relationship with realtors for MLS access?

Question

Hey guys,  I find myself pestering many agents to run some comps for my leads. I realized i have only connected with top agents and noticed many of the top performing agents simply are too busy many times to do things like that even though they said they would do it the day before.  I'll get a delayed response or sometimes no response at to my email.

Some of the more avg run of the mill agents tend to be more responsive i have noticed.

I know some of you guys who have skin in the game have worked out systems where you have access as an assistant to an agent or the agent just simply gave your their access information,    but I wanted to see what reocmmendations some others have for the ones who do not have MLS access?

I currently try to find as much comp data usign zillow, redfin, and findcompsnow. I feel like its about 80-90% there, but that 10-20% missing data can be all of the difference.

Lynette Braun · Answer

Hi John,

I'm a realtor in San Diego specializing in Luxury & Investment. I often get e-mails or calls from individual investors or investment companies looking to purchase pocket listings or "get the best deals before anyone else".  My first requirement is to meet them in person for coffee, lunch or at my office. If they are out of area, this is a 30 minute video chat.

I want to hear about their goals, the properties they are looking for and understand their financing. If there is anywhere I can help in the planning process, I am happy to do so. But, 90% of the time when I ask for in person meeting, they don't want to take the time to do it. Yet, they want me to spend hours researching and favor them over my existing clients. When an investor or company puts time and energy into building a relationship with me and brings something to the table, values my time and shows me there can be a win-win for both of us, I am going to pour a lot more than just a 15 minute CMA into that relationship.

I can create custom off market property searches and do the leg work like a wholesaler to bring you deals that meet your needs. Before I invest that kind of time into an investor, I would want to know it's mutually beneficial. Start by building a relationship with just 2-3 agents and really share your goals and how you might be able to work together. You might find them much more motivated. Hope that help! Happy Investing!

Russell Brazil · Answer

@John Ma Those public sites typically will not have information on how much closing costs the seller is contributing to the buyer. This number can be significant at times. Within the last year I helped a buyer get a $25,000 subsidy from the seller.

Also I find that novices often think they know how to comp one property to another, but they overlook things that a professional is use to seeing. I see novice flippers get themselves into trouble with this a lot, way overestimating their ARV since they comped their flip against properties that were not like kinded.

Mark Creason · Answer

John Ma,

Most Multiple Listing Services have rules against members letting other people access the MLS.  That agent who allows you access could be risking a fine or suspension of services with their MLS.  MLS access is quite expensive too.

Mark

Kevin Rodriues · Answer

I would just run my own comps. I believe it is simple to do and shouldn't take a long time.

Matthew Vitlin · Answer

Just like Michael said, if someone came to me asking me to run comps I'd want to know what is in it for me.  To do a solid job of running comps takes a little while, and if you aren't giving me any business or at least a lunch then why should I spend 15-30 minutes running comps for you?

Michael Seeker · Answer

@John Ma - what are you giving these agents in return for running comps?  Are you buying or listing property with them?  Are you taking them out to lunch?  From what you've shared, it sounds like you want them to do something for you with nothing in return.

John Ma · Answer

Yes, i would list with them assuming I get a deal going.  OR if i end up listing with someone else, I would pay a percentage of course.

I know lawyers charge $30/email, even if its just a response saying "okay".  Is it common practice to pay per email/CMA to a realitor?

I intend to compensate, but I want to know what other ppl have done in the past in the early stages when they are requesting several comps with no actual deal yet.

Michael Seeker

Lynette Braun · Answer

Thank you @Mary B! :D :D

Mary B. · Answer

^^^^If only there were many more agents like this!^^^^

Kudos,

Mary

Kim Knox · Answer

Good question @John Ma

If an Agent gives out their login credentials to the MLS, they should lose their license.  That would give you access to security codes and gate codes, along with other confidential info. A big no-no.

Smart agents prioritize by opportunity to earn commission.  Taking time to do a $50 report or taking a lunch, when that agent could be earning a commission is a bad financial decision.  If I had some random person tell me they would compensate me for a CMA, I would turn it down.  I would definitely turn down being compensated with lunch!

If you want a (smart) Agent to invest time into your goals, you should use them as your commissioned agent.  An Agent can make you money and help you with making crucial decisions.  I work for a few strong investors, who involve me in transactions even if I didn't procure the sales, and they do this without my insistence. As a result, they find me eager to help with them as many CMA's as they need.  I would skip Thanksgiving dinner to help them.  =)

Here is a suggestion, once you find a good Agent.  You can help your Agent earn commission.  It sounds like you are locating the deals yourself.  If you don't find the deal workable for you (for whatever reason) , tell them you will have your Agent call them to arrange a meeting, saying something like "you need a good Agent, and she will help you figure out what to do."  You can also refer your friends and family.  If an Agent is helping your business, you should probably commit your business to them.

Busy Agents will extend their workdays to help valuable Clients, trust me.  You just have to find the right Agent, interview several and create a mutually beneficial relationship.

relationship with realtors for MLS access?

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