I am in the begininng phase of a real estate investing Business. I have had success putting most of my team together, however, the area where I am coming up short is with " running comps" I have tried a few methods like tax records (but these are at least 6-8mos. behind in my area). I have also tried working with a realtor with slow and minimal results.
Is there a faster and more efficient way to get comps in my area. If anyone could share there methods it would be greatly appreciated.
For me, assistance of realtor is valuable. I dont know what you mean by slow and minimal results from the realtor. It’s possible the realtor you’re working with is not willing enough to help you out or doesn’t even know what he’s doing. A good realtor when they’re helping you out cuts out a lot of your extra leg work.
just a guess but are you asking a Realtor to do these comps for nothing? They pay for the ability to service clients. Offer to pay an hourly wage or sign a buyer’s representative agreement and let them represent you in the purchase and sale of these investments.
I have been working with 2 realtors. One does not seem to be good at running comps b/c she has given me bad comps on two different properties. The first time the comps were 20k too high. (she compared the property to homes that were in the same area but very different). The second time she used the wrong zipcode and again gave incorrect info. I am afraid to use her info because it could cost me some serious money if the info is incorrect.
The second realtor has refused any type of payment from me for this service. She said she was glad to help me since she would get the commission from my purchase, however the results again have not been good. She takes days and some times weeks to get me comps. Although her information is accurate, buy time I get the numbers the properties are usually already under contract. Keep in mind this is a very hot market so good deals don’t last.
Since others out there are working successfully with realtors, I will try again. Hopefully I Will find a good one this time. I guess for me it is a little discouraging to work on establishing these relationships and then have to start all over with a new realtor. FYI I always offer to compensate the realtor for their services.
I have found a site that will give you a free home appraisal.
Take a look:
Thank you for this info. I have checked it out and it is great, very accurate and up to date.
Thanks again for your help!
Guys I just did mine & taking an average of the high & low it is right on the money !
RL
Wow, thank for the ditech link, I have never seen that before.
Can anyone vouch how accurate it is? It seemed pretty accurate on my home, but wanted to get some feedback from others.