Paying agents for comp data?

Question

My friend is an agent and I have offered  to pay for them to pull comps. Has anyone done similar? If so, what do you think is a fair rate per pull.

Thanks!

-D

Aaron Moayed · Answer

If you’re legitimately considering using them, do not pay a dime. Otherwise, depends on what the agent’s time is worth to them and how veteran they are. I’m a commercial agent, so if you wanted me to strictly pull comps on such properties, as an example, with zero potential for business... I’d say $100 to pull 10 comps... if you wanted full analysis probably $250. If you literally just want a few comps and it’s a friend, it should be free (unless you’re doing it more than once lol). This depends on a lot, though.... I’d say $50-250 without knowing the details.

Account Closed · Answer

This made me laugh out loud!!

Could be a lucrative side hustle, David. LOL!

Aaron Moayed · Answer

@Dorian Young

Be upfront of it not leading to business and make an offer you feel is fair and see what their thoughts are. For example, “Sean, I need some comps pulled—just strictly comps. Would you be okay if I used you to gather relevant comps for properties every once in a while. I was thinking $80 for a list of 3-8 comps. Is this something you’re open to, and if so, do you feel the price is fair? Please share your thoughts.”

Tucker Cummings · Answer

@Dorian Young look into subscribing to PropStream. It has all the MLS data you could ever need and more. It’s $99/month but is definitely worth it. Saves incredible time pulling comps. You can also find owner information (name, email, phone loan origination, etc.) Create marketing lists and more. I love it, it’s a staple in my daily activities.

Tom Harkins · Answer

Account Closed Thanks for posting this. I am planning to request a comp analysis from an agent in my market (and offer payment) to supplement a refinance appraisal.

David K. · Answer

I can make money pulling comps for people? OMGNo idea what to charge.

Natalie Schanne · Answer

@Dorian Young - pulling comps is probably a 15 minute process for any real estate agent using most MLS systems. I can download or email you photos and details of every sold property within x miles of your target address on any matrix mls very quickly. Some other mls systems are clunkier. Probably $20 or a case of xyz beverage would suffice.

Analysis for a honed in as-is suggested listing value or ARV takes more time. Usually agents charge $50-100 for a BPO broker price opinion or analysis. Interior access with an in person tour is more.

If you’re part of a REIA, you can probably get a newer or part time agent to do this for you as practice / co-mentoring since they’re not super busy with clients yet.

Note: it’s illegal for agents, in every state I know of, to get paid by you directly vs the payment going through their broker to them. When I got paid for some BPOs I did, I sent it through my broker and my broker took 15%.

Many agents will, if you promise to use them in the future to list your rental or buy a property, do it for free at least a couple times.

Aaron Moayed · Answer

@Dorian Young

You’re going to hear different answers to that. I think 4-6 is a good number personally. More importantly is how relevant they are. They more relevant they are, the fewer you’ll need.

Account Closed · Answer

@Natalie SchanneI appreciate your thorough response, Natalie. Thank you!I'm actually originally from New Jersey, about an hour north in Maplewood

Looking to gather general data regarding comps in specific areas; once I target in on a specific property I would have no issue lying more for a BPO.

Thanks again!

-D

Paying agents for comp data?

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