??? Using a realtor for wholesaling and payments???

Question

Ive tried to find information on this topic and only found partial answers. So I'd like to start a new thread combining all the uses of a real estate agent and how to structure deals using their contacts and expertise.

1. How do you pay a realtor, (flat rate, percentage, commission)?
2. How would I pay them If they bring in the Buyer or Seller?
3. What type of deals can an agent help with (Probates, Wholesale, Divorced, etc)?
4. Can I outsource a property to an agent to get the deal done & how does it work?
5. If a seller had a property listed on MLS then pulled it but still has a month left on the agents listing contract, could I still close a deal without the agent being involved?
If you guys could help break this down or help me gather this info for everyone on Bigger pockets that would be stellar.

Thanks Brandon

Andrew Massaro · Answer

1. He can do whatever it is you need him for. I'd say deals, buyers and MLS access. 2. Get their login and password. Use it to pull comps. It's the best source, IMO. 3. I think so, but I'm not 100% sure. Ask your realtor... or google it. 4. Just cut him in on your deals for helping you out.

Brandon Paisley · Answer

Sounds good thanks again!

Andrew Massaro · Answer

I'm sure it's against their policy to share logins. So you wouldn't want to broadcast that you're borrowing it. And most realtors won't do it. But, if you're friends, he may. I piggy back off a fellow wholesaler's login and pw. In addition, you want to provide some value in exchange. He does some things for you, and you cut him in on your deals, or whatever. Make it a win-win.

Brandon Paisley · Answer

Thanks Maestro, Is there anything you would suggest to getting MLS access from your agent without them telling you to go pound dirt. Most people have said its illegal or against their policy to give out their login ID. Either way I'm gonna have to ask my buddy if he can set me up with his login ID, I just don't want him feeling like I want his access that he has spent his time and money getting the license.

Brandon Paisley · Answer

Thank you so much for responding guys you have cleared up a lot that was on my mind. 1. If I brought in an Agent to the team (my friend who does part time RE) should he specialize in REO's or foreclosures? 2.How do I get access to MLS from a realtor- Ive read about this but no one is specific in what am I really getting from them...Are they sending me emails with my criteria or are they giving me their login ID to search for listings? its all to vague 3. Is there a way that I can get access without getting a license? ( NOT using Zillow, Realtor.com, and Realtytrac) $. What would be the value on this access $100-1000 a month? I have no idea.

Andrew Massaro · Answer

I always push my students to seek out and work with realtors. The most important thing, up front, is to let them know you aren't there to compete with them, but to work together toward the goal of selling property. I just think it's smart business to network with, and work with, anyone out there that can help you accomplish your desires. The realtors I've worked with have always received a % of the deal... 10%. Regardless of whether they bring me a seller or buyer, it's basically a finders fee. If they can get their typical realtor fee of 6% from the seller, then all the better for them. There can be exceptions. If a realtor brings me a slam dunk, and wants to split it, I'll do that. I mean, half is better than none, and I wouldn't have even had the deal on my own, anyway. Realtors are a wealth of knowledge and information. I recommend using them... at least the ones that are willing. A smart realtor will embrace and engage investors. The dumb ones view us as parasites. Realtors can give you access to MLS. They can be a great source of cash buyers. They can supply you with, and submit, REO offers. Plus tons more.

Jon Holdman · Answer

1. Realtors are paid a commission when a deal they're involved with closes. 2. Their commission comes out of the sellers proceeds. If they bring you a seller, they get paid by the seller. If they bring you a buyer, you pay them. In that case, what you pay would be covered by the listing agreement you have with whatever agent you are using. 3. I don't think Realtors really fit into wholesaling. As a wholesaler, you have to get out there and beat the bushes to find sellers and buyers and hook them up. Realtors might be helpful to find comp. You might pay them a fee for doing that. 4. Sure. Don't see what value you would be adding in that case, though. But most RE transactions involve agents. So, for buying, you could use an agent to help you find something to buy. For selling, you could list with an agent. 5. Not really. You would need to get the agent to agree to drop their listing agreement. Possible, but unlikely.