POCKET LISTINGS BRAD LARSEN Broker & Owner of RentWerx MBA, RMP, MPM, CRMCC, TRLS, TRPM, GRI, CRS, ABR WHO IS THIS GUY?
Owner & Broker of RentWerx Serving San Antonio & Austin
Manage 900 +/- Single Family Homes
Host of the Property Management Mastermind Podcast
Sold / Supervised over 1,000 Real Estate Sale Transactions Why Am I Qualified to Discuss This?
Licensed Texas Real Estate Broker Since 2003
Full Time Real Estate Salesperson for 10+ Years
Manage 15+ Licensed Realtors
Built and Executed Our Pocket Listing Service What Is a “POCKET LISTING”?
1) Home in Our Management Inventory
2) Owner (Landlord) Wants to Sell Home Immediately
3) There is a Tenant Still In Place
4) Owner Turned Seller Wants to Sell NOW Is a Pocket Listing Legal?
YES – But, Check YOUR Local MLS Rules & Regulations
Fully Disclose to Seller You WILL NOT Place Home in MLS
Provide the Seller a Solid Comparative Market Analysis
Seller Needs to Sign POCKET LISTING Forms Disclose – Disclose - Disclose Want to Check Ours Out?
https://rentwerx.com/investor-pocket-listing-program/
RentWerx.com – Under “INVESTOR” Tab
We Partner With Investimate
We Have Used the BiggerPockets “RENTAL PROPERTY” Tool Benefits to the Seller
Minimizes Vacancy and Holding Costs
Allows for Reduced Commissions (Reducing Asking Price)
Ability to Sell NOW – Versus Waiting for a Vacancy
With No Vacancy There is No Make Ready Benefits to the Buyer (Investor)
Entire Financial Situation Completely Apparent
Current Tenant and Management Company In Place
Reduced Commissions and Reduced Price
Typically No Bidding War As in a Hot Market Benefits to the Property Manager
Can Give Client What They Want NOW
Can Generate a Sales Commission (Intermediary?)
Does NOT Disturb or Upset Tenant
Keeps the Home In the Inventory Benefits to the Property Manager
Creates Another Marketing Avenue for New Investors
Property Manager Can Control Next Investor Client
Property Manager Eliminates Bidding War Nightmares
Makes PM a More Attractive Business Partner to Investors What Steps Do You Take?
Once a Seller Identifies The Need to Sell NOW:
Offer Seller a Comparative Market Analysis
Do YOU Want to Buy it? If Not – Explain Program
Present Them With Paperwork Paperwork
One Page “Investor Pocket Listing Program”
Goes Thru Questions & Answers
Explains the Reduced Commissions In Writing
Get Seller’s Approval for an Asking Price One Page Listing Form What Are the Reduced Commissions?
“Common and Customary” Real Estate Commission = 6%
“Common and Customary” Buyer’s Agent Commission = 3%
Reducing Commissions = Reducing Asking Price
Reduced Asking Price = FAST SALE! What Do The Numbers Look Like?
$200,000 Home $200,000 Home Total Possible Savings? 6% Commission = $12,000 $12,000 +/- MISC (3% Commission = $6,000) $6,000 Commissions ---POSSIBLE SAVINGS---
Average Make Ready: $3,000 Reduced Asking Price
Holding Costs: $3,000 No Repairs: $2,000 $15,000+ An Asking Price To A Buyer
$200,000 Home Now with $15,000 in = $185,000 SAVINGS Tackle the Expected
Sellers Want Max Dollar (We All Do!)
Show Best Case CMA
Detail and Explain Possible Expenses of a Roll Over
Convince Them This IS the Fastest and Best Route It’s All in the Packaging
Create a BiggerPockets “Rental Property” Report
Add in a Rental CMA and any Prior Sales CMA
Add in Current Lease Agreement & Tenant Ledger
Include Property Tax & Maintenance Records What Does It Look Like? Inspection Tip
Owners Will Blame the PM For Not Catching Mechanical Issues
PM’s Only Conduct Visual Inspections
Encourage Annual Mechanical Inspections
Make Owners DECLINE an Annual Mechanical Inspection Realtor Marketing and Inspection MIC DROP FINAL MESSAGE www.PropertyManagementMastermind.com
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