Doing Your Own Comparables

7 Replies

I'm looking for some inexpensive methods to perform my own Comps on properties. Any ideas or suggestions?

Thanks in advance!

Become a Realtor and thus get access to the MLS. I advise this for most all newbies.

It would be nice if becoming an agent in California one would have access to the MLS; however, you need to either be a broker or work for a broker. I became a California Realtor; however, I feel like I wasted my time. Thus, there is not much help for me to be a licesnsed real estate salesperson, if I am going to become an investor. Any thoughts about this out there. Thank you. I would really appreciate it.

Most RE agents will do comps for you if you ask. 

Another thing I found helpful to do it on my own:

Comps on Zillow

Hey Robert I agree with Cory, your best bet initially and a big part of this game is to enlist the help of an agent and expand your network as well. We use Redfin out here in Los Angeles which can provide some pretty good comps though I do not know if it is in all areas of the country. You might find help from your local REIA club, I am working with a broker that allows me a level of access through his MLS membership, all because I did a meet and greet with him! You also want to make sure that you prove your willingness and desire to be a benefit to them as well, share with them your plans for yours and their real estate success.

Howie

"Our success begins with our thoughts of creating a successful life, our mindset and our belief in our own success is the most powerful tool we have"....Me

Originally posted by @Account Closed :

It would be nice if becoming an agent in California one would have access to the MLS; however, you need to either be a broker or work for a broker. I became a California Realtor; however, I feel like I wasted my time. Thus, there is not much help for me to be a licesnsed real estate salesperson, if I am going to become an investor. Any thoughts about this out there. Thank you. I would really appreciate it.

 Find a realtor.  There is no need to get your license.  Good luck.

Zillow, for Los Angeles at least, is very inaccurate for doing comps. I always advise going to Redfin.com and looking at "Price My House" and then choosing sold comps based on date of sale, size of house, bed/bath, etc. Not all areas have Redfin, though.

A Realtor (who isn't a rehabber) gives you comps completely differently than a rehabber would. I always look at comps based upon what the Bank would comp the house at (I have a cheat sheet on that if you want to contact me). Realtors base it on a bunch of thing, including pendings, for sale, and which way they think you want it to go (no offense to the Agents who actually give honest comps for rehabbers).

Running Title also gives you comps, if you can get into it to choose the parameters. I have always found my Title Agent to be invaluable in many areas, this is just one of them.

If you choose to become an Realtor or RE Agent, it will give you great access, but also some fiduciary responsibilities that you may not want, especially if you deal a lot with FSBOs. Here in California you can become an "Associate" of an Agent and get access. They typically do this for their staff who aren't Agents to allow them to do the paperwork so that they can spend more time with clients. Find out if this is something that can be done in your area...if so, it is the best of both worlds. You do need a GREAT relationship with the Agent, though, since it is their license that is on the line.

Proper comps can make or break a deal...good that you are trying to figure it out ahead of time instead of after you have a deal.

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