Question about realtors and expired listings! - Posted by Carey_PA

Real Estate Investing
#1

Posted by Paul_MA on December 17, 2000 at 05:26:26:

Hi Carey,

I’d still do my own comps while taking the realtors comps under consideration.

Explain your experience with RE and see if the reply from the realtor is positive or negative. This should give you the clues as to the open-mindedness of the real estate agent.

Remember, a realtor generally represents the seller. Maybe you should be looking for a buyers broker. In my area, they are listed in the yellow pages. They represent the buyer.

Good luck!

Paul_MA (Paul_NY)

#2

Question about realtors and expired listings! - Posted by Carey_PA

Posted by Carey_PA on December 16, 2000 at 21:50:22:

I just started working with a realtor. He “seems” to be o.k. so far. I mean as far as being open to some of my ideas. He’s been educated to a small degree by another investor and I’m willing to give it a shot by working with this guy.

Obviously, if I work with him on certain deals he’s gonna get paid and I want him to get paid!

I was wondering if you could help me find an appropriate way to get a good relationship with him as far as getting expired listings from him. I mean should I offer to pay him X amount of money if I buy, etc. or how should I do it??

Also, what if I find an FSBO and I want him to run some comps or something, should I offer him a couple bucks for this to?? If I like the guy and he works out and HE HELPS me, I don’t have any problem paying him, but I’d like some advice on how to go about doing it!

Thanks,

CAREY

#3

Re: Question about realtors and expired listings! - Posted by chuck

Posted by chuck on December 17, 2000 at 18:38:16:

The Realtor can approach the expired listing and ask them for a one party listing…If you buy the property he gets paid, if you don’t he doesn’t. This way the seller is the one paying the commision and you have the oppertunity to borrow this commision…As a realtor in MI I have done this several times

#4

Re: Question about realtors and expired listings! - Posted by dewCO

Posted by dewCO on December 17, 2000 at 18:17:49:

Yeah both answers are good. Like Carey said I’d make sure you are getting what you need, which is ALL of the sold and UC comparables. Need those presecreened to show a picture of just the upper end of the comps, or something to that effect.

I’d ask this agent just what you posted and see what he/she thinks is fair. Definitely pay them for anything off the MLS because they have to pay to use it, and then agree on another figure for any that you buy. I’d say that if they aren’t going to be assisting you to purchase (like the expireds) then a “full” commission might be a lot. For instance most real estate agents get referral fees and they go for about 20%-45% of what the agent’s company commission will be (which is usually about 3% of the purchase price). So you might want to pick a number more closely aligned with that formula on deals where the agent is just providing you leads and comps. and no actual writing of the contract and negotiation, etc.