Should You Deal With A Real Estate Consultant

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Why Not To Deal With A Real Estate Consultant

Real estate professionals should be cautious about who they deal with to buy and sell property because the greatest barrier to closing a transaction is using a weak intermediary that does not get deals done, are time wasters and commit fraud.

Many real estate consultants require buyers to forfeit private banking information. Releasing private banking information can lead to the circulation of your information to a network of consultants to use as bait to attract a seller. On the other hand, I know real estate experts that have closed deals by getting bank statements from buyers.

Make sure who you commission to get your deal done is legitimate.

Red flags to watch out for:

when they say they buy anything, anywhere, in any condition,
have people “on the ground”,
use the term “unlimited”, such as, unlimited supply of properties or unlimited budget,
know powerful and rich people, and
a combination of all of the above

These red flags do not mean that fraud is being committed, but that extra due diligence should be taken.

You are in the driver’s seat if you are the one with property or cash. Some real estate consultants mostly act as a broker. This means they may use any of the red flags to gain access to you. Go direct to the buyer or seller if you are a professional that can negotiate your own transaction.

Some real estate consultants are not licensed and this might be illegal in some jurisdictions. Licensed people have a fiduciary duty to represent their client’s interests. Some real estate consultants might not know their clients as well as licensed real estate agents because they aren’t trained to know their client and this results in long chains of brokers called daisy chains between buyers and sellers. Daisy chains happen because everyone believes that they can earn a commission, go on the word of the consultant that brought them the deal without verifying the identity of the buyer or seller.

Benefits Of Hiring A Real Estate Consultant

Not all real estate consults result in long daisy chains or fraud and many provide valuable services to clients.

There are many large credible real estate consultants. Credible real estate consultants are good when they provide strategic marketing, internal human resources, and information technology advice and not only focus on connecting you to buyers and sellers. It’s great when real estate consultants have a license because then you know that they can provide both functions.

How Do I Go Directly To The Buyer Or Seller?

You need to build relationships on social media and have in person meetings with large buyers and sellers. You can also do direct mail for sellers, real estate investor association meetups and web landing pages for buyers.

You can see who is the buyer or seller on Access The Flock Real Estate Marketplace. Real estate professionals are also rated by each other using the Urly Bird Grade vetting system.

Vetting System