I'd been keeping an eye on Craigslist listings for comps, and I would save and copy and paste that info on my computer.
But, my computer crashed so I lost all that info. I can't even really remember that information because I thought I was saving all that info on my computer.
I'm not a gadget guy so I figured that stuff is probably lost.
So, is there any way I can go back to Craigslist and find all those expired listings again?
Or, is there another source I could use to find old and expired listings to serve as my comps?
An expired listing doesn't give you any information as a comparable property, in fact it's bad data as it didn't sell and owners advertising their properties are usually overpriced anyway.
On the public side of the MLS, go to the stats data, it should give you the % of the asking price that properties sold for on their system. Say they sell at 92% of the asking price.
Then look to sold properties, it usually shows what the asking price was but the sale data is blocked from the public side. But they just told you the average sale was 92% of that asking price.
You pull comps for appraisal purposes with the actual sale data and use three of the best, sometimes more.
But since you don't have the actual sale data you need to pull more comps, say 8 or 10 and use the average result for each one, in this case at 92%. With more comps you increase the validity of your estimation. Use those and you will have a good basis to estimate a market value on your subject property.
Much better than looking at expired listings that didn't sell. :)
Thank you Bill for the info, but I'm trying to find comps for rent each month and not the selling price. I'm trying to go back and find what those comps were advertising their rent for on Craigslist.
I probably should have used another term than 'expired' to describe the listings on Craigslist that were posted but no longer on that site.
If those listings were taken down, then doesn't usually mean those rentals were successfully rented and thus the listed price should give you a pretty good idea what they were rented out for?
And, I tried searching MLS via your way just to see how your method worked, but I didn't really see how that worked. Maybe, Orange County's MLS is different from your area's MLS?
Hmmmm, could have saved me some typing by saying rents! LOL
Historical rents are irrelevant! You need to keep up with comparable properties at current rent levels. What is being asked today for a 3/2 on the south side of town is your competitive rent level, not what they guy asked 6 months ago.
Many areas have a To Rent Magazine advertising apartments and dwellings, might look through that.
You local public housing authority has current rent levels allowed by HUD according to your MSA (metro area) these are overall rents and not so much as to location, style or individual properties, but a starting point. :)
CL has made a ton of changes in the past year or so but i don't think there was ever a way to search expired listings as there would be no reason for them to save that information. I'm not sure what you need comps for or where the properties are but the very best way is to drive around on a sunday afternoon and target an area with a 1/4 mile radius of your home....expand it out 1/2 mile if you don't see any rental signs. A lot of areas only allow them to be posted on the weekends now and smarter landlords post them on sat morning and then retrieve them sun night. While you're doing this you can look for some off market properties....LA & Huntington Beach are likely areas for obvious distressed properties but one never knows. I hunt for the house with overgrown grass and needed repairs all of the time....
You really want recent comps for your rental competition anyway. You can look a apartments as well with space similar to what you are offering. You can get current rents from CL but also Trulia, Zillow, homes.com, rent.com, realrentals.com and homefinder.com. Unless you are writing a book, I wouldn't think that historical rents would be that important to you. You can use those numbers as a guide but you can often attain higher rents with better marketing....video on youtube.com goes a long way towards boosting rents. If you don't have a pleasant voice...find someone who does and pay them something to shoot a nice video for you showing the house and what it offers. i do this all the time and I get premium rents for my shared housing this way anywhere from 10% to 100% more per month depending on what it is and where it is. Happy Investing!
Do you use the map feature on craigslist? I think they added it maybe a year ago, but its extremely helpful...when you go to the for rent section, and click the maps button (its defaulted to list) it shows you all the listings on a map. So you should always be able to see something similar in the area with that.
Where do you find the public side of MLS ?
Are you talking about realtor.com, I don't see the percent of sale price to listing price.
When I was appraising 2-4 unit properties and non owner properties I would get my rent comparables from local propery management companies. It might be a good idea to drive the rent comps to check their likeness to the subject.
Keep a copy of the comps on file as rental rates typically can be relevant for up to a year, unlike comparable sales that are much more time sensitive
its fine to look at craigslist to get an idea but the key things you find out are based on what you know from looking at it regularly so a database won't really help. So if you see apartments in your area adverstised for say a week and they are gone , those apartments probably rented. If you watch and continue to see things relisted that price may be too high or there are other terms that tenants find unacceptable.
I look at the mapping on rentometer.com to get an idea too but it doesn't distinguish furnished and unfurnished and for historical data it does not give you the time period when the property was listed.
Also look on local real estate agent sites where they post rentals , this will also give you an idea.
So, when will a comp be too old to act as a comp for rent?
I remember there were a couple of rentals on CL in the past couple months that I had saved as comps.
Also, another reason I wanted to look at older CL listings is because I wanted to keep track of the difference in prices between 2 and 3 bedroom even my place is a 2 bedroom.
If I know what the price difference has been between 2 and 3 bedrooms comps has been in the recent past, then that lets me get an idea what my price would be for my 2 bedroom even if there are only 3 bedrooms currently available to act as a comp.
Also, I've been told here that a lot of times what it actually rents for is different than what's posted on Craigslist:
They'll 'fish', where they ask for 10% more than market rate just to see if anybody bites.