How to compensate a real estate agent - looking for ideas
I am a new real estate investor who looks to flip sell vacant land. The few properties I have bought, I've found using mostly county websites and buy directly from the owner. In each instance, on the sell side, I’ve had some real estate agent assistance.
I’ve contacted one of several agents I know and explained to them how I acquired the property and that I intend to reach out to adjacent property owners and builders in the area. Then, if that doesn’t generate a buyer, I intend to list the property. They have gladly provided me their perspective of market value and some comps. In each of the instances so far I have sold to either the neighbor or a builder in the area, and not needed to list.
I have asked the agents if they would accept a small amount of money for their help with a market assessment or comps. They’ve all said no thank you and that they can’t take any money unless it a commission on property for which they are a buyer or seller agent. I am not sure if that is a standard practice of their broker or a function of the state REC, etc.
I’ve tried to return the favor by giving them name and number to folks I approach to buy a property and while they indicate a willingness to sell – they are looking for full retail and not the “wholesale” type price I offer. In a couple instances the land owner did decide to list – just with another agent (I saw the properties on the local real estate websites). I suspect they didn’t use the agents I recommended because they didn’t like my price and may have been afraid a realtor I recommended wouldn’t try to get them full price.
Any thoughts on legal, ethical ways I can compensate one or two realtors who regularly help me but are not getting anything for it?