Real Estate Investing in the Real World
Real Estate Blog
THURSDAY, AUGUST 09, 2007

Real estate investors have a problem in that the general market is geared squarely toward the needs of the standard homebuyer; us investors often feel like square pegs trying to fit into round holes.

The relationship between investors and real estate agents is a weird one. I have a long-term relationship with an agent that’s based primarily on loyalty and trust; I know she’ll take care of me and get the details taken care of, and she knows I’ll be back. I don’t get a lot of useful advice and she never brings me a deal, but she helps make sure I get the work done. So, generally speaking, when I’m buying a property or looking for a tenant I’ll often work with her.

But...that’s kind pricey when it comes to buying. The notion that the buyer doesn’t pay a commission is a fallacy – the buyer does indeed bear this cost via an increased sales price – so I’m actually paying an awful lot for convenience and comfort.

So, time to try something new. Hungry Agents allows buyers and sellers to solicit bids from real estate agents for reduced commissions / commission rebates. So I gave it a try. I’m looking to make an offer on a multi-family property and placed my solicitation on Hungry Agents. Within 24 hours I had ten bids back offering rebates of 10% to 60%. Each bid is accompanied w/ some basic information about the agent: office location, rebate percentage, years of experience, franchise, and in come cases a biography page.

The buyer/seller who placed the bid can request a contact online. If the agent is interested in speaking with you then he can then give you a call.

Clearly this solution won’t work for everyone. But I generally find my own deals and make my own decisions with regards to pricing and terms, so basically I need someone to make sure the paperwork happens efficiently.   I’m not looking for advice, leads, negotiation assistance, or to be chauffeured around Houston.  Hungry Agents makes the a la carte approach a bit easier.

Too bad about that logo, though. Strange marketing move for a company that needs to build a positive relationship with the real estate agent community...

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Comments(42)
posted by: Chris Smith
Comments
August 09, 2007
11:22 PM
Maybe if these agents spent more time understanding, developing and guiding their market they'd have less time to just throw out rebates.

If I were you, I'd do it to. But if you were my client, I'd bring you opportunities.

I understand your perspective 100%. I don't understand theirs.
August 10, 2007
09:36 AM
Actually I think these agents are pretty smart.

There are a lot of investors out there who are looking for exactly this type of service; who have decided on their price and their tactics and wants to pay an agent a fair price to execute (write the contract, fax it to the agent, etc.)

I wade into it without an agent then the selling agent just pockets the full commission, which the seller simply passes on to me as the buyer via the sales price. There are ways to remedy this but it's a pain (that's a subject for a future article).

This isn't a one-size-fits-all business model, but for an investor who's found her own deal and doesn't need a lot of frills it's a great solution (and a profitable one for the agent.)

Offering a service that the customer wants is smart business, in my book.
August 13, 2007
04:14 PM
Agreed. At least from your point of view. I would be happy to work with you on a reduced basis because I wouldn't have to counsel you.

That said, I doubt most users of that service are knowledgable real estate investors. In fact, probably not investors at all. Would you agree?
August 25, 2007
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Nice site.. Wishing you a Happy Sunday! Keep the articles coming!
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Good post, keep up the good work.
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I wade into it without an agent then the selling agent just pockets the full commission, which the seller simply passes on to me as the buyer via the sales price. There are ways to remedy this but it's a pain.
August 15, 2009
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Sounds good for the investor..a bit hard on the realtor.
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