Adapt Your Business
to the Times
Earn the R.E.A.B.A.
Dear Professional Real Estate Agent:
Welcome. Let me be brief as I know your time is valuable. As you
know, auctioneers represent the seller. Most offer to compensate a
buyer’s agent and many list their auctions in the MLS.
As the nation’s foreclosure inventory continues to build, banks will
begin to say of their REO houses “move ‘em, let’s have some auctions!”
As auctions increase with banks, builders and individuals needing to
sell, there are opportunities to represent buyers at auction. That is
why we have created an auction buyer agent network and a test to earn
the Real Estate Auction Buyer Agent Designation - R.E.A.B.A.
Consider these opportunities to represent auction buyers:
-
You are referred a buyer through our network. The buyer has
said they want to meet an auction buyer agent and they intend to buy real estate
within three months. We both realize they may not be the successful bidder at an
auction. But if they don’t buy at auction, they still intend to buy and that is
the point.
-
In large metro areas, you will see from one to dozens of
homes sold at a single auction. You could advertise and represent several buyers
at one auction effectively and ethically and we will explain how in our first
e-mail to you as a new R.E.A.B.A. But if you prefer one bidder client per
auction, you can always refer other buyer prospects to other competent
R.E.A.B.A.s for a referral fee.
-
With the R.E.A.B.A. you will know the general basics for
buying real estate at auction. Coming to your area soon - auctions of office,
retail, industrial buildings and farms. Those type auctions can be sparsely
attended giving your client(s) improved odds. Some R.E.A.B.A. pay days will be
huge! Advertise your R.E.A.B.A.
If you’re unfamiliar with auctions, just let me say,
there is more to earning your buyer agent commission than just
registering your buyer to bid. Good representation involves fact
finding, counseling, and being with your buyer through the whole
process.
I wrote How To Buy Your Home At Auction to demystify the auction process.
The book highly recommends the use of a buyer agent and includes an
agent test that buyers can request an agent take and submit to us for
scoring and the R.E.A.B.A. So the book is a basis for starting or
strengthening relationships between buyers and agents
By testing and obtaining the R.E.A.B.A., you receive these benefits:
-
Referrals to you from any customers looking
for R.E.A.B.A.s in their area. (Reasonable referral fees are negotiated.)
-
Follow up e-mails on how to expand your niche
business including suggested ads.
-
Attractive wallet card certifying that you are
a Real Estate Auction Buyer Agent demonstrates your expertise in this area.
Speaking of referrals, help us create a great
network with your suggestions and input. The basic structure of the network is
as follows:
-
Issuance of the R.E.A.B.A. gains you entrance
to the network. The R.E.A.B.A. itself has the following qualifications:
- They are currently licensed as an active Broker
or salesperson in a state(s).
- They have no pending complaints against them at
any state Real Estate Commission and are in good standing.
- They have closed at least 20 transactions as a
buyer agent or they are a practicing auctioneer licensed to sell
real estate.
-
Referral fees are negotiable, but
what is prevalent if not customary in your area should suffice. When
a referral is available to be made, a courtesy call will be made to
you, then to your Broker to obtain a faxed, referral fee agreement.
-
Referral fees are earned on a referred
customer’s purchase or sale of real estate, by auction or otherwise, within 12
months of referral. Fees are paid Broker to Broker.
-
A referral will go to the R.E.A.B.A. whose
office address is closest the buyer’s target buying area.
-
You’ll be in the network for as long as it
exists or until you choose to withdraw. However, we reserve the right to rescind
any R.E.A.B.A. without explanation, argument, or appeal in which event, your
R.E.A.B.A. fee will be refunded.
The fee for the R.E.A.B.A. today? $49.00. So
what are you waiting for?
Order the book
today for $9.95, read it, take the test, and mail the test in for scoring with
your check for $49.00. If you score less than 80%, your $49.00 (less a $10
processing fee) will be refunded and you may re-test in three months. Adapt your
business now to changing times.
Larry Rhea
Bid You WellŪ LLC
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