I got a call from a particularly feisty real estate investor late last week that I just have to share with all the real estate agents and brokers that work with us on the AnalyzedDeals.com network of Real Estate Resources websites.
This investor was asking me to recommend an agent to him to help him buy investment property. His attitude though was particularly interesting to me. He had basically said to me with the real estate market so tough why is it that real estate agents are not calling him back or showing him deals? He believed that since the number of transactions in many markets are way down (especially with the crazy financial markets the last couple weeks), that agents would be more than happy to help him buy property and yet they have not been helpful.
What he is referring to is that many agents do NOT call people back. Many agents, when they get an e-mail inquiry with a telephone number, actually e-mail the client back instead of calling. Many agents believe that the best way to sell houses is to set someone up on an e-mail to blast with the lastest listing from their MLS system.
How do I know this? Because I am an investor buyer too and I’ve had lots of agents do it to me. In fact, I sent out an e-mail to exactly 1,345 real estate agents and brokers telling them that I wanted to buy for my personal portfolio almost a month ago on September 11, 2008. Want to guess how many calls I received? A measly 11 calls from agents the day I sent the e-mail. Yes, that is 11 calls to me from contacting 1,345 agents.
So, I do understand the investor that was calling me (despite him being exceptionally feisty) and his frustration. I had a similar, but very different, experience earlier this year when I was considering selling one of a dozen investment properties that I had in a particular city. I used the web form on the websites of ONE agent in that city for EACH property I had (12 different agents in total) as if I was a seller. Do you want to know how many people actually contacted me back? One. And they called me, left a message. I called them back and they never returned my call.
So, are you going to be one the hundreds of agents that do not follow up with investors or are you going to be one of the very few that actually call investors back? It is up to you.
If you want to work with my investors, you can submit your deals and we will get them out to our investors and refer them to work with you… only if you’re committed to following up.
Until my next post,
James