Tim Bell power team 2

Okay. So again, it's important for you to have a real estate agent as a member of your team. Now, two questions. Question number one, how do I find one? Question number two, what do I say to him when I do find one? So let's talk about number one, how do I find a real estate agent? Okay. You have to understand that the vast majority of real estate agents in America are not investor friendly. They're not. Most real estate agents in America are, are oriented towards helping mom and pop homeowners find their own dream home and move in. Okay? In many cases, the mom and pop homeowner creates an emotional tie, an emotional connection to that property. See, the real estate agent gets them pre qualified for their loan with a mortgage loan officer. Then once they're pre qualified for a loan, they know how much they can afford. At that point, most of the financial considerations of a mom and pop homeowners purchase go out the window. Okay? From then on, it's all about the emotional connection that they create with the property. So once they know they can afford this price, agent takes them out, shows them homes at that price, and they go around like a honeybee, going from flower to flower to flower to flower, looking at houses with the idea that eventually what will happen is they'll go to the next house, they'll walk into the next house and the wife will say, oh honey, this is our dream home. Look at it, so beautiful. It's exactly what we want. Then the husband turns to the agent, says, we don't need to see any more. Write it up. This is the one we want. Okay? That's how it typically happens. Well, because of the fact that there's an emotional connection there, once that agent has them pre qualified, he or she knows that if they show them enough houses, they're going to land on one, they're going to find one that helps them to create that emotional connection and then they're going to buy. And once they have that property under contract, they will do everything short of selling their children to buy that house. They'll make sure they get the financing done, they'll come up with a down payment, they'll beg borrowers steal into that house because they've created the emotional connection with the house. Okay? That's how most agents see buyers and how they operate. Okay? Now nothing wrong with that, that's fine. There's nothing terrible about it. It's just that for us as an investor, we cannot make an emotional connection with a property. We just can't because we have no business doing that. It's not the emotional connection that tells us whether or not it's going to be a good investment. It's all about the numbers for us as an investor. Well, a lot of agents don't like that. They don't like the fact that it's all about the numbers because they can't really control the numbers. Okay? And it doesn't matter how many properties they show us, we're as an investor, we are not going to create an emotional connection with that property because if the numbers work, we're going to buy it. If the numbers don't work, we're not going to buy it. It's really pretty simple. Now, as a consequence of all that, many real estate agents in America do not want to work with investors, okay? They can't count on our emotional attachment to the property, therefore they can't, they don't want to work with us. They just don't like it. Okay? So you've got to find an investor friendly agent. Now how do you find investor friendly agents? Well, a lot of people say, well, I had that really nice agent that helped me buy my house or sold my house before, and I think they're really nice. We had a really good connection. I that's fine and that's okay. But you just have to recognize that they likely are not an investor friendly agent if they helped you buy or sell your own personal residence. Okay? So we have to look for an investor friendly agent. Now there are several different ways to find investor friendly agents. In my opinion, the best way to find an investor friendly agent is to attend your local real estate investment club. Okay? The real estate investment club in your area will, in many cases there will be real estate agents who are investor friendly agents who want to work with you and therefore hang out at the club. So they're there waiting to meet you, they want to meet you. Now if you don't happen to meet any at the club meeting, then you can contact the president, the owner, the operator of the club and you can ask them, hey, do you know some investor friendly agents in our marketplace? They always do. They can give you a referral. Okay, that's one way to do it. Another way to do it is to get in touch with another investor. Again, that's kind of like the same way, because that's what you're going to be doing at the real estate investment club is networking with the other investors there. And you can ask them, who do you use for a real estate agent? I'm looking for a good investor friendly real estate agent. Who do you use? Now some people say, well, they're probably not going to tell me or they're going to be reluctant to tell me because they're afraid that, that I'm going to take all the properties from their agent and therefore they won't refer their agent to me. That's really an unnecessary concern. Agents are kind of like doctors. Would you be offended, for example, if your friend went to your doctor worrying that your doctor had two patients instead of just you? No, of course not. Well, it's the same way with a real estate agent. One real estate agent can serve many clients, so that's one way to do it. Another way to do it is to get a referral from another investor. Those are the two most sure ways to get an investor friendly agent. Now, you may run into someone who is. But that's the best way to do it. Now sometimes you might be able to choose an investor friendly agent in other ways. Some, if you contact some real estate agencies, they may be able to guide you and direct you toward the investor friendly agents in their agency. Because some agents specialize in and work almost exclusively with investors, but most don't. So those are two good ways. Now, once you found the agent, the question begs itself, of course, what do I say to them now that I found them? Well, I've sent you this script. It's called interviewing a real estate agent. And that's probably not the best term. It really should be called having a conversation with a real estate agent. Okay. And go through and read this carefully. Basically, as it says, the recommended way to conduct this interview is in person, face to face. Okay. Ideally, if you can visit their office, you can get a sense of their level of professionalism, the type of agency they associate with. Do they have the machines and the people in the conference room, and do they have all the various different tools they need to be effective and do they have a professional image? Okay, those are important things. So look through those things. Once you've done that, you can sit down with them. In fact, you could even print off the interviewing a real estate agent handout that I sent you and you can go through those questions and you can actually just start those topics of conversation with them. If you'll go through those topics of conversation on there and take notes and discuss these things with them, you'll have a really good idea by the end of your conversation, by the end of your meeting with them and as to whether or not you want to work with them. And also they will have an idea as to whether or not they want to work with you. Okay. In this interviewing and agent process, you're not really interviewing them. What you're doing is you're starting a conversation, a discussion with them so that, number one, you can decide whether or not you want to work with them. And number two, to some degree, they can decide whether or not they want to work with you. I can tell you that from time to time as you sit down and interview with an agent that claims to be an investor friendly agent, you go through and you talk with them, asking these questions and going through these, this dialogue with them, in this conversation with them, and you will figure out that they're not investor friendly. Yeah, that's going to happen. Okay. It's all right. Politely tell them thank you for their time, move on and find another one. Okay. Again, though, I do recommend you go through all these questions so that you can flush out whether or not they are willing to work with you in the way that you need them to, because as an investor, you're going to have some different things that your agent is going to have to do for you that they aren't maybe accustomed to doing for mom and pop owner, occupied homeowners. So again, I recommend that you go through that handout and that you take a look and you go through and you follow that procedure.