Holly McKhann explains that when you have a realtor selling one of your properties, there’s benefits for you to take advantage of as a real estate investor. Not only are they getting the property on MLS and marketing it for you, they’re able to provide you weekly reports and feedback from showings.
Holly McKhann elaborates on how to receive feedback from showings to determine if you need to change anything about the property (price, upgrades, etc.).
Mike: Welcome back to the flipnerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Holly: Hey there, Holly McKhann, your REI Classroom host of the day. Today, I’m going to talk about when you’re working with a realtor and your home is on the market, getting weekly reports from them.
Mike: This REI Classroom real estate lesson is sponsored by uglyopportunities.com.
Holly: So this is something that I have requested from the agents that are listing my homes for sale and I ask a few things of them. I ask them to send me, number one, a weekly email to show me the showings. In our local area in southern California, this is really easy for them because they can generate it off their realtor key; it’s called a Supra key, and it’s a report. They can forward that to me and it shows Sally Jo from Century 21 showed the property on Tuesday at 3:00 P.M. And it’s really helpful to see the number of showings. If you’re getting no showings, your house is probably overpriced because price does solve all problems, I have learned. So number one, you want to get the showings of the week.
Number two, I ask them to give me feedback. I request my realtor to request feedback from all the agents that have shown the house. Sometimes they do this through an email survey, or they can call them, and I love to know feedback. And I ask my agents to give me complete honestly, and then I need to be open to receive it. I say, “Don’t worry about hurting my feelings. This isn’t my personal home, this is a business. This is a business decision. If I need to change things to the home, let me know.” And I want to hear it. If they’re saying, “I don’t like,” whatever it is . . . I’ve heard different things, like one I heard recently was they were concerned that there was no patio cover on the back of the house that took direct sun.
So I need to hear that, and know that, and then consider making that change. If there’s a big glaring thing that the realtor didn’t know about, or I didn’t know about, we need to fix that, change that to get the house to sell more quickly. I’m always looking for opportunities for improvements, and then I accept the criticism or suggested improvements willingly and open. I don’t fight them. I don’t go, “Well, they’re wrong, and they shouldn’t this, and they shouldn’t say that.” You’ve got to be open and hear it because that’s what’s going to help you sell your house sooner.
Third, I want that realtor to either send me via email or set me up on an auto email through the MLS the activity in the neighborhood that I feel is my comps. That includes any homes that have gone pending, any homes that have sold. And if they’ve got a relationship with that realtor on a pending sale, maybe they can give them a call and say, “Hey, what are you in contract for?” Sometimes they’ll tell you, sometimes they won’t. And you can find out if you’re priced right, or if you’re going to be that next logical sale because your competition is getting bought up. That’s really interesting to know, and also new listings. It’s really important to stay on top of your competition and know what’s going on. And a realtor is really helpful for you, a local realtor, often, who can help you do that and stay on top of it.
Then, last of all, a great reason to be working with a realtor is when they’ve got their finger on the pulse of the market, and they’re checking things out, they can be having an eye out for future deals for you. And the better relationship you have with that realtor, and the easier you are to work with, and the more open and honest that you guys are with each other, you’re going to have more opportunities to work with them, have them bring you other deals.
It’s a win-win if you’re giving them the relist. They want to find more deals so they can have more listings, and make more money and help you make more money. I’ve got two different agents that I’ve done over 10 deals with and it’s a great relationship. They love me, I love them. They know, don’t sugar coat anything, just tell me like it is, and let’s get the houses sold.
That’s my little tips about working with a realtor and getting weekly reports, which will help you get your homes sold more quickly, and hopefully, for a higher price. If you’d like to hear more on this topic of investing strategies, check out my podcast. It’s on iTunes and other podcast platforms. It’s called “Secrets to Real Estate Investing by House Flip Masters.” This is Holly McKhann and I’ll see you next time.
Mike: HomeVestors, the “We Buy Ugly Houses” folks, is a franchised system of hundreds of real estate investors that have purchased over 65,000 houses. If you’d like to learn more about the most powerful real estate investing system in existence, whether you’re a pro looking to take your business to the next level or whether you have no experience at all, but a burning passion to be successful in real estate investing, please visit flipnerd.com/ugly to learn more.
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