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#305586 - 09/08/09 09:38 PM Need a little direction..
minna Offline
Member

Registered: 12/04/08
Posts: 299
Loc: USA
I am a newer agent - less than two years - for god knows what reason, and I am grateful, I have developed a fairly booming business. I always made it a point to focus on sellers and short sales -this is going well. I mean I am not super rich or anything, but I am superbusy and my business is growing steadily in my niche.
The problem with which I need help is this - BUYERS. Because I have listings, I have a lot of buyer leads all the time.
I am not personally interested in buyers. True investor buyers - maybe. First timers, buyers on listings - ugh...I don't even want to do deal with it. Just no interest.
I will show my own listings if I have to because I want to sell my sellers property, but I find that time spent to be mostly a waste of my time. If they don't like mine, well I really don't want to run around town to show them others and I have no patience to work with these people.
Maybe I'm passing on commissions to work with these folks, but...well it does nothing for me.
Question is - Am I crazy to only want to work with sellers? should I condition myself to work with buyers also? Or should I focus on the thing that I know and do best - listing and selling property, and pass off all my buyer leads to someone else for a fee? Is that short sighted? Am I too new to cut off that side of business?

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#305588 - 09/08/09 09:58 PM Re: Need a little direction.. [Re: minna]
Perky_REALTOR Offline
Mod Squad
Major Contributor

Registered: 11/27/06
Posts: 7685
Loc: PA
Nope, you're not crazy - I would pass the buyer leads off for a referral fee of 20-25% to someone in your office who wants them and will do a good job with them.

I go thru cycles of not liking either buyers or sellers, each one is a PITA in their own way. LOL

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#305594 - 09/08/09 10:35 PM Re: Need a little direction.. [Re: Perky_REALTOR]
super realtor Online   content
Major Contributor

Registered: 05/01/05
Posts: 8476
Loc: georgia
Especially since you are working short sales as a niche you should pass on the buyers. One main reason I have found is if you are working with the buyer and the seller on a short sale the asset manager will say "because there is only 1 agent involved we will only approve up to a 3 percent commission"

So it really doesn't pay to have the seller as a client and the buyer as a customer to double end it. You would be much better off having someone else ( a buyers agent ) represent the buyer and the bank pays the full 6 percent and you take 25 percent referral from your other agent. This way you get a little more off the top without the bank being a butt.

Sure your listing agreement might say the seller pays 6 but they have no money and the bank is footing the bill so what they say goes or you get NOTHING.

Also with short sales being way more time consuming and intense even if you know what you are doing you don't have time to work with buyers just like REO brokers don't have time to take out buyers.

I would try to steal someone away from an REO team that is on a crappy split. They already know the business and will get them closed. You just have to have the volume to make it worth their while.

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#305611 - 09/09/09 05:34 AM Re: Need a little direction.. [Re: minna]
Agent 007 Offline
Major Contributor

Registered: 02/05/05
Posts: 2713
Loc: Las Vegas
I focus mainly on short sale sellers and have been for the past two years. I have been very successful with short sales because I put a lot of time into them.

I do work with some buyers too. I select which buyers I want to work with though. If I worked with every buyer I came across, I would not have time for anything, then my business would fall apart.

Select which buyers you choose to work with. Refer the others to another agent or start a team and hire a buyer's agent and have them handle all your buyers.
_________________________
Len McGuirk
Prudential Americana Group
Direct: (702) 203-6688
Las Vegas Real Estate

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