Hi all,
I’ve been lurking on these boards for about a week now and reading up on investing. Alot of people say to go to your local realtor to get comps for similiar properties (and then usually drive by to ensure the comps are accurate). Why would a realtor give this information out if you aren’t working with them on a deal they are representing? It sounds like they are being asked for information that has value for nothing in return.
Thanks,
Justin
Justin there are websites that give you comps for a nominal monthly fee. But if you decide to pay a monthly fee then just pay a monthly fee to your realtor and receive a whole bunch more information. Its your decision, i would first start out looking for websites they are a lot cheaper starting out. The same service for a fraction of the cost.
Hello, I myself am a Realtor/ and I invest in properties as well. To answer your question, I have to say I help alot of investors big and small, and more times than not, since it does not cost the buyer to use a realtor they are usually pleased to have the realtor handle the offer, and paperwork side of things while they concentrate on their investments. If that is not the case, I am more than happy to do comps for anyone, as I have found that they will send friends, family or any other referral my way.
I am also a Realtor. I must disagree with spending money to get comps from a website when you as the buyer would not pay the Realtor if the seller has his property listed with another Realtor. Why not get up to date comps and professional representation from a Realtor whom will work for you at no cost to you? Most Realtors would be happy to pull comps for you. As mentioned above…it brings referrals and,…the comps from the MLS are more accurate than what a generic website can provide.
Carolann
jbigelow,
not a stupid question at all. i however, disagree with the other Realtor posters. I only provide comp information on my listings, if it is the best interest of my sellers; or to buyer’s who i represent. I am in the information business, why would i not charge for this in one way or another. This forum, often takes jabs at Realtors, as unneeded entities, that is fine as long as consistent rather than use and abuse attidtudes. It is also very misleading for people to believe the buyer does not “pay” for Realtor services, in many areas, listings are around 1 or 2 % that is certainly not including any fee going to a buyer’s agent.
Wendy,
I agree with you in some points. However, I have never been paid by any buyer I’ve represented. And…yes, it is kind of misleading to say buyer never pays commission, as everything is negotiable especially if buyer seeks representation on a FSBO. But it doesnt hurt to ask a Realtor for comps. Many of us would be happy to help an investor whom may bring future business and contacts. Afterall,…it’s not that hard and doesn’t require much time to pull accurate comps. I believe in going the extra mile for a possible long term business relationship.
And yes,…I feel as tho we are seen as unneeded entities here too. Some folks just don’t know how valuable we can be for them.
Carolann
My realtor has been VERY helpful, I am just starting in REI and she has not only been totally understanding but has gone the extra mile. I havent done any deals with her yet however I have given her name to a few people who werent a good fit for one of my possible deals.
That’s exactly what I mean…Verb, if your Realtor has already gone the extra mile for you, she will do you right when your deal does come along.
Carolann
Jason,
In Texas and other non-disclosure states, access to comps can be limited, so MLS will provide good data. I signed up for eNeighborhoods, but the data was always old or non-existent.
I don’t charge for providing comps, but only do this for clients. If I do a CMA for an investor, the agreement is that it’s my deal if it sounds good. In a way, this is free up front because we won’t do the deal if the numbers don’t work. The reason my investors choose me is because I have knowledge of the market beyond MLS. I can tell them which materials to use, why a particular home sold for far more (or less) than average, etc. Our MLS also has rental listings, so we can give lease comps.
Some investors work with several agents in various markets. Most agents will know certain markets better than others. Some can even give you a quick price estimate without even looking at MLS if a property is in their area of expertise.