quick easy tips for running comps, ready go!

2 Replies

What's the best way to run comps? 

I don't have access to MLS....how do I access that? can I get access without being licensed as an agent?

Am I wasting my time pulling comps from zillow.Com or realtor.com?

I'm brand new can my fellow pros give me supersweet and sexy condensed tips on best way to get comps?  

I have read the following are good minimum ballparks for getting comps:

Year: /- 1-3 years max
Sq. ft: /- 100-300 or so?
Bedroom/bath count: should be the same
Distance: 1/4 mile radius or so

As well as same stories, construction, neighborhood etc.

Thanks in advance! :)

@Colton Goodrich - if you are not working with an agent, realtor.com is your best bet. Zillow does not have totally accurate information and realtor.com is a direct feed from the MLS.

As far as the criteria, it is going to depend on your area.  In a big city, I use 1/2 to 3/4 of a mile.  In a suburb you can use 3-5 miles.

I try to look 6 months but sometimes have to go 1 year, never more

Square footage is +/- 15%

bedrooms don't have to be exact, it can be +/- 1 but that needs to be accounted for like everything else in your adjustments 

Brie Schmidt, Real Estate Agent in Wisconsin (#57846-90) and Illinois (#471.018287)

There are no real hard and fast rules and they will change drastically by area. Some places I work I can do

Same neighborhood (that many sell within 6 months)
Same style (Colonial/raised ranch)
Square footage +- 10%
Year +- 3
Garage spaces =
and I have plenty to get a solid number of properties to work with

Same school district oh gees OK county
Square footage +- 20%
Year +- depending on age (something built in 1845 compared to 1904 is essentially the same place, where something built 1996 is different range than 2010)
sold within 6 months.... uggh ok 9 months... ugggh ok 1 year
Acres within 10%..... ugggh ok what is acreage selling for there unimproved..... oK I'll adjust...

And I am still doing adjustments for 20 minutes

Think of it as more of an art than a science.

Good Luck

Mike Cumbie, Real Estate Agent in NY (#10401285310)

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