Advice on comps

Real Estate Agent · Aurora Colorado · Member since 2022 · 31 posts · 8 votes

Good evening!

I am currently in the processes of getting my real estate license and don't have accesses to the MLS, despite this I still want to practice doing comps on housing in my area to better understand what makes a deal great. Do y'all have any advice relating to how to have more reliable estimates and how to find sub-markets in areas? Thank y'all so much!

0 Reply

63 views

Most Popular Reply

Bryce JamisonPro Member

Rental Property Investor · Mebane, NC · Member since 2015 · 494 posts · 439 votes

I use Zillow and the Rental Property calculator on this site to do all of my LTR analysis. It takes 5 minutes, at most, per property then I have a report I can review and share. David Greene makes a video about once a quarter on the BP podcast showing how to do this and usually he gives out a discount code for BP premium.

If you need the MLS do you have a friend with access that you can do comps with?

1 Reply

See this reply in the discussion

9 Replies

Jump to latestLatest

Sort by

Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y
You can't do comps without the MLS. There are programs, but they will never be as accurate as full and complete MLS data that you can map. Here are some tips on doing comps when you do them:
1. use the same bed count, go up or down a half bath
2. start at a 1/2 mile radius from your target house (expand 1/2 mile each time to get more comps)
3. start at 3 months back (expand 3 months more each time to get more comps)
[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
Website View Page
0 Reply
Bryce JamisonPro Member
Rental Property Investor · Mebane, NC · Member since 2015 · 494 posts · 439 votes
2y
I use Zillow and the Rental Property calculator on this site to do all of my LTR analysis. It takes 5 minutes, at most, per property then I have a report I can review and share. David Greene makes a video about once a quarter on the BP podcast showing how to do this and usually he gives out a discount code for BP premium.
If you need the MLS do you have a friend with access that you can do comps with?
1 Reply
- Aaron GauthierPro Member
  Member since 2023 · 5 posts · 0 votes
  1y
  Quote from @Bryce Jamison:
  
  I use Zillow and the Rental Property calculator on this site to do all of my LTR analysis. It takes 5 minutes, at most, per property then I have a report I can review and share. David Greene makes a video about once a quarter on the BP podcast showing how to do this and usually he gives out a discount code for BP premium.
  If you need the MLS do you have a friend with access that you can do comps with?
  Bryce do you have a link to one of these podcasts?
  0 Reply
Travis Main
Lender · Orlando, FL · Member since 2023 · 220 posts · 183 votes
2y
Hey Elijah,
Utilizing MLS access for comps is the most reliable method, but if it's not available, you can still utilize the parameters Jonathan mentioned on other platforms like Zillow, Propstream, and Batchleads. When comparing comps, pay attention to additional features like private pools, garages versus carports, ADUs, or any other standout features often overlooked by newer investors.
0 Reply
Elijah Quinones
OP
Real Estate Agent · Aurora Colorado · Member since 2022 · 31 posts · 8 votes
2y
Quote from @Jonathan Greene:

You can't do comps without the MLS. There are programs, but they will never be as accurate as full and complete MLS data that you can map. Here are some tips on doing comps when you do them:
1. use the same bed count, go up or down a half bath
2. start at a 1/2 mile radius from your target house (expand 1/2 mile each time to get more comps)
3. start at 3 months back (expand 3 months more each time to get more comps)

I'll definitely use these tactics once I have access to the MLS. Luckily, that will only be in a few months!
0 Reply
Elijah Quinones
OP
Real Estate Agent · Aurora Colorado · Member since 2022 · 31 posts · 8 votes
2y
Quote from @Bryce Jamison:

I use Zillow and the Rental Property calculator on this site to do all of my LTR analysis. It takes 5 minutes, at most, per property then I have a report I can review and share. David Greene makes a video about once a quarter on the BP podcast showing how to do this and usually he gives out a discount code for BP premium.
If you need the MLS do you have a friend with access that you can do comps with?

I have seen those calculators, I definitely need to become more comfortable with them. I also have seen some of those BP lives so I'll join the next one! Some of my family has access to the MLS so I have been using theirs to practice. Its just that only one person can use a account at a time. Thank you so much!
0 Reply
Elijah Quinones
OP
Real Estate Agent · Aurora Colorado · Member since 2022 · 31 posts · 8 votes
2y
Quote from @Travis Main:

Hey Elijah,
Utilizing MLS access for comps is the most reliable method, but if it's not available, you can still utilize the parameters Jonathan mentioned on other platforms like Zillow, Propstream, and Batchleads. When comparing comps, pay attention to additional features like private pools, garages versus carports, ADUs, or any other standout features often overlooked by newer investors.

Thank you so much I'll definitely look into other applications. I'll definitely look into those features when I am comparing comps. I know as a new investor I might miss a couple of things but I hope as I do more comps I grow more comfortable and miss less features.
0 Reply
Brian Adams
Residential Real Estate Agent · Dallas, TX · Member since 2013 · 232 posts · 173 votes
2y
I wouldn't bother until you have MLS access.
Unlike other sources, you will have full access to critical information like the Agent-to-Agent remarks. You don't want to use a comp that had foundation problems only disclosed in the Private Remarks. There is a lot of critical information, and if the purpose is just "practice", then you would be practicing wrongly. IMO.
0 Reply
Emily Jones
Member since 2024 · 1 post · 0 votes
2y
You can utilize sites directly like zillow, realtor etc... or use other specialized sites like Propstream etc.. I personally use Plexerr, much cheaper than Propstream.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.