COMPS! The thorn in my side! :( How do I do this?

Question

Hi all! I am slowly but surely overcoming EVERYTHING else in my business!  but I NEED to be able to get accurate comps on properties!  Can anyone tell me how to do this? It's very frustrating..

Nichole Gabriel · Answer

Thank you @John Milliken , I'm gonna check that out!!

Nichole Gabriel · Answer

ahhhhh, I see @Jeremy Merwarth, thank you!  well, I plan on putting them under contract, matching them up with one of my buyers, and then assigning the contract to the buyer..  So I dont plan on putting them on the market per se!  :(

John Milliken · Answer

trulia,zillow,redfin,findcompsnow....you can gather a lot of recently sold comps. the realtor just has a nice, easy to read list when you ask for comps. plus  realtors will have the most up-to-date sold comp properties instead of weeding though various websites mention in the beginning that might have a small delay on other comps.

accurate comps with be more in line with year built,+/- 200ish sqft, renovations, at least 3-6 months back within a 1/2 mile of property.

danny johnson website has a good break down on how to do comps.

http://www.flippingjunkie.com/2013/determining-the-value-of-a-house-when-flipping

hope any of this helps

Jeremy Merwarth · Answer

We can't really accept fees just for running a comparative market analysis. Let me ask you this: Do you plan on selling or renting the property after it is rehabbed? If so and you are not planning to sell it privately you can offer them the listing when it is ready to go on the market.

Maybe others can chime in with advice on that one though if you are planning to sell without an agent.

Nichole Gabriel · Answer

@Jeremy Merwarth, Thank you so much for the quick reply!  Can I ask you something?  I've thought of this, but I wouldn't want to call and agent with my hand out without offering something? Is there a fee you typically offer when this is done?

Jeremy Merwarth · Answer

Find a Realtor you trust to pull them for you. If they are good they will know the area, know how to value properties well and price them to sell quickly.

It is always good to have a second set of eyes anyway.

If you want to do it yourself some people use Redfin and or Zillow (though I don't recommend either for valuation of a property)