What is the best way to accurately pull comps?

Question

I’m new to real estate investing and I’m trying to figure out the best way to pull comps in my area. From my research so far i have heard mixed reviews about using Zillow to pull comps? Is there a better way? Or is Zillow the gold standard. Thanks.

Evan Polaski · Answer

@J Wade Are you looking for comps that would fall on the MLS?  A realtor would be your best bet.

If more larger multifam, commercial properties, commercial brokers will be able to help, as will costar.

Zillow is not bad, but don't use the zestimate.  I use Zillow to get interior pictures of properties for comps, so I can tell an appraiser why my flips are better than the other ones.

Most county auditor/assessors offices offer website to search.  Many have search functions as well.

Damian Bialonczyk · Answer

@J Wade

If you are working with a real estate agent s/he should be able to run a report for you with recently sold comparable properties. Probably the easiest/most accurate way of doing it.

John Livingston Bullier · Answer

I'm a broker and investor in Oregon and have looked at investment properties in areas where I'm forced to rely on Zillow because I don't have access to the MLS. By far the quickest and most comprehensive way to pull comps and create a CMA is using the MLS. Sifting through Zillow you may be able to find properties that look comparable but miss distinguishing features that have huge implications for your analysis. In RMLS I can create an advanced search that narrows in, not only on comparable sold properties, but also listings that have been cancelled, withdrawn, sold-not-listed, etc. to create a complete picture of the market segment I'm interested in. I'd recommend finding a broker than can run the searches for you. Any cost you incur will be returned back many times over by making good investments with their advice.

Daniel Mendez · Answer

@Lien Vuong

Lien, but it doesn’t let you see how much it sold for right?

J Wade · Answer

@Lien Vuong thanks. I will check it out!

J Wade · Answer

@Evan Polaski thanks for your response. I will check that out.

J Wade · Answer

@Damian Bialonczyk thank you!

Lien Vuong · Answer

The operative word to use is trying to find "like items". You have to do it by same area/neighborhood as well as condition of the property.

Realtor.com allows you to see sold properties which is a valuable resource since you dont have MLS.

What is the best way to accurately pull comps?

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