Real Quest - Anyone using it?

Does anyone use Real Quest? I'm starting to work an area that I'm not very familiar with and I thought a service like this would help me with COMPS. Keep in mind I'm wholesaling these homes so I don't really want to go out and find a Realtor in that area and try to build a relationship for help with comps, etc. It looks like they're owned by First American Title so the data should be accurate.

Any thoughts? If so, what do you like the most about their service?

Jeff

Edited: 06/26/2010 at 08:54AM

Temi Akojie

Residential Real Estate Agent · Largo, Maryland

12 posts
88 Influence

Icon_minipost Jul 09 '09, 09:36 AM

One of my business partners does BPO's for banks and she found that some of the banks use real quest for an unofficial comp but real quest data doesn't match up with comps from a licensed agent. Some of the information's is just totally off. Remember when you pull a comp you're looking at square footage, sales in the last 3-6months, type of home, property location(can't be more than 2 mile radius from the property-why pull comps from a property 30 miles away) etc. The only way to really get that is to sit down with a competent licensed agent. Especially one that does BPO's because they work with banks to price properties.

Hope this helps.

Edited: 06/26/2010 at 08:54AM

Louis Bergman

Real Estate Investor · Weston, Florida

47 posts
407 Influence
2 Awards

Icon_minipost Jul 09 '09, 11:26 AM

I found RealQuest to be the best available tool to quickly have a good feel for the value range of a property.
We were able to come up with a lot of useful info while on the phone with the sellers. That allowed us to ask some pretty pertinent questions, like "How does your house differ from the in located on number 57 down the street from you?".

As with every tool you have to learn how to get the best mileage out of it. But if you combine it with what is available on Zillow and if you're lucky some pictures on windows live, you have a pretty good idea of values.

Temi is right of course, but it won't be easy to find a competent realtor every time who is willing to perform the services for free.

So I think you'll be just fine. :cool:

Edited: 06/26/2010 at 08:54AM

Jeff and Cheray Warner

Real Estate Investor · Grants Pass, Oregon

493 posts
3980 Influence
7 Awards

Icon_minipost Jul 11 '09, 01:19 AM

Originally posted by Temi Akojie

One of my business partners does BPO's for banks and she found that some of the banks use real quest for an unofficial comp but real quest data doesn't match up with comps from a licensed agent. Some of the information's is just totally off. Remember when you pull a comp you're looking at square footage, sales in the last 3-6months, type of home, property location(can't be more than 2 mile radius from the property-why pull comps from a property 30 miles away) etc. The only way to really get that is to sit down with a competent licensed agent. Especially one that does BPO's because they work with banks to price properties.

Hope this helps.

Do you know why the comps that Real Quest shows and the ones you pull as an agent differ?

Jeff

Edited: 06/26/2010 at 08:55AM

Jeff and Cheray Warner

Real Estate Investor · Grants Pass, Oregon

493 posts
3980 Influence
7 Awards

Icon_minipost Jul 11 '09, 01:21 AM

Originally posted by Louis Bergman

I found RealQuest to be the best available tool to quickly have a good feel for the value range of a property.
We were able to come up with a lot of useful info while on the phone with the sellers. That allowed us to ask some pretty pertinent questions, like "How does your house differ from the in located on number 57 down the street from you?".

As with every tool you have to learn how to get the best mileage out of it. But if you combine it with what is available on Zillow and if you're lucky some pictures on windows live, you have a pretty good idea of values.

Temi is right of course, but it won't be easy to find a competent realtor every time who is willing to perform the services for free.

So I think you'll be just fine. :cool:

Thanks for the info. I think I'll see if I can get them to pull comps on a property I already know the value of so I can gauge their accuracy. Seems like a pretty nice service.

Jeff

Edited: 06/26/2010 at 08:55AM

Heather Peck

· Henderson, Nevada

4 posts
45 Influence

Icon_minipost Jul 20 '09, 06:40 AM

Real Quest and Zillow are great to see what's available or sold in the area, but neither provide true comps or accurate values. They consider the 1,000 sq ft house in the next block a comp to the 2,000 sq ft house you're looking at. Just good for basic info.

Edited: 06/26/2010 at 09:02AM

Scott Hubbard

Rehabber · Tucson, Arizona

1025 posts
11652 Influence
11 Awards

Icon_minipost Jul 27 '09, 09:58 AM

Originally posted by Temi Akojie

One of my business partners does BPO's for banks and she found that some of the banks use real quest for an unofficial comp but real quest data doesn't match up with comps from a licensed agent. Some of the information's is just totally off. Remember when you pull a comp you're looking at square footage, sales in the last 3-6months, type of home, property location(can't be more than 2 mile radius from the property-why pull comps from a property 30 miles away) etc. The only way to really get that is to sit down with a competent licensed agent. Especially one that does BPO's because they work with banks to price properties.

Hope this helps.

This is simply a blanket statement which cannot be further from the truth. I include, as do many other investors, BPOs when we counter offers to lenders. My agent pulls actual comps and includes pictures and a repair estimate. When I compare the BPO I obtained and paid for with the BPO the lender ordered, there is usually a large discrepancy of more than 20%. The reason, the information used is very subjective and most agents will not take into consideration the most comparable sales, necessary repairs, and other market factors. Why? Because it takes 3 to 4 hours to complete a BPO from start to finish (NAR guidelines). At $50 to $75 per BPO an agent makes less than $25.00 per hour not including expenses. Most agents spend two hours or less on BPOs. I know this because I ask them and they are too incompetent to realize that as a REALTOR therr own association tells them it should take longer.

Hell most agents doing BPOs are doing them because they need the $60.00 to make ends meet, are trying to network with lenders to get closer to asset managers, or are too inept to get business in a contracting market.

Bottomline, if your using a real estate agent for an opinion, make sure you qualify that opinion by getting more than one. Agents can be just as inaccurate as Zillow or RealQuest in my experince. In fact ,it is called a Broker's Price Opinion with opinion being the key term to deflect any responsibility or liability. It should be called Brokers Price Guesstimate!!

Edited: 06/26/2010 at 09:08AM by Scott Hubbard

Paul Beauchemin

Real Estate Investor · East Aurora, New York

71 posts
473 Influence

Icon_minipost Jul 27 '09, 10:15 AM

I used RealQuest for about 2 years. It did help me when looking at preforeclosures to get an idea on comps. However, for my area the RealQuest data was at least 6 months behind actual comps (I knew this based on my property acquisitions)

Edited: 06/26/2010 at 09:08AM

Norm Chrostowski

Real Estate Investor · Lakeview, New York

284 posts
1761 Influence
6 Awards

Icon_minipost Jul 27 '09, 10:51 AM

Temi,

Just as info. Competent Licensed Agents want NOTHING to do with you if your not buying houses from them...period! I've even offered compensation for their services, I realize no one works for free, and I don't expect them to either. I even thought about taking the test, getting hired by a brokerage, and start pulling my own comps and telling these premadonna's to KMA. It's been frustrating to say the least.

Edited: 06/26/2010 at 09:08AM

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Tony Severino

Real Estate Coach · Highland, Indiana

153 posts
1645 Influence
7 Awards

Icon_minipost Aug 07 '09, 08:26 AM

Charles

For out of town owners I would send you to http://www.melissadata.com/lists.html

I use this quite a bit for that market.

Hope that helps!

Tony Severino

Edited: 06/26/2010 at 09:16AM

Bryan Silver

Real Estate Consultant · Magic Kingdom, Florida

136 posts
427 Influence
2 Awards

Icon_minipost Aug 08 '09, 12:14 PM

Realquest is just one of many sites used gauge property values.

According to their disclaimer, 9 out of 10 lenders use (realquest) for comp analysis (*shoulder shrug*)?

Realquest among other valuation tools (zillow, eppraisal, cyberhomes, realtor, etc) is a good point of reference, but it should never be your 'end all.'

Like one poster stated on this board, determining comps is more of a science. Requires due diligence & good understanding of real estate market.

If you can't get reliable comps from a professional (realtor, appraiser, and/or title company), scan MLS to determine what properties in a given neighborhood, community is selling for.

Edited: 06/26/2010 at 09:17AM by Bryan Silver

Jeff and Cheray Warner

Real Estate Investor · Grants Pass, Oregon

493 posts
3980 Influence
7 Awards

Icon_minipost Aug 08 '09, 12:40 PM

Thank you all for your input. I've started taking ALL sales that I can get and sorting it on my own to get my comps rather then having an agent sort it for me. I never looked at any of these sites as being a final say but it would be nice if someday they can get a better handle on it.

The Ticor Title in my area will also email me comps on request. Again I don't ask for "comps", I ask for ALL sales in a 1 mile radius in the last 90 days and then I sort through the data and find my own comps.

Jeff

Edited: 06/26/2010 at 09:17AM

Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida

949 posts
3130 Influence
6 Awards

Icon_minipost Aug 09 '09, 12:36 AM

I now use my own database to comp. I have every sale in my market from 1999 in an evcel spreadsheet

Realquest is a great tool. Every database will have an error in it. The MLS is user inputed. I find tons of errors in it. The MLS IMHO is the best tool to use after that realquest

Edited: 06/26/2010 at 09:17AM by Jeff Tumbarello

Tony Severino

Real Estate Coach · Highland, Indiana

153 posts
1645 Influence
7 Awards

Icon_minipost Aug 10 '09, 09:59 AM

Originally posted by Jeff And Cheray Warner

Again I don't ask for "comps", I ask for ALL sales in a 1 mile radius in the last 90 days and then I sort through the data and find my own comps.

Jeff

BINGO! that is the best way...!!!!

Edited: 06/26/2010 at 09:18AM