I understand the part about networking with an RE agent to get comps. But what if I’m working on a wholesale deal that doesn’t involve a real estate agent at all? Should I compensate or help them in some way so that they’ll pull comps for me on deals that they have no stake in? And what are the ways to do that? Thanks.
I would just ask them. I would also ask them if they are intreasted in giving me comps in the future for compensation.
With time, you get to network and become friends with some agents who will give you their login. Till then, it really depends… I’ve talked to some new agents who were willing to share their login with me and I offered to pay their mls fees in return. New agents make no money, so anything would help. (Sharing login is a big no no, so keep it hush hush).
Other agents I offered them the chance to list my houses when I come to sell. My standard offer was, any house I buy through you, I will sell through you. Agents were happy to do that, but I quickly moved away from looking at the MLS for deals.
I then just got my license to save me the headache and to start the 2 years mandated probation to become a broker. 6 more months, and I will become a real estate broker, and then i will qualify to apply to become mortgage broker without being a loan officer for X years.
I guess, the moral of the story is get your own license if you can. Many will debate this point, in the end it is up to you. Till then, structure a deal with some new agents and become friends with some. They will be in your local real estate club meetings.
I hear the same about using the MLS to find deals. I see so many delas on there I dont see why you wouldnt want to use it. Here in CA, some propertes are selling for .60-.70 on the dollar. I just finished reading Steve Cooks course and he mentions that its a great tool to use
I think for ethic reasons realtors are not suppose to take payments for pulling comps for people.
True about the ethics but always grease their palms or take them out to lunch every now and then or something. Keep them happy until you get the access codes
You may want to try using Zillow for property comps. http://zillow.com It’s great, will provide you with several comps in seconds.
Zillow is just for a general idea of values as it is not always 100% updated
I asked the agent what was her & husband’s favorite restaurant. When I wholesaled the deal, I bought them a $50 gift card to the restaurant. They gladly accepted it!
Have you checked to see if your county tax records are online? If so, that’s one great (and free) way to research property values.
Steph :cool
Have you checked to see if your county tax records are online?
Most can be accessed via http://publicrecords.netronline.com/
I wholesale deals in Philly. Accurate comps are vital in urban areas as values can change from block to block. I’ve used zillow and trulia as sources for comparable sales when I first got started.What I found is that they are extremely inaccurate. Be very careful. I have since worked with several realtors to access the mls.
This is what worked for me:
- First, generate a lot of your own leads.
- When you talk to a realtor, let them know that you get a lot of people contacting you that want to sell their properties.
- Offer them a trade . . .you get their mls access, and they get the leads that do not meet your criteria (ie the seller wants too much, you don’t like the neighborhood, etc.)
- You get access to accurate comps and they get a ton of leads for new listings.
It’s definately an equal trade.
I have been able to access the MLS for both PA and FL for free with no problem just by doing a Google search. Some agents provide free searches on their websites without having to sign up for anything. :smile