stare when asked a question out of their level of expertise (Surround yourself with a team of experts)
- Calling creative financing "illegal" or "unethical" just because they don't understand how it works (Read up on it)
- Calling me every single day when I forgot to dot an "i" or cross a "t" on the contract, which can easily be corrected at the closing table because it's not red hot urgent (I understand the broker hounds Realtors about doing paperwork correctly, but investors make several offers per day)
- Depositing earnest money check before an offer is accepted.
- Not being pro-active enough. What I mean by this is I can't tell you how many offers I make per day, and the Realtor says, "Your offer was rejected." So, then I say, "Weeeeellllllllll... are you going to ask the seller to give me a counter offer?" And they say, "OK! I CAN DO THAT!" (Duh)
- Not updating the MLS to reflect that a transaction is "Pending" or "Closed" so I waste my time calling.
- Being so by the book that they will not verbally speak to the seller about what they "might" consider accepting so I don't spend 30 minutes filling out a 10 to 15 page contract for no reason. No, no, no! I have to drive into the office, sit down, whip out a pen, sign an offer, and write out an earnest money check just so the seller can tell me "No, thank you!" like 100 other sellers tell me instead of just having a conversation with the seller. After all, you are getting both ends of the commission if you are also working with the buyer. (This is more in dealing with investors who buy high volumes of properties)
- Having no clue about lending regulations. For example, most investors use hard money lenders. Those guys only lend 50% to 70% of the properties value. Most Realtors think a "good deal" is $5,000 off the retail sales price.
-Showing fixer uppers to buyers who only qualify for FHA / VA loans.
- Insisting that I physically drive to a house and take a look at the inside before I make an offer when the house is nothing but a piggy bank to me, not a place I'm going to live.
- Not enough advertising on the internet or Craigslist when I give them a listing
- Don't take enough pictures of the property to put on the MLS
- Don't give enough buyer feedback
Hope that helps!
'Might' is not worth the air it took to say it for several reasons...its easy to say and easier to retract or just forget about. 2. AGENCY and the law. A listing agent represents the seller. I dont know about your state but here agency must be defined almost before we can even say hello to a buyer or seller. Going directly to a listing agnet is no big advantage. If you have dual agency there, the agent involved must be very careful to not let any cats out of the bag to either buyer or seller.
At first glance of the heading, I knew the number one complaint would be followup. Im guilty of that on occasion. There are many reasons for lack of followup and I'll bet the main one is fear. Lack of training, lack of confidance, etc. If its because they are too busy, they hurt themselves in the long run. I wont do business with any professional of any type if I am going there for their reputation but never even get to meet them or end up being passed off to an underling.
You are possibly not contacted back because you are a 'shotgun' investor. That means constantly writing offers to see what sticks. You are not that vested in each deal so there is a higher degree of possibility that its not an offer the seller will take, and not something that you would stay in the fight to keep. It sounds like you do these through the listing agents? If you make a relationship with a single BUYERS BROKER who understands your program and needs up front, you wont have these problems.
Also understand that most agents now (these youngins, lol) dont know creative financing or what they did know is illegal or they think it is. I used to have a office across from a fairground where Robert Allen gave seminars and pushed his RAND group out to go buy up no money down deals the first day. Oh God we used to just close the doors for the day. I personally knew Tom Hopkins, Napier, Miller, and many other gurus on the seminar circuit.
So you even bring it uopp and they wiull run away. To many, creative financing can also mean no money down and that means NO COMMISSION up fromt---possibly carrying a note for it, etc etc.
Make your offers without the sellers having ANY warning about what you are going to ask. Give them very little time to respond. Is that being unfair? I dont think so. Its just business.
I am a real estate investor, and usually I talk directly to the listing broker so I can save time by going directly to the source. In the case of a buyer's agent, you are absolutely right. There is no way the buyer's agent would know what the seller would take, because they do not have the listing. I am speaking of when the listing broker insists that I write up a full, bonafide offer without having an idea if the seller will even entertain it or not.
Also, my list is geared more towards wholesale buyers, or investors. Retail buyers would have a much different list than mine, because we both want two different things!
Thanks for the reply!