Finding Comps - FAQ

Finding Comps - FAQ

Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes

The question "How do I find comps?" comes up on the forums frequently, and has been answered a number of times, as the links below will show. There is no special order to these, so read one and all to discover the varied methods being used. Feel free to direct your specific questions onto one of those threads if some method being given in such thread doesn't seem sufficiently clear. Enjoy!

http://www.biggerpockets.com/forums/48/topics/9211-what-online-comparable-sales-resources-do-you-like-

http://www.biggerpockets.com/forums/12/topics/64366-best-website-for-home-comparables-

http://www.biggerpockets.com/forums/12/topics/28821-pulling-comps

http://www.biggerpockets.com/house-value-comps.html

http://www.biggerpockets.com/forums/48/topics/3080-finding-comps-for-a-area

http://www.biggerpockets.com/files/user/JasonScott/file/estimating-arv

http://www.biggerpockets.com/forums/93/topics/70098-accurate-comps-without-mls-access

http://www.biggerpockets.com/forums/311/topics/68618-comps-without-the-mls

http://www.biggerpockets.com/forums/48/topics/13226-comps-website

http://www.biggerpockets.com/forums/67/topics/72346-where-do-you-run-your-comps

http://www.biggerpockets.com/forums/69/topics/60001-compiling-arv-data

http://www.biggerpockets.com/forums/93/topics/73180-explaining-to-new-investors-why-comps-from-trulia-and-zillow-are-not-reliable

http://www.biggerpockets.com/forums/93/topics/67608-does-anyone-happen-to-know-of-a-website-that-will-allow-me-to-pull-my-own-comps

http://www.biggerpockets.com/forums/93/topics/76206-checking-comps

http://www.biggerpockets.com/forums/93/topics/15122-good-website-for-comps

http://www.biggerpockets.com/forums/12/topics/39786-sales-comps

http://www.biggerpockets.com/forums/12/topics/22356-what-website-do-you-use-for-comps-and-arv-

http://www.biggerpockets.com/forums/48/topics/628-getting-comps-on-real-estate

http://www.biggerpockets.com/forums/12/topics/19242-comps-and-previous-purchase-prices

http://www.biggerpockets.com/forums/48/topics/9818-methods-of-looking-up-comps

http://www.biggerpockets.com/forums/12/topics/14794-what-do-you-use-for-online-comp-research-

http://www.biggerpockets.com/forums/92/topics/68542-investway----anyone-used-using-this-service-for-comps

http://www.biggerpockets.com/renewsblog/2010/03/17/calculating-fixed-costs-flip-rehab-wholesale-real-estate-deal/

http://www.biggerpockets.com/forums/93/topics/75142-trying-to-find-a-certain-topic-pertaining-to-pulling-comps

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Real Estate Investor · Webster, TX · Member since 2013 · 33 posts · 22 votes
12y
See this reply in the discussion

21 Replies

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  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    13y
  • Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
    13y

    Thanks!

  • Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
    13y

    Thx just what I needed today

  • Investor · Hendersonville, NC · Member since 2013 · 754 posts · 281 votes
    13y

    Wow big thanks for finding those Steve.

  • Rockville, MD · Member since 2013 · 36 posts · 4 votes
    13y

    Thanks! Ive got some reading

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    13y

    I posted how you can use realtor.com to find comps in this next link:

    http://www.biggerpockets.com/forums/88/topics/88331-online-arv-calculators

  • Real Estate Investor · Webster, TX · Member since 2013 · 33 posts · 22 votes
    12y
  • Investor · Deerfield Beach Florida and Tupper Lake, N.Y. · Member since 2013 · 307 posts · 118 votes
    12y

    Thanks Steve

  • Involved In Real Estate · Oakland, CA · Member since 2008 · 141 posts · 25 votes
    12y

    I believe there is no substitute for working with a Realtor who can pull accurate, real Comps off the MLS, then weed through them for those that I call 'true' COMPS--sales that are recent (within 6 months), nearby (within .5 mi. & inside an expertly drawn neighborhood polygon), size appropriate (+/- 10% sf and similar lot size), age appropriate (similar construction date), and condition appropriate (they've been remodeled/rehabbed). Furthermore, only a Realtor who is active and 'up' on current market trends can properly factor in Pending COMPS, contact Listing Agents for information about the current contract and apply some information-based predictive pricing strategies to the ultimate estimate of ARV.

    It's not just simply a matter of looking on Redfin or Zillow or Realtor.com for their magic number. That is a sure fire way to get yourself in trouble.

  • Springfield Gardens, NY · Member since 2014 · 28 posts · 3 votes
    11y

    DEFINITELY SOME GREAT INFORMATION THANKS

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    11y

    Here is a thread for those interested in Canada:

    http://www.biggerpockets.com/forums/90/topics/9954...

  • Pelham, NC · Member since 2015 · 160 posts · 54 votes
    11y

    Just now seeing all this information. Thanks, Steve!

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    11y

    Adjustments to be made with appraisal comps:

    http://www.nationalmortgagenews.com/gallery/10-com...

    Of course, it does not say how to make the adjudtment, but at least it itemizes property differences to be considered. 

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    10y
    Originally posted by @Steve Babiak:

    Adjustments to be made with appraisal comps:

    http://www.nationalmortgagenews.com/gallery/10-com....

    Of course, it does not say how to make the adjudtment, but at least it itemizes property differences to be considered. 

    Link above is broken; here is correct link:

    http://www.nationalmortgagenews.com/gallery/10-com...

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    I get letters from Realtors all the time soliciting to sell my 6-units and they provide their vision of 'comps' and a) I giggle and b) they've shown they can't analyze MFU 5+ properties.  

    They supply comps using SFR criteria and that's not how MFUs are evaluated.

    MFU 5+ comps show GSI, (NOI sometimes), cost per unit, Cash on Cash and Cap rate.

    Little secret for your research efforts: ASK for everything, but GIVE nothing and then listen / read the data.   If your looking for MFUs, ask for some MFU comps and see what you receive - - you'll know immediately if this agent qualifies :grin:

    Knowledge is power.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    10y
    Originally posted by @Steve Babiak:

    Adjustments to be made with appraisal comps:

    http://www.nationalmortgagenews.com/gallery/10-com...

    Of course, it does not say how to make the adjustment, but at least it itemizes property differences to be considered. 

    Link from above post is broken. 

    Fixing broken link here:

    http://www.nationalmortgagenews.com/gallery/10-com...

  • Flipper · Phoenix, AZ · Member since 2008 · 26 posts · 5 votes
    10y

    Hey guys,

    My company used to struggle with analysis quite a bit. So much so it forced me to create our own in-house solution. Now our company utilizes proprietary software that allows us to analyze comparable sales data we get offline or from title/MLS in seconds. To respect the TOS of the forum you can PM me if you want to know about it.

    Basically I noticed I go through the same "daunting" process on each deal (even the ones I don't buy) and I got so burnt on that quickly. So I sat down, wrote an algorithm and software with an engineer and now the tool runs so smoothly we have a VA overseas do the reports on every deal in-house.

    This is helpful for our acquisitions team because the homeowners are always appreciative that we did our "homework" before we called them.

    Now we don't chance down Realtors and call our sellers back 3 days later. We literally can make an offer live on the call if comps come in offline or within an hour when our Realtor uploads comps into the system.

    Good bye analysis paralysis!

    Again I'm not all about promotion on BP forums so If you want to know more just PM me.

    Randy

  • Real Estate Investor · Tennessee · Member since 2016 · 46 posts · 3 votes
    9y

    Thanks @Steve Babiak for the consolidation. I have read most of the forums you linked to, but still cannot find a way of viewing properties that were For Rent 30, 60, etc days ago.

    If there are only 3 comparable properties currently for rent near a property I'm offering on, how do I see the rental comps that existed in recent days, before being rented out (and therefore, no longer marketed)?

    Thanks,

    Cameron

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    9y

    @Cameron Andrews

    I am not aware of any site that gives historic rent comps. And I don't have any need for that. When I am looking to fill a rental, I look at current market rents; I don't care what it was 3 months ago, because the price today is what it is, and that is what tenants looking today will be seeing. And at least rents aren't as volatile as gasoline prices ...

  • Real Estate Investor · Tennessee · Member since 2016 · 46 posts · 3 votes
    9y

    Thanks, Steve. Was wondering if I had missed a valuable online resource in my search for comps

    Greatly appreciated

    Cameron

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