Paying agents for comp data?

Question

My friend is an agent and I have offered  to pay for them to pull comps. Has anyone done similar? If so, what do you think is a fair rate per pull.

Thanks!

-D

Aaron Moayed · Answer

If you’re legitimately considering using them, do not pay a dime. Otherwise, depends on what the agent’s time is worth to them and how veteran they are. I’m a commercial agent, so if you wanted me to strictly pull comps on such properties, as an example, with zero potential for business... I’d say $100 to pull 10 comps... if you wanted full analysis probably $250. If you literally just want a few comps and it’s a friend, it should be free (unless you’re doing it more than once lol). This depends on a lot, though.... I’d say $50-250 without knowing the details.

Aaron Moayed · Answer

@Dorian Young

Be upfront of it not leading to business and make an offer you feel is fair and see what their thoughts are. For example, “Sean, I need some comps pulled—just strictly comps. Would you be okay if I used you to gather relevant comps for properties every once in a while. I was thinking $80 for a list of 3-8 comps. Is this something you’re open to, and if so, do you feel the price is fair? Please share your thoughts.”

Tucker Cummings · Answer

@Dorian Young look into subscribing to PropStream. It has all the MLS data you could ever need and more. It’s $99/month but is definitely worth it. Saves incredible time pulling comps. You can also find owner information (name, email, phone loan origination, etc.) Create marketing lists and more. I love it, it’s a staple in my daily activities.

Dorian Young · Answer

This made me laugh out loud!!

Could be a lucrative side hustle, David. LOL!

David K. · Answer

I can make money pulling comps for people? OMGNo idea what to charge.

Natalie Schanne · Answer

@Dorian Young - pulling comps is probably a 15 minute process for any real estate agent using most MLS systems. I can download or email you photos and details of every sold property within x miles of your target address on any matrix mls very quickly. Some other mls systems are clunkier. Probably $20 or a case of xyz beverage would suffice.

Analysis for a honed in as-is suggested listing value or ARV takes more time. Usually agents charge $50-100 for a BPO broker price opinion or analysis. Interior access with an in person tour is more.

If you’re part of a REIA, you can probably get a newer or part time agent to do this for you as practice / co-mentoring since they’re not super busy with clients yet.

Note: it’s illegal for agents, in every state I know of, to get paid by you directly vs the payment going through their broker to them. When I got paid for some BPOs I did, I sent it through my broker and my broker took 15%.

Many agents will, if you promise to use them in the future to list your rental or buy a property, do it for free at least a couple times.

Aaron Moayed · Answer

@Dorian Young

You’re going to hear different answers to that. I think 4-6 is a good number personally. More importantly is how relevant they are. They more relevant they are, the fewer you’ll need.

Tom Harkins · Answer

@Dorian Young Thanks for posting this. I am planning to request a comp analysis from an agent in my market (and offer payment) to supplement a refinance appraisal.

Brian Allen · Answer

I pull comps all the time - you have to run the #"s if you want to make an offer on something to prevent Buyer's from overpaying... but in today's market... LOLOL  ... overpaying is an everyday ordeal in order to just secure a property.  I think paying someone 50-100 bucks is great, but they have to make sure the comps are pointed, not just "here is what sold in __ in the past 6 months".  I try to choose finished square footage, +/- 300 square ft, or +/- 1 bedroom/.5 bath, etc. I always use finished square footage vs lot size to get a true comp, then you have your features & amenities (basement, garage, coy pond, etc) LOL  in all honesty, pulling comps is just part of being an Agent, and one shouldn't charge for it, but that's just me.

Paying agents for comp data?

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