George asks how to develop a relationship with real estate agents so they will send you pocket listings.
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Mark: So, George asked a question, he asked a MLS question. I want to ask that one again. And the second question he asked was, “How to approach agents to build relationships so that they give us pocket listings.” And I think you answered that in that blog entry about how to work with agents to make offers.
Justin: I wouldn’t get too rocked up about just getting pocket listings because good luck. I mean, you’ll get some but it’s going to be hard.
Mark: What is a pocket listing?
Justin: A pocket listing is a listing that never gets listed on the MLS. I would just focus more on building the relationships, getting offers out there, make relationships with agents that are going to be making offers for you. I have two kinds of agents; I have agents that are focused on a certain market, and it’s their job, if they want to retain ownership of that market, they need to make offers on every single property in that market unless it’s a brand new – any property that makes sense fits our criteria. Then I have other agents that just know what I do, and every once in a while they’ll send me a potential deal.
So, once again, it’s all about building those relationships, making offers, and every once in a while you might get a pocket listing. But I hear people talking about pocket listings as if someone just magically has all these deals that aren’t going to get listed on the MLS and here you go. It’s – I cringe the same way when people say, “I know how to buy houses for pennies on the dollar.” It’s like, “[inaudible 01:41]” You know they just went to a seminar with a guru, and they’re just trying to talk tough, because usually those guys don’t know what they’re talking about.
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