You know, just set it and forget it. I could also say the same thing about the Crock Pot – I love them, but to be making the largest investment of your life and to have your real estate professional put you on a “drip of active listings”, just seems wrong.
What if you want to search on your own?
We have those clients that really want to do the searching. They enjoy looking around the internet for the newest listings or those “undercover” deals. When they find something of interest – they send it to our team so we can do further recon and gather more Intel.
Mostly, if they are searching on a system that is outside of The Paris911 Real Estate Systems, we typically find issues such as these.
- The property in question has sold in the past, but is not currently on the market. -This is because some of the Real Estate syndication websites don’t have an actual Internet Data Exchange feed – click here to find out what that is. These particular systems have their listings uploaded and managed by real estate agents.
- The property is in escrow but is showing active. -Another issue is the updating, by the agents that enter listing data, of some of these “outside of Paris911” real estate search websites, there is no enforcement mechanism to ensure the agents keep the data updated.
- The Listing is not on the market for sale. -We run into this one when there is no “real” multiple listing number assigned or listed on the property within the site in which the clients are searching for real estate.
If there are no rules to be enforced, then there is no harm to just enter “bad real estate information” in order to generate leads from the World Wide Web. Some of the search engines allow Real Estate agents, either for a fee or for free, to upload listings into their websites.
However, there is never a check to make sure they are real or active. Searching with a Local Realtors Real Estate Search engine will protect you from these issues. Just make sure that the site in which you are using to search has not been “modified” in any way to only show specific listings. You should be able to see everything that is on the market for sale, from all brokerages, all offices and from all agents.
We don’t set it and forget it when hunting for our Real Estate clients
Some agents will place their clients on the “set it and forget system”. They will go into their Multiple Listing Service, from the board of Realtors, place their clients criteria into the system with names and email addresses, and Shazam – their clients get several emails a day when something changes or is added that fits within the search criteria originally entered by their Real Estate Agent.
When a client is getting 3-7 emails a day, without any contact from their real estate professional, they wonder if the ship is adrift or unmanned without a Captain(agent).
We have heard from numerous clients about not knowing what is good to view and what is not. What properties are being listed as Lead Generators or have other issues like being Tenant Occupied? There is no way to know without the phone calls by your real estate professional to the other agent that has the listing and is representing the seller.
A different way to work with a Realtor
We set those searches for our clients in the way in which they want us to represent them. If our Clients are wanting to be more “hands on” and send us listings that are sent to them or that they find so we can recon them – We do that.
If our clients just want us to call or text them when a new listing, fitting within their criteria, enters the Real Estate resale market – then we do that. -With this step, before I make the first notification, I have already scrubbed the listing to ensure it fits within all of the following parameters:
- Is the listing still wide open for offers? – Meaning, has there been an offer received? Has an offer been submitted to the bank and the agent is choosing to keep the listing active on the market for “lead generation purposes only”? (which happens to be a violation of the Rules from the Board of Realtors)
- How long will you be accepting offers? – If a Foreclosure or bank owned property, there is usually a grace period in which they leave the property active to receive offers. It is no longer the case in real estate where the first offer turned in gets the “pole position”. Banks usually have an offer review period of 7-21 days – they then counter everyone highest and best. They then accept the offer that is the Highest and Best.
- Who is occupying the property? – If the property is a short sale and is tenant occupied – there should be a bit of concern by your real estate professional. Are the tenants going to leave the property before you close escrow? This is a question that usually gets overlooked by real estate agents.
- Who is the owner of the property? – Is it a “standard sale”, one where the seller has equity? Is it a relocation sale, where the relo ompany may pay for any differences in purchase price versus owed price? Is it bank owned? Investor owned? -How many investors need to agree about the offer that was submitted? Is it a Short Sale with multiple banks, such as a property that has a 1st, 2nd and 3rd loan with different banks?
These “real estate Recon” questions give us a GREAT idea whether a specific property will fit within our clients particular criteria and real estate financing model. We know from the beginning if our clients likes the property, if they will be able to obtain it and how we can make that happen.
How are you being served in Real Estate? Do you want agents that set it and forget it or do you want Active Hunters that don’t rest until their clients real estate goals are accomplished? Be safe and we will talk soon.