Home Buying in Detroit>Question Details

Bea, Home Buyer in Detroit, MI

Is there a buyer's agent out there WILLING to help/show properties under 10K?

Asked by Bea, Detroit, MI Wed Jul 17, 2013

I would like to buy a 2 - 4 unit investment property in Detroit. Not counting the multiple agents I contacted when I lived out of state, I have had numerous real estate agents either too busy, or too negligent to help me with my investment purchase. Is it because I am only looking for under 10K fixer uppers and the commission is too low to be bothered with? Showing appointments shouldn't be this hard to get.

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9
Call my office anytime we have over 100 that are under 1k
Re/Max Signature 313-886-8888
0 votes Thank Flag Link Thu Jul 18, 2013
Yes. Call me Delores Goodson, 313-575-2336. Front Page Realty
0 votes Thank Flag Link Wed Jul 17, 2013
Compensation is the problem. If you show proof of funds, and insure the agent would make a minimum of $500 per deal, I am sure someone would help you. Many experienced agents don't have the time, or want to burn the gas up for a "maybe" payout of 300-350 dollars...."If is doesn't make dollars, It does make "sense" "

VP
0 votes Thank Flag Link Wed Jul 17, 2013
Getting appointments is likely not the problem... the low compensation may be. As others have suggested, the agent will be earning less than a couple hundred dollars for their efforts, and they can earn more by concentrating on buyers who are looking to spend more.

So, yes... it's possible that the commission is too low to bother with. But as Jared mentions, many agents thing more long-term, as you may become a regular investor/buyer and that relationship is worth something.

Don't give up. There's someone out there willing to work with you.
0 votes Thank Flag Link Wed Jul 17, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
I'd love to help. Give me a call so we can setup an appointment to go over what your looking for.

Jtarealty@live.com
http://Www.thejtarealty.com
313 986 2948
0 votes Thank Flag Link Wed Jul 17, 2013
I don't know why you are having a hard time finding an agent, and how sad for them to miss out on the opportunity. The reason I would work with you would be that many investors who start with small amounts of cash like this will ALWAYS come back to me once they fix the house up to either sell it, or ask for my help in renting the house out once it's in order.

I would suggest letting the agent know what your plans are... and if you plan on continuing to come to him or her with future sales/rentals/purchases. Perhaps that will help keep the agent loyal to you.
0 votes Thank Flag Link Wed Jul 17, 2013
Bea,
Why are you buying investment properties?
To make MONEY!
A bunch of MONEY!
To make PROFIT!
Those are all good things and you should be commended.
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You also recognize that at your price point, you are the ONLY one making money. An agent working for you will be victimized by your greed. How can you possibly respect a professional who would engage you in your MONEY LOSING proposition of showing your $10,000 real estate in Detroit.
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Here is a good way to attract the skilled agent you need....you know the one I'm talking about, the one that knows a little math. This is a 'good faith mutually respectful proposition that clearly shows you are not a 'free loader' who believes real estate professional can be played as chumps. I know, that IS what those investor seminars teach. We attend them too! Offer the following:
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"Investor looking to patrner with real estate pro in acquiring CHEAP investment real estate. Will pay $300 per showing DAY and $75 per contract written."
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The seller pays the token compensation.
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A Detroit professional, who hasn't figured out how real estate works, may have sufficient idle time to accept THAT offer. Otherwise, you must understand, the agent responding to your original offer will be asleep at the wheel, and as you experienced, when the light comes on, will justifiably dissappear.
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So, what do you say?

Best of Success to You,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Jul 17, 2013
If you were in my market and were a cash buyer I would help you. It's not about the immediate paycheck, it's about the big picture.
0 votes Thank Flag Link Wed Jul 17, 2013
quite frankly, yes. In our market with a say 3% cobroke, the agent would get less than $350 which they would have to split with their broker. Why don't you offer to pay the difference between what they get as a co-broke and a negotated amount that they are willing to work for.
0 votes Thank Flag Link Wed Jul 17, 2013
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