COMPS from realtors

15 Replies

Hey BP, I'm thinking about using a realtor for comps ONLY and I don't know if I pay them for their service. Also if I have a property do I call them each time or is there a automated way to do this.

Jamaal, if you intend to only use them for comps, then the right thing to do is to pay them. I think I also heard on one of the podcasts that using an appraiser for that service is also an option. The only ways I can think of to do this are by requesting comps by phone or email.

You would want to search for a Realtor that charges fee for service and ask them how they prefer to work. A note of caution, fee for service agents are rare and fee for service Realtors are even rarer. Finding a fee for service agent could prove more difficult than learning the market and performing your own comparable analysis.

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@Jamaal McDonald

Jamaal, I would also consider that somewhere along the line in this business, you are likely going to need and have a good relationship with a realtor. I would consider perhaps looking at it from that viewpoint when you decide how to approach this.

I do comps all the time for free for some local investors. you need to establish a relationship with a investor friendly realtor, and let them in on anyone you know or come across that is in need of a realtor. for example, I have a guy who trys to purchase at wholesale and if he cannot come to a agreement, he refers me to the listing.

These are all great ideas personally as an agent I usually do the first set of comps for free for an investor any repeat people I try to then build a relationship so we both can benefit. The benefits I look for is being able to learn more about investing and getting referrals. It's not always about money for me if I can gain valuable knowledge.

as I think about it, I have a suggestion. Contact a newer agent (established agents already have a big contact list), bring the agent some contacts that you have made. In order to do this, tell your friends  they need a agent in the event they need to buy or sell or need recent sold information in the neighborhood, etc. And they can call this agent with any real estate questions they have. the agent will then have one more for his list and possible business down the road or a referral.

Working with a newer agent is a great idea as they frequently have the extra time and are hungry to make new contacts/deals. 

Most MLS systems can be set up by a realtor to give a client direct access through a custom search website. It should give you access to all the listings (active, pending, sold) that a realtor can see, and the realtor only has to spend 5-10 mins setting it up in the first place. However, do the right thing and make sure to send that realtor referrals, potential listing clients, etc.

You never mentioned why you want a valuation?  What is the reason if you are not going to buy or sell?

If you are ordering an exterior BPO with comps I usually pay $65-75.

Most REO Agents can do A BPO in a couple of days. You can find agents here: REO Agents Just send the top 5 an email and ask what they charge for a BPO.

You can also use Valuation Vision The cost is $100 or $110 if you want a rent estimate as well.

@Jamaal McDonald I pull my own comps. There are a couple of services here in the Dallas area that will provide actual sale information, including sale price, not just listing price. Neither of these services require direct MLS access. You do need to understand how to pull and calculate the comps, but - in my opinion - you need to understand that anyway.

Redfin and DFW Urban Realty both will provide you with Sold Data.  I love DFW Urban, because there are so many different filters for the information.

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@Jammal

What do you need the comps for? Buying or selling?

You can work with a realtor on a consistent bases purchasing properties and never pay a dime (I think this is for most states)

Now if you need the comps for selling its a cost involved which is negotiable.

Now if your going to be doing many deals yearly it's good to team up build a relationship with a good realtor, lawyer, anything that your not an expert in.

I would say that this varies state by state as far as the $ that can be charged.  Each state has different laws governing what an Agent can get compensated for and when.  The idea of building a relationship with the realtor is a win-win in my opinion.  Leads is the bulk of the work that is ongoing for success as an agent.   The best leads come from those that develop into a relationship.  I think like anything, make sure it's a win-win on both sides.  Great idea that I am going to implement into my lead systems!  

@Jamaal McDonald  

Laws vary by state. You could perhaps pay a Realtor by the hour if your state does not allow charging per CMA report. On the matter of the MLS, sadly it's very regional. A local realtor can tell you the area it covers. You would have to deal with two seperate Realtors if you were interested in properties in both Dallas and Portland.