What is the going rate. I would want pics and information on the comps.
I have talked to this lady and this is our conversation:
Me to her:
"Could you provide comps for a fee? "
Her to me:
“Steve, As a professional realtor dealing with investors my major problem as I told you before is protecting my commission. No offense but investors, buyers and sellers want to by-pass me. Here is my offer to you or anyone else you may bring my way. I will provide free comps to investor buyers if they buy the first property with me. The buyer does not pay the commission the seller does. In order to protect myself and my commission, I feel as though I am being compensated for my time and effort if they buy the first property with me. After the first transaction I will charge $100 for the comps. The same for sellers, they list the first home at 6% for 6months with 90 day grace period, then I charge $100 for the comps. The investors I handle work strictly through me and there is no doubt in my mind they need me. I work honestl y and quickly and have a lot of knowledge of the market. I got into this business to make money off that knowledge and I don’t like working for nothing. You don’t go to a doctor and say can you give me an opinion if I have a cold and walk out without paying him for his diagnosis, thats the way I look at it. I’m a professional and deserve to get paid for my advice.So if you agree to my conditions I’ll be glad to help you or anyone else with comps. The buyers sign a contract on the first transaction to protect myself against working with the seller or another agent. As a young man you will learn that anyone can give their word, but in the business world you have to get everything in writing. I’ve been burnt to many times to take people at their word. Hope I haven’t offended you and that I can help you in the future, talk to you soon”
Me to her:
"I understand where you are coming from. Look at it from my perspective. Say a guy calls my with a house that he is about to lose his house in foreclosure. He wants 85k for it. I can tell that it is atleast a 150k house from the comps I get online. I, as a wholesaler get it under contract, inspected, rehab estimate, and water ever else would make it easier for my buyer to see the value of the deal. Although I can see what the neighboring houses sold for online, it would be more professional if I paid a realtor for the comps. There is no need for a realtor in this situation. I have a contract with an escape clause that I have used so I am covered. I am not asking you for free service, I offered to pay you for the comps.
The comparison about the doctor is off because I am offering to pay you for the services I need.
Let’s say I go the doctor for a runny nose and get a check up (run comps) and then pay him but then he thinks I am using him because he wants to give me x-rays and things I know I don’t need (being a buyers or sellers agent).
For example I have 6 properties that I already have comps on. I have no need for a realtor and the investor selling them does not want to deal with one. But a realtor did make money on this deal by pulling comps on 6 properties. That realtor was not involved in the deal at all and still made money just by pulling comps.
Whether you want to do that or not is fine. Other realtors do it, I just wanted to build a net work of trustworthy people.
Like I said, I have these six properties in Salem. The owner will not deal with a realtor but if you have an investor paying you to find them deals and be an agent that we can work something out. There is alot of equity in this deal and the owner wants a small amount of cash and the buyer to assume the mortgages.
I can throw you these and other pre-forclosures for a fee to be discussed if you are interested. Let me know and I will send you the addresses and numbers.