Realtor for Comps?

5 Replies

Good Afternoon BP!

I was just wondering does anyone use a realtor to get accurate comps for your wholesale deals or any other investor deals you might have going on?

If so… How do you compensate them? Do you pay them on a deal you make or do you pay them per search? Or any other way you pay them?

Thanks in Advance. Have a Great day!

I encourage my students/apprenticea to develop a relationship to a realtor and get access to the MLS as his/her assistant, that way they can run thier own comps. Offer to pay thier annual MLS fee or list your deals with them, make it a win win.

@Josselyne Lugo I as an agent do comps for a couple of wholesalers.  I will give them a BPO (Broker Price Opinion). This is a littler report that gives an accurate value of the property and it's arv.  I typically charge them about $50 for an External BPO (Where I only look at the outside of the house) or $100 for an Internal BPO (Where I go through the whole house).  

I get contacted though at least weekly by new wholesalers who want me to comp properties for them for free, which just does not make sense for me to spend my time that way.  I have no problem doing comps for people I have a relationship with, or current or former clients...but a wholesaler is running a business that does not involve agents, so I just can not figure out why I would work for free for them. Yet weekly new ones contact me.

Originally posted by @Russell Brazil :

@Josselyne Lugo I as an agent do comps for a couple of wholesalers.  I will give them a BPO (Broker Price Opinion). This is a littler report that gives an accurate value of the property and it's arv.  I typically charge them about $50 for an External BPO (Where I only look at the outside of the house) or $100 for an Internal BPO (Where I go through the whole house).  

I get contacted though at least weekly by new wholesalers who want me to comp properties for them for free, which just does not make sense for me to spend my time that way.  I have no problem doing comps for people I have a relationship with, or current or former clients...but a wholesaler is running a business that does not involve agents, so I just can not figure out why I would work for free for them. Yet weekly new ones contact me.

 Thanks for your input Russel. This is very reasonable of you. I just don't understand how you get asked for free comps that is unreasonable in my opinion. 

Originally posted by @Michele Jackson :

I encourage my students/apprenticea to develop a relationship to a realtor and get access to the MLS as his/her assistant, that way they can run thier own comps. Offer to pay thier annual MLS fee or list your deals with them, make it a win win.

Thanks Michele. You can actually list wholesale deals on the MLS? I did not know this.

If you need a realtor for anything, I am here to help.  No cost assistance.

Hit me up.  I am only servicing Illinois.  I can also assist with wholesale deals.  From $200k to $10 million.