Running Comps

9 Replies

How would you guys recommend obtaining accurate comps for a state like Kansas or Missouri if you don't have a realtor and redfin is not available?

Can you get sales records from the local property appraiser? We can download them to excel and sort by zip code or any way we want. They even have a code to determine if the sale was "arms length. If you can't get them then your best bet is probably a realtor if you can find a good one to work with you. 

Best bet is to hook up with a local realtor. Start a business relationship tell the realtor you will use him when you need them and use them when you need them. 

Peter MacKercher, Real Estate Agent in MO (#2010004223)
(314) 210-4414

Agree with running comps through a realtor. Another option is to get your real estate license so you have access to the MLS. You can also use a combination of zillow.com, realtor.com, and homesnap.com to get a rough idea of the comps and value of the property.

Working with a licensed agent is a good idea. I wouldn't put much weight on using Trulia or Zillow. 

Redfin recently conducted a study of the reliability of Trulia and Zillow. Their report stated that these two sites are missing around 20% of the active listings and that it takes 7 to 9 days before a new listing is uploaded. Additionally, 36.5% of their active listings are no longer for sale.

What does this actually mean? In active markets, not seeing a listing for 9 days could very well mean that great deal is already gone. What you are looking at are the mid-to-high priced homes that have no wholesale potential. On top of that, 35% of your time is wasted because you are researching listings that no longer exist. And if that wasn

@David Battle  

 A realtor will assist in running comps if you plan on purchasing traditionally and especially if you build a relationship to then place your properties on the market to sell for top dollar.

A realtor is your real estate expert, we knowledge about the markets.

Some of these sites used are still not pulling accurate data so the best place to receive the information is the realtor..

Agree with above on using a realtor at least initially they are going to be the experts in your area. After several years one of our partners got their license, but that was not till we understood what we were doing a little better. Getting the numbers wrong on a deal will cost more then a realtor fee. I would suggest finding an agent that is also an investor. If you are looking on the east side of MO pm me and I can give you some recommendations. 

Subscribe to www.datatree.com  and talk to them.

You might find other services that offer the service locally. 

Some local MLS will allow non-licensed persons access to listings for a monthly fee. The access is restricted and would not give you as much information as if you went through an agent, but you would have personal access.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.