Posts in MailBag
YOU’RE FIRED! How to Stop Working with a Bad Real Realtor | MailBag | Q&A

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You ask questions, and I answer them. This week the question is, "As a buyer, can I change my realtor throughout my home buying process?" - Ana J, Tulsa, OK

Technically speaking, yes. Most realtors are not a huge fan of this fact, but it's true. I don't believe it's prudent to jump around, choosing different agents throughout the process. However, if your buyer's agent is not adding value, and you haven't signed anything - you're not obligated.

For the most part, buyer's agents are free. Utilize that. You'll probably get a better deal and just overall make a more educated decision.

Thanks for the questions! Keep 'em coming.

Thanks for being here ❤️ PL

Shhh: The Secret Way to Buy or Sell a Property Anonymously | MailBag | Q&A

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You ask questions, and I answer them. This week the question is, "How can my client buy or sell a property anonymously?" Frank J., Los Angeles

This happens quite often in the celebrity world. Most of A-listers don't enjoy the world knowing when they buy a new home. I've gone through deals like these with several clients.

It's not possible to anonymously buy a property. So here's what you do:

1. Get an attorney who can help.

2. Take the title in the name of an LLC or a trust

For example, I have a client who owns multiple properties. He doesn't want the world to know they are his, so he takes ownership with an LLC. That way, when someone searches his name, no one can tell who owns it.

Thanks for your questions, keep hurling them this way!

❤️ PL

What The Heck Is A Real Estate Prelim? | MailBag | Q&A

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You ask questions, and I answer them. This week the question is, "What is a preliminary title report?" - Melissa C.

A preliminary title report is a precursor to the title report.

Here's what you do with it.

Agents, when all transactions open, you get a preliminary title report - most likely issued from escrow. In every single one of my deals, I send my preliminary title report to my title officer. Even if he's not the title officer on this particular deal - I ask him to look it over. These reports can be covered in landmines and things that are easy for the untrained eye to miss. Make sure you bring in an expert-level second pair of eyes to check out your preliminary report before moving forward.

As usual, wonderful question. I'm really enjoying working through all these. Keep sending them in!

Thanks for being part of the rebellion and for being here ❤️ Pete

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Send me your deets here: https://peterlorimer.com/contact-plg-1

HELP!! What's the Difference between Pre-Approved vs. Pre-Qualified for a Loan? | MailBag | Q&A

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You ask questions, and I answer them. This week the question is, "What is the difference between pre-approved and pre-qualified?" Claire D. Stockton

Great question. There's a huge difference between the two, so I'm happy to get into this one.

👉 Pre-qualified: Your lender does a bird's eye view of your credit score, employment history, and income. He or she then uses that information to determine what sort of loan you could qualify for.

👉Pre-approved: You work with your lender, going through every stage of actually getting a loan, right up until the home appraisal. Your lender gets everything needed to get you through underwriting, making you almost as good as cash in terms of buying power. Check with your lender on this, but in some cases, once you get through pre-approval, you may be able to remove the loan contingency from the offer, making your offer much more desirable to the seller.

As always, thanks so much for your questions.

Thanks for being part of the rebellion and for being here

❤️ PL

What is a Referral? | MailBag | Q&A

You ask questions, and I answer them. This week the question is, "What is a referral?" - Ronda B.

A referral can actually be a couple of different things:

  1. Person to person: Someone in your client base or sphere of influence refers you to someone else. You can't compensate them with money, but you can take them out to a nice dinner.

  2. Brokerage to brokerage or agent to agent: This is when an agent or brokerage refers an agent to another agent or brokerage. This typically happens when a real estate agent moves to a different city or state. Money can be exchanged in this situation.

Thanks for your questions, guys. I'm having a lot of fun answering these. Feel free to DM me on IG with your pressing real estate questions.

❤️ PL

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What is A Dual Agency? | MailBag | Q&A

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You ask questions, and I answer them. This week, the question is, "What is a dual agency?" - Tristan Y.

A dual agency is where you represent the buyer and the seller. I believe this is incredibly dicey--and honestly, this is where a lot of the lawsuits in regards to real estate live.

Tread carefully; transparency is EVERYTHING.

The best advice my lawyer ever gave me: If you ever find yourself wondering if you should disclose something, then you should absolutely disclose it.

Unless your seller really wants you to be a dual agent, I'd recommend you only represent the seller.

❤️ PL

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Staying in Touch With Past Clients | MailBag | Q&A

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You ask questions, and I answer them. This week, the question is, "How often do you keep in touch with a past client?" - John M.

Oh, The Past Client Follow-Up.

Real estate tends to be extremely forward-focused, so a lot of agents let these "forgotten children of real estate" fall through the cracks a bit.

It's definitely a missed opportunity. These are people that we've worked with and that will be advocates and tell others about us.

I recommend following up with them no less than every 6 months. For me, I don't simply send a note, I buy past clients dinner or invite them to an event at least once a year.

❤️ PL

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How To Assess Your Client's Home Value? | MailBag | Q&A

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You ask questions, and I answer them. This week, the question is, "How do I properly assess my client's home value?" Jessica L.

Here's the technique I've used for years--bracketing. Bracketing is also used by real estate appraisers and encompasses preparing comps as well as a range of values for the property.

First, I prepare a few comps before meeting the seller, and then present three different price points around the home's true street value:

👉 Below market value

👉 Right at market value

👉 Above market value

This method takes the pressure off you, the agent, and allows the seller to feel ownership over the process.

❤️ PL

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Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

How to Market Your Real Estate Business | MailBag | Q&A

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You ask questions, and I answer them.

This week, the question is, "As a new agent, how much marketing and promotion should I do to grow my business?" - Larry B.

When I was a new agent, I went all in with social media. I spent every last dime I had on social media marketing. Creating original content that shows who you are as a human being and a real estate agent. People run towards similar people (their tribe). People can't run towards you if they can't SEE you or know you. How much? When you're first starting out, everything but food and gas should be spent on your career.

50/50 rule: 50% of your time learning about your craft and 50% actually doing it.

Immerse yourself.

❤️PL

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Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

How to Avoid the Wrong Partnerships | MailBag | Q&A

You ask questions, and I answer them. This week, the question is "What are the potential downfalls of entering into the wrong partnership?"

Much of my answer to this really boils down to acting vs. reacting. If you are wanting to enter into a partnership because you aren't hitting your goals, you might end up disappointing two people instead of one.

I would only recommend getting a partner if you have so much business that you can't handle it all yourself OR your potential partner could contribute to the partnership in different and valuable ways.

What are your thoughts on this? If you have a partner-in-crime, tag 'em here and share the love.

Thanks for being part of the rebellion and for being here ❤️ Pete

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

How To Improve Your Negotiation Skills - MailBag

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My weekly Magic Minute is taking a bit of a hiatus, and in its place, I'm doing MailBag: You ask questions, and I answer them.

For our first MailBag, the question is "What are your top tips to improve negotiations?" I freakin' love this question!

Here are my top 3:

👉 Always keep a cool head. When deals become adversarial, they fail.

👉 Always be transparent with your client. Even (especially) when it comes to bad news.

👉 Always make your clients interest the North Star of every deal. Do not worry about the commission or anything other than what's best for the client.

Ping me on IG or Twitter with your questions and I'll start chipping away at them here!

Thanks ❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.