Best Way To Get Comps

http://www.deangraziosi.com/search/node#keys comps

Hi Travis,

Welcome to our DG Family!

So, your questions are...

1) What's your method of getting the best comps in today's market?

A: Well, I use the website that Dean has so generously given to us to use! It's at ( http://totalviewrealestate.com/ ) and it is a great place to get comps on properties and it's FREE!

2) But, why would a realtor want to work with me to give me FREE comps?

A: Because it is the Realtor's job... When my Realtor sends me a property for consideration he also sends me the comps, a market analysis report, an investor property ROI calculations report and much, much more!

If you have the right Realtor, then you also get everything you need to make fast offers on your properties. So if you are picking properties off of the MLS Listings then ask your Real Estate Agent to give you the comps with every property that he/she sends to you.

If you are searching for properties by any other means such as bandit signs or calling 'For Rent' ads, then use the website Dean gave us that I have listed here. This method can also be used if you feel too uncomfortable in asking your Real Estate Agent for the comps...

Hope this helps you make many, many successful deals Travis...

Theo T.
CogniWorld-LV

Thank you. So as far as working with a realtor, should I let them know up front that I'm not looking to buy a home and I just want the comps? Or should I go as if I'm buying just to get the comps?

Real estate agents are going to provide the most up to date comps. Using comps from the agent will get you the most accurate market value on a piece of property. Let the agent know you have cash buyers that you are working with and you will be looking at properties for them and yourself. If there is a property listed with an agent you have to use an agent, and you should expect your agent to get comps for any property they show you.

The best place I found so far is using Totalview in conjunction with an site called redfin.com

You have to sign up but its free. Pictures and comps included. It is the closest thing to the MLS I have found.

How accurate is the information on Totalview?

It is true that Real Estate Agents have the most accurate comps. The agent that you are using should feel good about looking the comps up because now they have a new contact. The agent can always help you in many ways and maybe you will use the agent to find more buyers for a listing.

you can look at recent sold properties on Zillow; just make sure the comps are within a mile from your property, and look at the most current ones.

Valerie

If you have a agent get you comps on a similar property you are thinking about buying,can they jack up the prices on the comps just so they would be able to get a better price on the property.

Broker Price Opinion (BPO) are really cool when appraising a property or getting similar comps. In this industry, the major BPO companies like ProTK, CoreLogic, Rels Valuation, and others like to see the following when getting similar comps:

Year Built: +/- 10 years
Building Size: +/- 15%
Lot size: +/- 40% some companies use +/- 20%
Distance from subject property: In areas very populated 0.5 miles is typical, suburbs, 1 mile, rural +3 miles. Some other companies use 1 mile for Urban, 3 miles for suburns and +5 miles for rural areas.
Always compare similar style of property. Similar # of beds and baths.

When dealing with Realtors, they can offer you comps. However, they do it for living unless you have a family member who can just provide you with this information as you are family. You could offer the agent to approach the Seller and get a commission from the Seller should a transaction completes and the realtor helped you getting all the comps and complete the transaction. An agent can ask the Seller to pay 3% of the sales price to the agent if they can find a Buyer. So they can work for you, provide comps, etc as you have a buyer or you are the direct buyer.

The only problem I see with that approach is how the underwriters would be viewing you on the Hud1 statement if it isn't in the 1300s your probably being written up in the 700s where the agents are and that is illegal if you are not an agent and could come back and bite you hard. Just a thought.

I love my cash buyers!! Underwriters? Comps? BPOs? Realtors? This is so complicated I am just going to have to go out and make some offers, lock up a property and pass it on to one of my cash buyers. ZZZZZZZZZZZZZZZZZ!

Or the rehab projects I have going, when they are done I will just list them on the MLS using my killer selling agent. We already know what the property will appraise for. I think I need a spread sheet! Never mind, I'm going to go make an offer!

Holy Cow!! I know if I work really hard I can make this really complex!! Keeps me from doing REAL business. I thought my mom worried about every possible thing that could possibly go wrong if I did something I shouldn't do in the first place.

Mentoring/Team building nationwide!
Michael Mangham
MD Home Acquisitions LLC

haha- that's awesome, just keep it simple and make money...

Wow that is amazing michaelmangham! You can make offers without comps? Oh..wait Colorado that isn't a non-discloser state http://www.homeinsight.com/faq12.asp?GCID=Direct so that means you can go to free websites and find your comps, but you don't even do that do you? I've read in your other posts you have access to mls because you had an agent make you an assistant and now do your own comps and CMAs using their data and their spread sheets. I guess you did need them for those offers...

What we have learned:

Topic of thread: Best way to get comps as follows...

#1 in non-discloser state you can find comps on few websites redfine.com, zillow.com, and totalrealestate.com (I highly recommend this one).

#2 if you can get access to mls data for CMA's that can give you sold, active, expired, etc listings whether from your star agent or becoming an assistant you are able to get up to date information really fast that can sometimes be more reliable and detailed whether you are in a non-discloser state or not.

#3 Spread sheets can be helpful if you know how to program them properly to use that data and to give you the ARV in the matter of seconds like in an excel program doing all the mathematical work for you from marking up the price for the agreed % of ARV to providing your investor their purchase cost not only marked up from your sellers purchase price for your profit but as well as plugging in the comparable houses prices and square feet giving you a price per sq/ft for your target location that you can then reduce from it the repairs and assignment fee reductions from your ARV multiplied by the % agreed upon allowing a very accurate number and for both again your cash buyer and your seller without worry if you mis-clicked a button having to double or triple check (not needed as numbers are still in front of you to view) and the ability to save it for tax purposes if you are doing the rehab work yourself in place of the cash buyer. Your CPA will love you for this. More so because it will be enabling you to remember where you bought stuff as you can provide easy to read notes and the whole thing is printable to provide receipts. If you add more cells with these detailed repair costs that are programmed like my test system at the moment to go right into all the other numbers the possibilities are endless and the time save is abundant. btw I took the time to provide such a spread sheet in its basic form ( http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell... ) Enjoy.

#4 Rants about mothers and belittling people isn't nice and I am sure it wasn't meant that way and there is some underlying issue. I do wish you the best at resolving that...how about seeking a solution as Dean says by think outside the box the answer might be right in front of you. Have a swell day!

I think the best way to learn how to figure comps is to work on a SPECIFIC property that you are researching. This involves getting out and looking at properties. Getting to know what the value of the specific property will be
after the planned rehab is completed. ARV and rehab estimates.

I have found that when wholesaling, my buyers all have a different opinion on how THEY will rehab the property. So an exact to the penny rehab estimate is not needed when wholesaling. Knowing a number that will work and bring the ARV you are claiming is all you need when wholesaling. Now when I do the fix/flip myself I know down to the penny. (As close as humanly possible)

There are many areas that I work that I already know the comps without asking anyone. How? Because I have been out making offers. Actually getting properties under contract! Moving past theory and taking action.

I may be wrong, but investors in any state have a way to find what their subject properties will sell for after their planned rehab. What? No investor is allowed to know what properties sell for? I am going to be dealing with this first hand in Texas as I am putting together a team there as we speak. Maybe I will find that current market values in specific areas are not known
to investors. TOP SECRET STUFF!! We are going to look at a specific property and we will know how it is done in a matter of days once we get started.

Guys, there comes a point when you have to stop what you are doing and try to acquire a property. Have your inspection period as a contingency. Try and flip it. You will be amazed at how much you learn and the people you meet that are actually in the RE business. You will ad active RE people to your team. Not some blogger! Get out of your comfort zone, network with investors that are doing deals, not newbies. You don't have to know it all (none of us ever will) to take action.

Don't let worry, fear, confusion and poor information stop you. Soon you will know how this stuff actually works in the REAL WORLD!

Take action, network, take action, network. Work with a mentor that does deals. Step away from over analysis paralysis. It is the only way you will make money.

Now go make an offer and flip a house!!!

Mentoring/ Team Building Nationwide
Michael Mangham
MD Home Acquisitions LLC