With Texas being a non-disclosure state, I'm curious how most investors are finding ACCURATE (read: not Zillow, RedFin, etc.) comps for properties. Do you...
- Ask your Realtor?
- Are a Realtor and have MLS access?
- Are an MLS Assistant and have MLS access?
- Use a paid service? If so, what is it?
- Something else?
I'm using RealEFlow's comping service and finding the results to be inconsistent with numbers I've gotten for comps from a wholesaler, which are straight from the MLS. Obviously, HAR's public-facing #'s are listed as a range and not accurate enough.
My apologies if this thread already exists somewhere, but I ran a search and didn't see it.
The numbers are more accurate via the MLS, you do need to work with a Realtor. The "free sites" are never accurate. You get what you pay for...
The MLS are a paid subscription program for licensed realtors. Usually, as a "buyer" you do not have to pay for a Realtor to help. He or she can be part of your "power team." You do have to interview some Realtors who are willing to work with investors.
There are few and far between realtors who are willing to work with investors.
Be sure you work with him or her and not use them to look up comps only. Or contact your area MLS company to inquire if they allow non Realtors to subscribe to the MLS.
I ask my PM for comps, she's also a realtor. She knows that they will run the property once I decide to buy. She will also go and look at the property for me.
Realtor with MLS access and have other realtor relatives as well.
- Craigslist (shockingly accurate)
- CoStar, Yardi, Axiometrics, REIS
Access to MLS is key. Finding good sold comps in the subdivision and related area are going to tell you what the properties are selling for and how long the holding times are. Asset based lenders like the one I work for evaluate multiple properties everyday. Message me if you ever want to talk about it.
My wife is a realtor. While she’s super busy and prefers to work with her own clients I think she realizes if I pay too much for a property she’ll have to put up with my whining. So it’s a win-win haha.
I got my RE license. I couldn't imagine analyzing over the 100 properties I needed to, to find my first deal w/o it!
@Matthew Marcelissen , that's the same reason I got mine when I was in REI in a different market in the mid-2000s. I was able to blaze through the salesperson's license and get my brokers, which meant I didn't have to split commissions or deal with anyone else's rules!
Now there are so many tools out there...I'd prefer not to have to do it again.
@Benjamin Portnoy Pretty scary how easy it is to obtain, eh? LOL. I also obtained my license to receive the commission. It allows me to make an extra 6% on the deal. It was pretty sweet getting that $8,100 at closing. I also found a broker in Dallas who charges $100 per year and $100 per transaction. Score!