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How do YOU do comps? - http://www.dealmakerscafe.com Forums

Original message

Doug Pretorius

24.112.158.243

"How do YOU do comps?" , Fri 4 Aug 11:34

I'm looking at the various ways to get home sales information. The most obvious is of course the MLS, but becoming an agent is out of the question (in Ontario it takes 6 months, costs about $4500 plus $3000/yr after that.) And if that wasn't enough, if an agent starts to buy properties for themselves, the RE Commission starts asking questions.

Ok, next obvious choice, get an agent to look them up for you. Well, I have a couple of agents willing to for now, but how many and for how long are they going to do that? Not to mention they aren't always available when I need info.

The tax office has the info.

And there is a company, I think it's Tela or something like that, which tracks every sale in Canada.

But both of these last 2 sources only record price for each address. So what am I going to do to find out more about each property? Knock on doors pretending I'm conducting a survey of recent sales?

So I'm curious what the rest of you do.

Doug

Replies:

dealmaker
Moderator

32.102.65.17

"Compensation for RE Agents." , Fri 4 Aug 14:05

Here are a few ways to get comps:

I get them for free. I just call my realtors and they will give them to me over the phone or I'll go by their office and look Comps up myself in the MLS Sold book.

For new investors, ask a realtor to look them up for you and you can compensate them a few ways:

1) pay them $20
2) offer to exchange your leads (houses you don't buy) on to them. You'll get calls that you don't want or can't help. I offer them to my realtors. I give them the number and name and they call.
3) Make your offer on listed properties through them.
4) Offer L/O on all their "soon-to-be" expired listings.

Within a year of doing this you'll know your market.

Dealmaker

Doug Pretorius

24.112.158.243

"Re(1):Compensation for RE Agents." , Fri 4 Aug 14:49

Thanks Matt, those are great ideas, I already have a lead on a house I don't want to buy that I could pass along. And I was already planning on offering to pay a referral fee on any properties they get calls on but don't want to list (e.g. ones with no equity and an owner behind on payments = no where to get their commission from.)

Doug