How to run your own comps on a property?

8 Replies

Hello BP family,

I been trying to run comps on a property for a week now. I reached out about 3 different realtors and they told me they will have it on this particular day, and when I contact them they have a different excuse.

I'm not the type to sit around and wait for people to make this happen for me. I want to run comps on this property to know if it's a good deal or not.

Those anyone run there own comps and wouldn't mind teaching me how to? I'm willing to learn.

@David Brown Here is a great guide from J scott on how to estimate ARV, It's pretty helpful.

http://www.biggerpockets.com/files/user/JasonScott...

I was using Redfin.com to pull my comps. Right now I have access to the MLS because I developed a good relationship with a realtor. I suggest you do the same. a word of caution, don't use zillow estimates, they can be way off depending on the area you live. You can also use your county assesors office. Google search "your county" assesors office. Every year, your county gives an estimate on the property values around the county.

If you're wholesaling/rehabbing, I suggest you use www.trulia.com and city-data.com. Property values can be quiet different even within a few blocks. Hope this helps. 

Ps. Just to clarify, the assesor's office is just a value for your reference as well. It doesn't mean the home it's worth that amount. It just gives you a general idea of the property value for that particular area. 

Every area is slightly different. The best path to finding accurate comps is to cultivate a relationship with a realtor. We have access to MLS and county records. Call a local office or contact a realtor/friend and ask to take them to coffee or lunch. Realtors appreciate free food! Explain to them that you are investing (they hear potential business)and will need their help from time to time completing CMA's. Realtors have these requests almost daily, set yourself apart by taking them to lunch and building a relationship that is mutually beneficial.

Redfin is most accurate and up to date information it is only seconds behind the MLS Plus you get a complete property history including past sales if you are in the new york city area use streeteasy.com

I use county records mostly to find my comps. You can also use services like zillow  to find sold comps, but you should always confirme with county records. 

Hope this helps. 

I agree with @Shannon Tidwell-Porth . Many of us are DIYer's, but accurate comps are tough if you don't have MLS access, because that's where the true data is kept. And, it's alot quicker for me to run a quick CMA from the MLS than it is to go to three or four sites, compare info, and hope it is accurate. I have a handful of investors that I will literally stop what I'm doing to pull them a quick comp, because I know that when they are done with the flip, I'll get the listing. A good REI Realtor should definately be part of your team.

Now, how to find those Realtor's? Go to REI clubs and ask other successful investors who they use. Going to the internet and picking the Realtor that sold 100 houses last year gets you a Realtor that's really good at listing and marketing, not necessarily one that knows what an investor is looking for.

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