Robert J (by dino [CA]) Nov 24, 2022 12:42 PM|
Robert J (by Robert J [CA]) Nov 24, 2022 4:06 PM
Robert J (by JR [ME]) Nov 25, 2022 9:19 PM
Robert J (by dino [CA]) Nov 25, 2022 11:15 PM
Robert J (by Robert J [CA]) Nov 26, 2022 3:42 AM
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Robert J (by dino [CA]) Posted on: Nov 24, 2022 12:42 PM
On a recent post you mentioned that your agent's office was an hour drive from you.
I was wondering what was it about that agent that made it worth it to you to choose someone that was inconvenient for you. Although there are many worthless agents around, I assume you could have chosen a good one closer to you.
Robert J (by Robert J [CA]) Posted on: Nov 24, 2022 4:06 PM
At the time I lived in the City at my Handcock Park - Miracle Mile property (East of Fairfax/Farmers Market).. The agent was in West Hills/Canoga Park. That area is where I started to invest in single family homes located:
Sherman Way/Fallbrook Area. 2 homes
Vanowen/Platt (west hills) 2 homes
Victory/Platt (woodland Hills)
Woodlake/Vanowen 2 homes
to Start. Then after her failed attempt to sell that home I was more strict on the sale that she had to show it. So we coordinated with her social life. I had already spent $5,000 with new carpeting and painting for the sale then she took 2 vacation.
On the next house, if she sold it, I would then buy my 1031 exchange up property thru her. So she couldn't play games or loose a double commission.
Those were $200,000 homes at the end of our relationship and I was then buying $300,000 smaller apartment buildings - like 5 units to start.
Remember that the San Fernando valley was the middle of the aerospace industry. Hughes Aircraft Company. Litton. Rockwell. Rockadine. And many others. Over 500,000 jobs were out here.
My first home was a 3+2 and a heated pool. I had an open house Saturday and Sunday. 52 couples showed up. I rented that house in a weekend. Why because it was near the jobs and it had a pool for the kids. 1 out of 5 renter wanted a pool. Then when the cost to operated a pool almost doubled, only 1 in 24 wanted a pool. SO I sold a 1300 sq foot pool house and exchanged it for a 5 bedroom 3 bathroom house, no pool. and had to pitch in an extra 20 grand.
Robert J (by JR [ME]) Posted on: Nov 25, 2022 9:19 PM
OK, Iíll bite. Robert, you said on a previous post that you insert language into the listing agreements you sign with real estate agents when you sell that you will have the right to use another broker if the broker you choose acts unprofessionally, etc.
That seems hard to believe. No listing agent around here would agree to allow you to decide if they arenít professional and then yank the listing from them.
How do you get R.E. Agents to agree to this provision? --98.13.xx.xxx
Robert J (by dino [CA]) Posted on: Nov 25, 2022 11:15 PM
Maybe not so easy but I can see a more definitive reason as something that agents would need to agree too only because it's so competitive around here. A more common and clearcut out is to simply do the listing agreement for a short term.
I have heard agents make a point of saying they don't require a long listing so you have nothing to lose.
The agent figures you'll stay with them past the short term and they also figure they would not have gotten the listing if they didn't agree to a short listing agreement.
Too much competition from other agents around here to turn down good sellable property so agents seem to fold faster than a wet noodle and agree to short listing agreement.
Robert J (by Robert J [CA]) Posted on: Nov 26, 2022 3:42 AM
My agent had an agreement with me and others. I'd buy a home using her as my buyers agent. Then she could manage the house for a time for free, so long as I'd list (sell) the house with her. At that time she had a list of clients that kept on buying and selling. She managed 83 homes. When the market started to slow down, she changed the agreement that after 2 years of free management, she would charge 1 months rent per year to manage. She was the best and most professional agent i knew and had a team, like handyman, that did "great" work for a reasonable price. So after my 2 years of free management was up, I would take over my own stuff. I was handy and know a little about renting out homes.
So when it came time to sell a home and move up to units. I did what I said I would, list using her as my listing agent. She came to the house and offered me advice how to fix it up and get it sold for a good price.
She gave me a list and 2 weeks later I finished. New paint, carpet, landscaping, etc. She then signed a listing agreement then went on a 2 week vacation, leaving a novice from her office overseeing things. He came with an offer around the price I paid for the house 5 years go. Lousy. Then the agent came back from her trip, and then went on another one, leaving the same jerk to oversee my listing.
She came back. I was disappointed that she hadn't told me she was going to travel the the next month. I pulled my listing and rented out the house. I gave my new tenants what they wanted, a 6 month lease.
Around 4 or 5 months later, I got an offer and sold it. No commission to my long term friend, agent that I had purchased 6 homes from and even a 7th. She did end up selling a home for me, but promised no vacation until sold.
I had escape and cancellation causes in our contact. Friend of no friend.
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