How to Build Rapport with Real Estate Agents

Don't ever think that real estate agents are on your side. I have a couple of tricks that have managed to get me some brilliant property deals and it is always based on manipulating the agent rather than befriending them.

 

Also you need to know that sometimes you simply cannot build any rapport with an agent or agency because of varying factors. Learn not to waster your time trying with those people.

 

I'd like to read a thread titled, "How to manipulate the agent".

I've seen people get brilliant deals off a particular agency who seems to hire all the duds.

 

I find working with agents straight forward. Help them get to their commission.

If you can come across as the most likely avenue their will get the commission, they will work with you.

Cheers,
Michael

 

Thats all well and good if you are the only avenue but what if it is a great property in a competitive market? The agent won't care to negotiate with you when people are paying over the asking price as has been the case in Sydney for the past two years.

 

Then come across as the fastest way to get them to their commission. That's how alot of BA's find success.

If the vendor is an investor, looking for top dollar then move on. If it's someone who is in a desperate need of a quick sale then you can help the agent wrap up the deal quickly.

So many stars need to align for a deal to work, eg the property itself, the vendor and your competition so it really comes down to a numbers game.

Lastly if the market is that hot, and it's for an investment purchase - maybe look to another market.

Cheers,
Michael

 

Don't get me wrong, these strategies will work fine in general. If you are buying in regional or well supplied areas where property takes an average 60+ days to sell. Then yes this approach will work fine. In a warming market where quality stock is starting to sell very quickly these strategies become less effective because they know people are willing to pay a premium. If you want good deals in a warming/hot market then you need to get a little more tactical.

 

Imo REA's don't work for anyone else but themselves. I am yet to meet a REA who was 100% committed to getting the absolute best outcome for the vendor no matter what, even at their own expense. Doesn't work that way imo.

 

So true. I enjoy buying in a buyers' market. That's where the fun is and I can feel that I've played the game my way and won. In saying that, the last place I bought was in a warm market. But I established a relationship with the seller by casually walking my dogs past their place while they were outside and starting a conversation with them. They showed me around their property and told the re agent they liked me. I acted quickly and was the first prospective buyer. The re agent didn't know the area very well and undervalued the property too. All worked in my favour.

 

@BigKahuna nice going building rapport and sealing the deal!

On one deal.. I can honestly say they sold to me because they loved their plants/garden and apparently I am an absolute plant lover.......

look, I will make sure the new landscaping is all nice after the place is bulldozed..

 

Leo, I do try to stick to my word. The real estate agent told me that the seller preferred me as the buyer because I had told them I had no intention of knocking the house down (and I didn't). However, when my architect inspected the house he said that the house needed to go. I still feel guilty about that.

 

Agree with the comments below....building rapport is fine....but you need an angle to land a great deal.

 

I hear ya...my wife felt a little guilty too... although having said that we never gave our word that we would keep the place either. But honestly, this business Is really tough. Some people make it out to be a hobby... or a game or leave it all to luck. Personally I take the approach that this is serious business and its getting harder and harder to turn a profit. Serious investors need to use every skill, every approach, every resource they have to secure profitable deals. Really when all is said and done, we take on significant risk which is nothing to be blasé about imo.

 

Agents are people, houses/property are objects, if the object is of interest, then you get to find out how well you can interact with the agent, I want the property, so rapport happens by itself as a natural side effect it would seem.

I think @Chilliblue is spot on , a number are not worth knowing

 

Yeah, that is pretty much it for the most part !

I see some agencies like this, I feel sorry for the vendors, they move the property quick, so may not be a mistake on the agents part !

 

I agree but I think there are things you can do to build on the rapport in some cases. It can work in your favor quite well. just my opinion.