Befreinding Realtors?

Question

Hey Everyone this is Edward again, and I wanted to ask a question(s) on getting comps for a property to show the seller what they're going for in their area , so the questions are

How to get a realtor to get you comps?

How to compensate your realtor per property?

and How to work with a realtor for my wholesale deals long term?

Anything would help Thanks.

Matt M. · Answer

Zillow and the like are notorious for inaccurate info. I pull comps for friends from time to time. For my wholesalers, they usually take me out to lunch or let me list a property here and there for them.

Doug P. · Answer

@Mark  Ferguson Trying to predict the market is a bad idea anyway. You should only invest in deals where you have a blatantly obvious instant equity and/or immediate positive cash flow. Anything else isn't investing, it's speculating.

Mark Ferguson · Answer

@Doug Pretorius  that can work in some cases, but appraisers are going to look at only sold comps. If you are selling to someone who is getting a loan you have to know sold comps.  Some neighborhoods may have only two houses listed, but 20 recent solds and the listings could be pipe dreams. That could throw your value way off.  Trying to predict the market and only using active comps are two ways that investors over value properties and get in big trouble.

@Edward Suarez  I would talk to multiple agents and tell them your goals and what you need.  If you find one you like take them to lunch.   A young go getter may be willing to help for a free lunch once in a while and hopes of future business.  Make sure to mention you will tell all your buddies and investors about how much they helped you.

Doug P. · Answer

Maybe things are different in Tucson. But in my experience, comps aren't worth paying for. Get 5 realtors to do CMAs and you'll get 5 different prices ranging by at least 20%. I can come to the same 'conclusion' about price by just averaging what's for sale in the neighborhood and taking 10% off the top (for commission and closing costs.)

Besides, I'm a believer that past prices do not indicate future trends. Your subject property is competing with what IS on the market, not what WAS on the market.

Mary B. · Answer

@Edward Suarez This is why building a team is important. You should have at least 1 if not 2 agents on your team of professionals for your REI business...

However as a REI its most beneficial for you to learn how to complete an accurate Comparative Marketing Analysis whether you become a licensed agent / appraiser or not.

Kudos,

Mary

James N. · Answer

Very nice script.  I like it.  Speaking as a Realtor, I would say "yes" to the synergistic relationship if it came off as sincere.  I think I heard this script on one of BP podcast too.  It's a good script.

Edward Suarez · Answer

@Robert Leonard  that's exactly what I was looking for thanks much.

Edward Suarez · Answer

@Charlie Hampton  that's what I heard about Zillow and those other sites but i just thought that a realtor would be more accurate.  @Jacob Allen   using the county websites is something that i just started using to look up all the county tax info AZ displays lots of info I'm not to sure if its diff. in other states but thanks for the verification and @Bryan L.  and @Michael Sherwood  I have been thinking of signing up at my local training school to get access my self  but I heard the fees are crazy IDK but I'm still looking into that @Mark  Ferguson  getting together with these realtors and sizing them up would be a good thing  Thanks to Everyone .

Befreinding Realtors?

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