Quickly analyzing deals

4 Replies

How do you quickly get reliable comps (rent rates, comparable sales in the area) if you don't have access to the MLS? Of course, you could get them from your realtor, but that would slow down the process especially if you're trying to analyze many deals as properties come across your desk. I know rent rates can be got from places such as rentometer and comps could be gathered from 3rd party sites like Realtor.com, but are those reliable enough to actually use when analyzing deals? In short, how you get reliable comps to analyze properties if you don't have MLS access? Thanks

Hi Josh,

This same exact question bothered me for quite a while too. What I ended up doing was using Zillow, Trulia and Redfin to search for recently sold properties. These sites do not necessarily provide the exact amount the house sold for, but they can be used to get a pretty quick understanding of the $/sq. ft. in the area you're looking. From there, if the property still meets your criteria and you'd like to pursue it, you could contact an agent and ask for specific comps. 

@Josh Lyons . Pose as a renter and do some "secret shopper" research. This will give you more info than just the rents too. It will help you see what your prospective customers are seeing and comparing your property to.

Essentially, these methods give "pretty good" info but they don't give "great" info like you could get from comps from the MLS?

Originally posted by @Josh Lyons :

Essentially, these methods give "pretty good" info but they don't give "great" info like you could get from comps from the MLS?

Using realty sites to find your own "comps" online is better than guessing. Getting MLS comps is probably better than finding your own. But going out into the market to SEE actual comps should give you the best information possible.

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