Need comps, do I have to go through a Real Estate agent?

Question

Hi All,

I don't mean this in a negative way, I am looking to get comps in a certain area.  As far as I know you usually get those from a Real Estate agent right?

I don't have a Real Estate agent that I work with yet, and what I am looking into right now has to do with auctions... so I feel like I would be bothering a Real Estate Agent to ask for comps if I didn't plan to go through them.... right?

How else can a person go about getting comps in an area if not through a Real Estate agent?

Thanks!
Steph

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Zillow is good for what it is... but it is NOT a good way to get reliable comps.  Zillow can give you a snapshot of what is happening in a relatively broad geographic area.  It relies on very limited and often INCORRECT data to get its 'zestimates'.

Suggestion:  Find a good agent to work with exclusively and he/she will probably run comps for you whenever you want.  I work with several investors (that means they make all purchases and sales through me that they don't buy at auction) and run comps anytime they ask... sometimes that is 3-4 times a week.

If you aren't willing/able to work with a good agent then spend a few bucks and pay one to run comps for you.  Pay a hundred bucks for a solid CMA and you'll save thousands later.

Good business relationships are worth their weight in Gold!

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In Colorado, many counties are now computer literate. You can go to the county assessors site or property records and find sold information for neighborhoods.

Chad Baird · Answer

There is value to having a trusted agent in the area you invest in.  As far as feeling like you are wasting the time of the agent, I wwould not worry to much about that.  A relationship is worth a lot for the agent.

I run comps for investors every night.  One investor I have never done a deal with in 2 years.  Thats ok though, its not alot of time on my end involved, and saves him hours of research.  Sure I get nice gift basket every year, but thats a bonus.  He's passed my info I've sent him onto others, and they have used me as their agent, so I don't feel like i'm working for free.

Loyalty to one agent means alot .  Find the right agent and they will bend over backwards to assist you in making money.  We make money when you make money.

Account Closed · Answer

I agree with Mike. Zillow is not ready for prime time at this stage.

As a technology person I see the day when things like Zillow will be accurate (subject to the condition of the property or changes not recorded publicly). Similar to a drive by appraisal.

Note that appraisals are not accurate like there is a correct number. They are an opinion like any agent's view of what a place will sell for. Even when a deal is done the value the buyer can vary based on the conditions.

John Corey

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I would never consider Zillow a good source of information. I have never found the numbers to be accurate. I couldn't tell you how many times I have been on an appointment and the potential client will bring up a value that he attained from Zillow that is very innacurate and unrealistic.

For a while the Zillow values in some of the areas where I work were very high. Now, they are showing some of the areas to have values about 1/3 the fair market value.

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Yeah, I mean the number seem crazy... but like you said, if I use it as a tool I will get some ideas.  Thanks for the other suggestion, I'll check that one out too.

Thanks!
Steph

Joshua Dorkin · Answer

I would not rely on the Zillow data to be accurate.  It is simply a tool to use.  We've got a list of other similar tools at:
http://www.biggerpockets.com/house-value-comps.html

Go through them all and you may get a basic idea of a property's worth, but until you get a real CMA or do one yourself, I wouldn't rely on any computerized estimates.

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Thanks for the reply... I do get default notification listings from a Title company.. I didn't realize I could get comps from them also.. I'll try the website you suggested and try the Title company - thanks!

I am looking in Lake Elsinore, CA... it is in a "bad" area so I'm not sure what the market is in that part of town - but it is actually the only house I've found so far that meets the 2% rule I keep hearing about for renting...

Thanks again for your help!
steph

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OK I just checked out this Zillow site, it is insane! There is so much great information... it is a little scary - I looked up my house just to see... and sure enough, you can even see the fountain the in backyard!

Thanks for the great tip!

Calixto Urdiales · Answer

No you don't have to go through a real estate agent! You might want to try www.zillow.com and I think there is a link on biggerpockets that leads there from the main home page! Also you might want to try getting signed up with a title company to run comps on the house you wish. Thank you for your time and I do hope you figure it out, and if it is too much trouble then PM and I will see if I know anyone who can help you out!

P.S. where are you lookin to get comps? what state and city?