Running Comps!
What is the best way to run comps without having access to MLS? I was using zillow to search recently sold houses nearby but now zillow decided to update their site which makes it really bad for running comps IMO. I plan to get my real estate agent license soon and get a membership to my local MLS to use for comps but until then what else is out there for running comps??
@Ryan Billingsley do you know a real estate agent that can do this for you? I would suggest you look into finding one that can do this for you until you get your own license. You will just need to figure out how to incentivize them to do this for you.
When I need comps for an off market property where no realtors will be involved if I end up purchasing the property, I have my realtor provide me comps because she knows I will list the property with her when I'm ready to sell the home. I also suggest her as an agent to leads that end up not wanting to sell to me specifically. So it is a win / win for the both of us.
I like Realtor.com.
Also, they have a great app with a map feature that lets me see exactly where. Oh, and it's free. Good luck.
@Kyle B. Thanks! We did think about that but with the amount of properties we are needing comps on this would be a headache to ask that of a agent. For example we have 10 properties this week we are looking at from our DM campaign. And we are mainly focusing on wholesaling or holding for cash flow. We don't intend to rehab them and sell at retail with a agent.
@Jon Huber I will check that out! Have yet to try that site for comps.
An agent with access to the MLS is likely the best way to get it done - all they would expect in return is to represent you on your buys and sells, so make sure it is worth both of your time and you aren't taking advantage of them.
Secondly, utilizing tax assessor data is helpful, although a bit delayed for recording. They are generally accurate and easy to search. Most assessors have a 'nearby sales' link that will help you.
Good luck!
@Jared Reimer Thanks! Hopefully in a couple weeks I will have my agent license and my own access to the MLS. We can't really benefit another agent since we wont be selling many properties on the MLS. We mostly will be focusing on wholesaling and holding as rentals. Plus we would be asking them to run 5-10 comps a week.
I will have to check out the tax assessor data!
agent perspective: running comps takes all but a few mins ;)
I do it for my investors. Hence im investor friendly .
I hope they will let me help with transaction. But most importantly I prefer the relationship. I will have a buyer pool and inventory list in return. Not to mention referal.
I'm investor myself and I do FSBO too. So I understand the need to not have agent in deals.
But since I got my license comps are done in seconds on 1 site. Vs 6 sites and collecting data
What I do is call an agent who has a property listed in the area. Discuss the property, and ask if he/she could email/fax the comps for the area. I do this because I like to drive the comps, ie drive by each comp and look at it from the outside. Try to figure out why it sold the way it sold. If there are other listing agents in the same area, I'd call on those too. Ask for the comps. I like to talk to more than one agent, you may learn something about the area, you never know what type of person you're going to meet that might be helpful to you in the future. After you drive the comps I think you'll be in a much better position as to value in the area.
If you already know an agent, that's good too. But I'd still drive the comps. I'd still call some of the listing agents.
And BTW, once you get your license....I'd still drive the comps.
btw, my investor ask for ARV comps. Bc they know what they want to offer.....
@Jennifer Lee Thanks! Yes it sounds like having access to the MLS is the way to go. It makes things much faster especially with the volume and location of the properties we need comps on.
@Account Closed I agree by driving the area you get a better perspective of the value of the properties. We are going to drive by eight properties today that we found through our DM campaign. When working a full time job M-F and doing REI on the side, it is hard to have time to drive by all the comps for eight properties we have this week. But that is a good idea. At the least we can drive the streets with google earth maps and get a idea of the comps.
i also drive the neighborhood so I can make better comp
