Real Estate blog

They╤В╨Р╨йve got to get a new logo…

Real estate investors have a problem in that the general market is geared squarely toward the needs of the standard homebuyer; us investors often feel like square pegs trying to fit into round holes.

The relationship between investors and real estate agents is a weird one. I have a long-term relationship with an agent that’s based primarily on loyalty and trust; I know she’ll take care of me and get the details taken care of, and she knows I’ll be back. I don’t get a lot of useful advice and she never brings me a deal, but she helps make sure I get the work done. So, generally speaking, when I’m buying a property or looking for a tenant I’ll often work with her.

But…that’s kind pricey when it comes to buying. The notion that the buyer doesn’t pay a commission is a fallacy – the buyer does indeed bear this cost via an increased sales price – so I’m actually paying an awful lot for convenience and comfort.

So, time to try something new. Hungry Agents allows buyers and sellers to solicit bids from real estate agents for reduced commissions / commission rebates. So I gave it a try. I’m looking to make an offer on a multi-family property and placed my solicitation on Hungry Agents. Within 24 hours I had ten bids back offering rebates of 10% to 60%. Each bid is accompanied w/ some basic information about the agent: office location, rebate percentage, years of experience, franchise, and in come cases a biography page.

The buyer/seller who placed the bid can request a contact online. If the agent is interested in speaking with you then he can then give you a call.

Clearly this solution won’t work for everyone. But I generally find my own deals and make my own decisions with regards to pricing and terms, so basically I need someone to make sure the paperwork happens efficiently.