can real estate agents bird-dog my lead ?

Question

So I found a property that I wanted to get under contract. Needing to figure out my MAO I called a local real estate agent. I asked if she could find out what the value of the house I was asking about is. She asked me what I planned on doing with the house and told her I planned on assigning the contract to a rehab-er, she asked me how much in repairs did the house need. This is at 8am this morning. I told her about ten thousand in repairs. She said Im away from my computer right now but I can get you the information...it wont be ready till 12pm. So for the next four hours im wondering if she is relaying the information to someone else. Is this normal for a newbie to think like this?

Joe DiGirolamo · Answer

Do you do business with this realtor regularly? If I'm comping something out for someone who intends to wholesale, I consider it more of a favor. Is she getting any business from you otherwise? Is it on the MLS? If it isn't and you don't do business with her, she might not bother getting back you. I'd think about what is in it for her. She needs to be compensated for her time.

Account Closed · Answer

that is a good lead for a realtor I would try to follow up with the owner. You asked the realtor for a service but told her you would not be using her for a listing they don't work for free

Shawn Melei · Answer

Thanks for the advice...yeah Im done with that agent, shes not answering my calls. I ended up calling the owner of the fsbo and left a low ball offer on his voicemail...he called me back and invited me to his open house this weekend. I plan on doing a  double closing maybe 30 to 45 days out. My plan B is to get pre-approved with a hard money lender who offers a 70 percent LTV. Hopefully it buys me time to flip the property to a cash buyer.

Mike Cumbie · Answer

Hi @Shawn Melei,

Welcome,

If you don't have the property under contract, then yes someone can come in and get it under contract themselves. If they should or not is a different discussion.

Do you have a relationship with the agent yet? I'd recommend getting a relationship with an agent or someone with MLS access to do that kind of work for you. That way you can explain what is in it for them and you can have a "mutually beneficial" relationship. If the agent doesn't know you and not sure what is in it for them they may wonder why they are running comps for you... or consider it a lead for themselves.

Good Luck in your investing!

Brian Ballard · Answer

Most of them are pretty honest and you have to trust them unless you have access to an MLS. There are 5000 agents registered in my city.... if one is shady or lazy just never use it again, plenty more.

Nick C. · Answer

Although I can't speak to whether your feelings are normal or not, realtors are out and about a lot showing houses, going on listing appointments, etc. I wouldn't be too concerned unless she gives you a reason to be concerned. (Stops answering phone calls, emails, etc)

can real estate agents bird-dog my lead ?

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