Comparable Sale System
I currently use a Realtor to scope out comparable sales on co-ops/condos and houses so that I know how much I can offer and still make a decent profit. I give every piece of information I know about a property (address, mostly) to my Realtor, just so she can use her little Realtor system, put a property address in, and get a history of everything sold/still on the market in that area or in that building. In exchange, I told her I would pay her 6% commission when she lists and sells the property. So, my point is: I can pay $500 for an MLS when I'm ready to sell. What I don't have, is her little system that spits out comp sales. Is it possible to get it? Where? I'll pay for it, I just really need it so that I don't have to use the Realtor to do 0.001% of work and get 6% commission.
So you told her you would give her the listing on the sale in exchange for her helping you with the research on the buy. Now you want to renig on the deal. Shame on you.
You need to make good on your deal with the realtor then if you don't want to deals like that anymore you need to tell her. She needs to make a living as well. Pay her 1 - 3 % to do that work or say fro every property she helps with you will give her $500 - $1000. She spent money to get the knowledge of how to "spit out comp sales" and use her "little Realtor system"
Why would you tell her you would pay 6% anyway? My gosh that is what people that you are targeting pay, and some pay 1 - 2%.
Dataquick
Win2Data
and others, the property appraiser office online database for your county.
Good luck and be kind.
No real estate agent is going to work for you for free. Getting comps is very important, and real estate agents are the most reliable source for comps.
If you go back on your word, she will not continue to pull comps for you, and she will most likely spread the word to other agents in your area that you cannot be trusted. Word does get around.
I recommend being a person of your word. If you don't like the deal you made with her, discuss it with her, pay the 6% this time around, and work out another arrangement with her for future deals, or go online and pay a subscription for a site that offers comps.
Candace
jenland:
Unless you're a licensed RE professional (agent, broker, appraiser, etc.) you can't buy your way onto the MLS (which is her "little Realtor system" you mention).
I guess I agree with everyone else with this addition: you get what you pay for. The comp sites I've used on the internet are OK for a general picture of pricing in the area, but the MLS is the one appraisers and RE agents use and is much more accurate. If you feel you'd be paying too much for this service, then renegotiate with your agent friend, rather than trying to go around her.
Another small warning: if you do as someone suggested and just pay her for MLS comps, you could be putting her and yourself in violation of the state's licensure regulations: I don't think it's legal for her to sell that information. Of course, there are ways to pay and there are ways to pay; just be careful about this issue.
Andy
Thanks for your replies. You misunderstood. Of course I'll give the Realtor what I promised for the work she did. GOING FORWARD I want to do it ALL MYSELF. I'll gladly generously share profits with whoever helps me out (realtor, general contractors, etc.).
Jenland,
I am new to this business, but I love every bit of it. I am getting signed up with a web-based site called www.SiteXData.com
Check it out, see if it covers your area and needs.
Hope this helps,
Debi
Thank you, Debi! I just signed up - can't wait until the request is processed (72 hours is a long time...)