Real estate, especially in Los Angeles, requires a special type of agent to represent you. You need one with hustle. What does that mean? It means someone who not only works hard for you, but also works smart. Someone who knows what you are looking for and how to make it happen, all while being realistic. Here is an example:
I have two clients, Rob and Bob (names changed for privacy reasons), who look all over the Internet for homes and we started working together. Most agents will just set up automated alerts in the Multiple Listing Service and when something comes up; they send it over (if it doesn’t already go to the client directly).
However, it can’t stop there. Why? Because in a Seller’s market, many of these homes are not only flying off the shelf, but they are in multiple offer situations and some times the price goes way above list. I have seen homes go up in price as much as almost 30% in one bidding war!
So what can your agent do? Here is what I did for Rob and Bob:
- Top Agent Network: There is an invitation only network of the independently verified top 10% of Realtors® in the area. If your agent is part of that network, he or she can send out a message to go to all of them in search for those listings.
- Created a database of area agents and send out an e-mail: I did so for Rob and Bob. I put together a list of Realtors® who have worked in the neighborhood and price range they were looking for and have him or her send them an email. I got a 40% open rate (compared to the industry average of about 20%) but I also have got multiple responses in a matter of minutes!
- Call the database: Using that same list, I called each of the agents (approximately 200 calls) in search for that perfect home. You will be surprised how many Realtors® will be more than happy to send over what they have.
- Searched for overpriced homes: It is common to see homes that are overpriced and sit on the market. Those are prime homes for many buyers because some Sellers get desperate and bam, you have yourself an escrow!
So what happened with Rob and Bob? Well, we are in escrow with a property we found on the market that was overpriced where we entered into escrow $100,000 below the list price and it was only on the market for 20 days. However, I found eight homes off the market and we saw 5 of them and they had first dibs, giving them the competitive edge they needed to get ahead.
The next article will cover why Buyers themselves need to hustle. After all, the search for your next home is a team effort.
No responses yet