So I'm in the process of evaluating an offer and my first step is to do comps. Some investors use Zillow.com (not too reliable data-wise) and then there is the investor-freindly "findcompsnow.com". I think findcompsnow.com is optimized for the west coast. I'm in the midwest (minnesota). Anyone care to suggest a reliable comp system other than the mls?
I typically use the municipality's GIS and public record info to see if anything has sold recently around the property and for how much per sq ft. I have a Realtor I work with, so I just get them to do comps for me too.
I would stay away from Zillow.
This is more of a strategy than a system, but if you try to work through the listing agent, as in tthey- the listing agent represents you as the buyer, they'll have access to all the comps you need and should be more than happy to send them over.
I'm not sure if this site works in the midwest, but the one I've found to be very helpful is called Flipcomp. It is based on mls data, and can run comps automatically and determine potential profit. It's very investor friendly. Only problem is that it's not in every market yet and there are monthly fees.
@Keith Bloemendaal, @Stanley Okazaki, @Josh Davis, thanks for the feedback.
Turns out that working with an investor-friendly realtor (as I'm doing currently) is the best way to go.
@Ray Mulli I agree. My realtor is a successful investor himself and his help has been extremely beneficial in a number of ways. That said, I use a variety of tools, including Zillow. I don't get why zillow gets such a bad rep. The zEstimates are very hit and miss - don't use them, but the tool still provides you with decent data. I've found Edina Realty's web site pretty decent as well. You can search sold listings, but you don't get much other than the address and sale price. But I then take that and plug in that address in to other tools like Zillow and the county records. Most of the properties I'm looking at are in Ramsey county which offers free online access. I can find info on last sold, owner, tax, etc right at the source. When I'm all done, I'll check my thoughts with my realtor.
I might be a little late on this post, but if you need comps I would be more than happy to do them for you. Hope to hear from you soon!
Even though a peer is offering to lookup comps for you, which is fantastic. For future references I recommend you check out Redfin.com to analyze comps.
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I like zillow with the zestimate is much more than what your asking for the property....
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