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Updated over 7 years ago, 05/31/2017
Comps without the MLS?
As investors, how do you comp a property on with any confidence, without mls access? As well all should know, if the property is not bought right, there's nothing to be made.
Thanks for any insights.
Ed- I know many here use Zillow or other sources for Comps. I have suggested it before but why not hire a Realtor to run the Comps. When I say hire I mean hire pay them a fair hourly wage or a per CMA. Realtors have a new tool that allows them to do it even quicker than the past. So even if you are buying properties away from their home area they can now help you out wherever the property is anywhere in the country. Treat the Realtor like you would any other contractor that you want on your team.
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Running comps is fairly simple without mls access.
We use trulia.com fastweb. Agent first. And yahoo. All are free and supply a ton of info. Besides if you only use the mls you'll miss transactions not run through an agent which are typically at a lower cma value.
If you run into an issue of needing eyes on the groud call an agent at C21, coldwall banker and remax.
I don't know if you have redfin in your region but seriously it is AMAZING!!!
I use Redfin and HotPads for the Chicago market. It's a little tricky if you "hire" a real estate agent to run comps. In Illinois agents can only legally be paid by their Sponsoring Broker.
But as Richard, Michael and Tim suggest - there are many great (and free!!) websites.
Originally posted by Michael Quarles:
We use trulia.com fastweb. Agent first. And yahoo. All are free and supply a ton of info. Besides if you only use the mls you'll miss transactions not run through an agent which are typically at a lower cma value.
If you run into an issue of needing eyes on the groud call an agent at C21, coldwall banker and remax.
Hmmm, I like Yahoo's numbers, can I get the bank to use those? :) Under contract for $72... Zillow says 83... epraisals says 106...
I'll take 106 please :)
I second the redfin.com recommendation. Best free website I've seen.
Yeah I've done a couple of wholesale deals and I've only used an agent once. The only reason I used one was because I was getting an absolute steal on a house and I wanted to profit from it. So I had the agent run comps and come to find out his comps placed the property at 275k ARV when I had it at 210K.
Try Bank of America appraisal website.
Just checked out redfin on your recommendation Tim, it's fantastic!
How about using the "BiggerPockets Resources" that you find on the right hand side of this page. There, in a menu, you will see "Real Estate Tools". One of those tools ties to a link called "Find House Values & Comps". Sounds just like what you were seeking ...
Now, if anybody has some good resource that ISN'T listed in those tools, then please use the "Suggest a Site" link at the bottom of that page, that way all resources can be easily found in one place and we all win the benefits of that.
I would suggest Loopnet.com for commercial and multifamily. They just updated their information database system and you can learn everything from rent amounts to tax records for on market and sold properties. And they actually verify a lot of it (unlike Trulia, Redfin, Yahoo, etc)
Good Luck
Does anyone have any experience with Realty Trac? It's a paid service, however the info they give in their "free" reports is enticing. I'm wondering if anyone can shine some light on this.
Not so sure about RealtyTrac... I used it 10 years ago briefly and the information appeared up to date at the time. I've read very mixed reviews on them since. https://www.yelp.com/biz/realtytrac-irvine
Originally posted by @Richard Martin:
Ed- I know many here use Zillow or other sources for Comps. I have suggested it before but why not hire a Realtor to run the Comps. When I say hire I mean hire pay them a fair hourly wage or a per CMA. Realtors have a new tool that allows them to do it even quicker than the past. So even if you are buying properties away from their home area they can now help you out wherever the property is anywhere in the country. Treat the Realtor like you would any other contractor that you want on your team.
In hot market areas, you cannot wait for comps from a realtor. The need to automate every step of the deal is essential! - Get a comp software.
I typically use Zillow to do my comps. 9/10 times my numbers are very close to what the realtor comes up with.
Pro-Tip: go meet some investors/realtors at your local BP meet up. I've found that most members are willing to help each other out with things like finding comps.
