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the locater agreement

This topic contains 4 replies, has 0 voices, and was last updated by Avatar of corkhorner corkhorner 11 years, 8 months ago.

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  • #4535
    Avatar of corkhorner
    corkhorner
    Participant

    Any new stories either pro or con on utilizing the locater agreement to identify and secure RB’S?

    Can any agents here expand on ‘what is legal’ with the Ca DRE regarding charging and accepting locater fees in advance and make them non-refundable?

    Seems a little like an agent being a Buyers Agent gets paid no matter who the client buys their house from?

    Comments?

    cork horner
    California Paradise
    San Diego

    #24791

    Cork, if you will remember what Bill teaches with regard to the Locator Fee Agreement you’ll know that if you do what he says there should be no issue with “Acting as a Realtor”.

    Sure, you can use the Locator Fee Agreement but “IF” you take a check (and it should be a check, not cash), DON’T EVER CASH IT.

    In other words, here is the deal you make with them. You will hold the check and if you don’t locate them a property within say 30 days, you return their check. If you do locate a property within that 30 days, you give them back their check.

    This LFA really only serves one purpose, it seperates the lookers for the lurkers.

    Now, with that said, why would anyone ever need to use the Locator Fee Agreement. As I’ve stated in many posts, give the prospective RB a task list of how to locate “their own” property and have them simple provide you the numbers of the houses for sale that they want you to make offers on. Now you have someone else doing all the work except the phone call with a qualified RB ready to move in.

    #24792
    Avatar of megkelly
    megkelly
    Member

    Scott,

    Would you mind sharing your task list here…and your scripts for talking to agents representing the houses your buyer likes?

    Thanks a million!

    Meg

    #24793

    Its actually very simple and anyone who owns a NARS Success Pack or has gone to a Bill Gatten Workshop already has it.

    Tasks:
    1. Show me the Money. If they can’t prove they have it, don’t work with them, period.
    2. Drive the Neighborhoods you want to live in and can afford. Take a new way home everyday.
    3. Write down all the contact information on the signs for the houses you like and can afford.
    4. I call all the numbers regardless if they are FSBOs or Listed with a Realtor.

    Calls:
    Hi Mr/Mrs Seller (or Realtor). I have a client who really likes your house but can’t qualify right now so let me tell you what I’m looking for. I realize it may not be what you want but let me ask anyway. What I’m looking for is for someone, who in return for a Full Price Offer, etc, etc, etc,….. FAIR ENOUGH?

    Where can I send our Full Price Offer?

    #24794
    Avatar of bill_gatten
    bill_gatten
    Participant

    Scott, I really hate it when the young studs start getting smarter than their teacher. But in my defense, remember that I’ve lost more brains cells to drugs, booze, silly-dancing and wild woman than you ever had. Got it Skippy?

    By the way…nice post!

    Bill

    #24795

    Yes Master, but one of these days I’ll snatch that pebble from your hand and be an EHT Master myself.

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