Posted by Jason-DTX on March 09, 1999 at 24:40:41:
“Comps” are a list of similar properties that have actually SOLD. I think what you want is “a list of expired listings.” I’ve had realtors pull them for free, however if you can’t get it done for free, then you might offer them something for pulling the list, more like around a $100. It takes less than 10 minutes to pull a list and fax it to you. Almost any Realtor should be happy to do it for around a $100. You can offer to pay them more just for deals you do, but its works better if you pay them when they pull the list instead of them waiting for you to complete the deal. It would be a good idea to pay them a bonus on deals you do and that way they will be happy to pull any computer work (suchs as comps or active listings)for you also.
Jason Windholz
Hope somebody can help me with this. I am getting ready to do my first L/O. How can I get a Realtor to give me comp’s on let’s say, expired listings, since I can’t include them in the deal? Would a realtor be willing to accept $500-$1,000 for each L/O I do from their listing? I know this is probably a dumb question, but it is bothering me a great deal. Any help you could give would be appreciated.
As a realtor, I would pull expired listings all day long for $1,000 a pop! That’s a bit of overkill, as mentioned below. You could find a realtor to do it for free, but not on a continuing basis - after all, their time is valuable too. About $100 sounds about right to get a list. As also mentioned, it’s probably better to pay the small fee up front for a list, at least until you do a deal, then pay them a bit for their troubles once you find a deal - then they’ll probably do it for free from then on. I would. Also FYI, I think realtors who do rentals usually get paid from $200 to 1 month’s rent when the units rent out. That may be a good basis.
My only qualm as a realtor is that there may be some legal reason not to do this. This information is not considered public record; and as a realtor, you do have a fiduciary responsibility to the lister. I am checking with my Board of Realtors lawyers, and will post an update. The realtors you contact may not worry about this technicality.
Also, many times, these people re-list almost immediately. Therefore, if you do find someone to get you these lists, try to get them frequently, and call right away. In my area, the phone numbers are not listed for each owner; that will be up to you to locate (I can do it, through tax rolls, but certainly would not spend my time on it for someone else).