Encore – The Godfather’s Tips for Working with Investment Specialists

When you’re in need of valuable advice … you talk to a Dad. 

In this Father’s Day encore episode, we are revisiting the sage wisdom provided by the late, great Godfather of Real Estate, Robert’s father, friend, and partner … Bob Helms. 

Listen in as Bob shares his top tips for working with real estate brokers who understand what it means to work with investment property. 

To contribute to the Godfather Scholarship Fund in honor of Bob’s life and legacy, send an email request to [email protected] We’ll get you the details!

In this episode of The Real Estate Guys™ show, hear from:

  • The father and host of The Real Estate Guys Radio Show, Robert Helms
  • The father of outtakes and co-host, Russell Gray
  • The father of Robert Helms and The Godfather of Real Estate, the late, great Bob Helms

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Advice from The Godfather of Real Estate himself

In honor of Father’s Day, we’d like to share some wisdom from the archives. 

We’re throwing back to late 2018 when The Godfather of Real Estate, Bob Helms, shared his best tips for working with real estate agents that understand investment property. 

That’s the thing about advice from world-class dads … it never gets old! 

Bob Helms spent many, many years actively brokering properties, teaching agents, and managing agents. He knew firsthand why it was so important to find and work with great real estate professionals. 

Our philosophy has always been that you should align yourself with professionals in every category … lawyers, CPAs, real estate brokers, and agents. 

Cooperation, not competition

Real estate is a relationship business … and when it comes to the brokerage community, it seems awfully competitive out there.

But here’s the first secret … The brokerage business and the real estate sales business are really ones of cooperation rather than competition.

More often than not, we need other agents in the community to be out there providing the inventory that we need.

You may have heard of the 80/20 rule. That rule says that 80% of the real estate in a market is sold by 20% of the agents.

“The most active agents in the network know each other,” Bob says. “They’re in deals together. They understand both sides have to win. It’s urgently important that you not practice your business by trying to take advantage of the person on the other side of the transaction.”

Many investors think they have to squeeze every last dime out of the deal. But the best transactions are whenthe deal closes and everyone looks around, high fives, and says, “That’s awesome!”

“When that happens, people also tend to say, ‘Let’s do it again!’” Bob says. “This is a relationship business. It’s a long-term business.”

The typical homeowner moves every four to seven years. When they move, they usually move out of the area completely.

That means, when you help somebody sell their house … they’re not coming back to buy a property from you … and that’s why it is so important to have a great relationship with other agents.

Working with your agent

Let’s talk a little bit about working with your agent.

Bob says that one of his biggest tips is to pay your agents … insist that your agents get paid top dollar.

Why wouldn’t you want to negotiate that fee?

“I’m going to suggest that you do negotiate the fee,” Bob says, “and the minute an agent agrees to take a discount, you know not to work with that agent.”

An agent that takes a discount on their fee will roll over when it comes to trying to save or make you money.

You want to work with someone that is firm in their value, understands what they’re worth, and will fight for it.

The reality is that the vast majority of real estate agents don’t really work with investors … not because they have anything against it but because they’ve simply never done it or been taught how to do it.

The difference between working with a typical agent and someone who specializes in working with investors is gigantic.

And, if you’re a real estate agent wondering how you can make more money … working with investors is the answer.

Investors are clients that buy properties again and again and again. The pricing of those properties can also be higher.

Investors tend to purchase larger properties as their portfolio grows … which means larger commissions for the agent.

Resources for getting ahead

Bob’s book, Be in the Top 1%: A Real Estate Agent’s Guide to Getting Rich in the Investment Property Niche, is a great resource for agents looking to get ahead and for investors hoping to understand more about where their agent is coming from.

Bob’s biggest tips for agents are to recognize there is no limit on how much commissioned income you can make … and that you don’t have to stop doing what is already working for you.

If you’re selling single family homes and doing well … you can keep doing it! Just add investment property as a new segment of your business.

As an investor, the person who benefits most from agents who take on investment property is YOU.

As you develop your relationships with agents across markets, they will bring you great deals.

For more tips from The Godfather of Real Estate … Bob Helms … listen to the full episode!


More From The Real Estate Guys™…

The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training, and resources to help real estate investors succeed.


Love the show?  Tell the world!  When you promote the show, you help us attract more great guests for your listening pleasure!

Working with Real Estate Agents Who Understand Investment Property

The world is full of real estate agents and brokers eager to do a deal … but only a small handful of those agents are qualified to service your unique needs.

The best partnerships between agents and investors create mutual success. How do you find an agent that works FOR you and WITH you?

In this episode of The Real Estate Guys™ show, we chat with Bob Helms, the Godfather of Real Estate. His experience as both an investor and a broker spans decades … and he knows how valuable relationships between professionals are to successful deals.

You’ll hear from:

  • Your play-maker host, Robert Helms
  • His playful co-host, Russell Gray
  • Bob Helms, the Godfather of Real Estate

Listen

 


Subscribe

Broadcasting since 1997 with over 300 episodes on iTunes!

real estate podcast on itunesSubscribe on Androidyoutube_subscribe_button__2014__by_just_browsiing-d7qkda4

 

 


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When you give us a positive review on iTunes you help us continue to bring you high caliber guests and attract new listeners. It’s easy and takes just a minute! (Don’t know how? Follow these instructions).

Thanks!


This is a relationship business

One of the most critical relationships you have as an investor is with your real estate professional.

Whether you’re working with an agent or a broker … and we’ll use the terms interchangeably … the partnership you have with the individual legally representing you in a deal is vital to your success.

We call Bob Helms the Godfather of Real Estate … and for good reason. Bob has spent decades actively brokering properties, teaching and managing agents, and investing in deals himself.

“This is a relationship business,” Bob says. And it’s absolutely true.

Your agent isn’t your enemy. The very best deals we’ve ever been involved in have been with real estate professionals who know their stuff.

When it comes to real estate brokerage, it’s about cooperation … not competition.

“It’s urgently important that you not practice business by trying to take advantage of the person on the other side of the transaction,” Bob says.

Both sides have to win

So many investors think they have to squeeze every last dime that they can out of a deal in order to call it a win. They think they have to get the upper hand to be the winner … which means the buyer or seller is the loser.

The best transactions are when a deal closes and everyone in the room gives each other a high five.

Those are the deals you want to do again. And real estate investment is a long-term game.

Unlike the typical homeowner … who moves every four to seven years to a different marketplace … investors do multiple transactions over time in the same market. And you do more business more often.

There’s a good chance you will do additional deals with these same people, so your attitude is important, Bob says.

If you’re the guy who is trying to exploit the other guy, no one will want to work with you again.

Remember, it’s about relationships. There IS a better way!

Working well with your agent

How do you work with an agent or broker to get the best deals at the right prices?

The first thing to keep in mind is loyalty.

You might think it’s a good idea to have several agents working for you in a single marketplace. But more often than not, this competition doesn’t work in your favor.

If an agent knows you have other agents working for you too, they are less likely to invest time in finding you the best deals.

On the other hand, if an agent knows you are invested in a long-term relationship with them, they’ll work hard to impress you and keep you around.

Exhibit loyalty to your agent, and they’ll be loyal to you.

Find the best agent you can, and set up a meeting. If they are at the top of their market, they probably already have a full portfolio of clients.

Show the agent you are worth their attention. Be able to articulate why you are qualified, why you are serious about making things happen, and how you can add value to their business.

Can’t get an appointment? Try taking the agent to lunch. Everybody has to eat!

You may have to start with a “C” agent and work your way up to an “A” agent … and that’s ok.

Even if your agent of choice isn’t ready to take you on, take advantage of their experience.

“Say, ‘I want to be your best client in five years. If you were me and starting over today, what would you do? What do you wish your current clients knew?’” Bob says.

Show you’re there for the long haul, and start building a relationship.

Why agents should work with investors

The majority of real estate agents sell houses to people who want to live in them. But the investment property niche can be very profitable.

So, if you are reading this from the perspective of a real estate agent, here are four big reasons to get involved with investors …

  1. Do more transactions. Investors purchase properties in the same market again and again.
  2. Get more referrals. Investors tend to work in multiple marketplaces. They rely on a network of agents to help them. You can pass clients to other agents and have clients passed on to you. That saves you money you would have spent tracking down new buyers and sellers.
  3. Earn bigger commissions. Investors graduate to bigger and bigger properties over time. That means bigger and bigger commissions for agents.
  4. Become an investor yourself. Be your own best client. Learn from the investors you work with. Make a living selling to other people and get success by buying yourself.

Keep brokering real estate deals, but invest your money into deals of your own.

Investors love working with agents who invest too. That means the agent knows the rules of the game, and will bring investors the deals they can’t do … but would do … themselves.

Most real estate agents don’t work with investors because they don’t know how.

Bob Helms’ new book Be in the Top 1%: A Real Estate Agent’s Guide to Getting Rich in the Investment Property Niche is a great resource for getting started.

The book is aimed at agents, but investors can benefit from its lessons too … because by working together, agents and investors can form long-term relationships destined for success.


More From The Real Estate Guys™…

The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training, and resources to help real estate investors succeed.


Love the show?  Tell the world!  When you promote the show, you help us attract more great guests for your listening pleasure!