What is The best comps software?

Question

What is the best software for checking out comps for fix and flips? Also is there anything cheaper than Costar for multifamily?

Poe George · Answer

I use RPR, but it's only available for realtors

Bob Okenwa · Answer

@Menachem Bresler

Comps are more art than science. It can take some time, but you have to be able to compare similarities and adjust pricing based on slight differences between two properties. Automated software exists (desktop appraisals) but they don't really factor in the interior of the home and small nuances like a human appraiser would.

MLS (if you have access to it), Redfin, Realtor.com, etc. will show you sold comps and have enough filters to get an accurate representation of ARV.

Joe Hammel · Answer

Currently, I stand behind there being no better source for comps and determining ARV than a "good" real estate agent using the MLS doing a CMA (comparative market analysis) or a BPO (Broker Price Opinion). Tell a good agent they will get your flip listing and ask them to run ARVs for you.

There is so much to sift through and interpret when checking comps that algorithms can't do. Functional Obsolescences (factors that deter desire/demand/value), busy streets, which side of the street, is it updated gorgeous, is it a train wreck etc. As a general statement, comp software which are primarily algorithms, are based largely on averages of nearby sales. This works pretty well in cookie cutter or condominium complexes, but can be pretty far off (a flippers full profit margin) if in a diverse area.

Sources for larger MF:

Loopnet, Multifamily search in MLS, Commercial search in MLS.

Best of Luck!!

Will Fraser · Answer

@Menachem Bresler, what is your intended use for both of these?

CloudCMA is a good comps system for agent use and I would presume it could work for projecting ARVs to a degree (however, this is one of the hardest things to automate in the process, so it may require some finagling and creativity on the back end).

Cost for Costar .  . . for listing properties?  That's the only use of Costar that I am aware of a charge for.  If so, check out CRexi

David Lee Hall, III · Answer

@Menachem Bresler

I have a subscription to GeoDataPlus. I used to have RedBellRE. The biggest issue is that any software package has to rely on what realtors enter or public records. Accuracy varies greatly not just place to place but house to house. So if you are in a diverse neighborhood with different style homes, you would want to comps the ranches to rAnches and not the 2 story homes. This is where I have found every software tool is dicey. Additionally, “wrong side of the tracks” scenarios come up a lot. So my suggestion is use free tools such as Realtor.com or Zillow until you are confident in your craft, then look for tools that will bring value through spend or additional features (such as showing previous listings pix or expired homes that didn’t sell etc)

Steven Foster Wilson · Answer

Call me old fashioned but I believe a local realtor who knows the market is the best comp maker. He'll know if houses are selling faster and higher then ever before, or if a certain attribute of a property makes it more desirable or less.

Steve Morris · Answer

Listing would be LoopNet (owned by CoStar) and I think you can do free listings there.

Most of CoStar is sales comps and prop info on commercials (NOT SFRs).  CALL YOUR LOCAL COSTAR SALES FOR PRICE - But for sole practitioners, you may be looking at $300+/month.

For comps, I have to begrudgingly admit, CoStar is probably best.

Adi A. · Answer

I use LifeStyle Quest and also ask my agent since he has MLS access (if I need a second opinion). Hope that helps.

Ian Walsh · Answer

Local MLS

Menachem Bresler · Answer

Thanks. I really appreciate all your responses!I should haves been more clear. I was specifically asking about commercial sale comps i.e. multifamily, industrial etc.. Does anyone have any experience with Reonomy or Crexi?

What is The best comps software?

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