Hard Money Bankers - How To Get Good At Running Comparable Sales
I wish I could tell you that there is an easy shortcut to this. There are certainly things you can do when learning how to comp that allow you to key in on certain things. The fact of the matter is that the only way to truly get good at it is by practicing. The more you run comparable sales, determine what you think the value is and then see how it plays out, the better you get. It really is an art and not a science. You have to be able to take into account a lot of data points and then determine why certain properties have certain values compared to yours and most importantly WHY do they have those values.
A good way to practice is to choose a date range in your MLS that was 2 or 3 years ago. Select the date range for 6 months. Then bring up your comps on your subject property during that time and determine what you think the resale value should be of the property. Skip ahead 6 months from the date you are running the report from and see what it sold for. See if you were right and understand why you were right or wrong. Screen time is the only way to get better at this skill set. Clock the hours now so you can save and make money later.
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