Comps
am wondering what is a quick effecive way to find comps for houses found..do i have to contact a realtor and is there a fee...thanks
am wondering what is a quick effecive way to find comps for houses found..do i have to contact a realtor and is there a fee...thanks
I also have a question about comps. If I send out a mailing and I receive a call from a seller how can I get comps for that area? I was thinking about using a real estate agent around that area to get comps for no fee in exchange for the property being sold using him as the agent once I've rehabbed the property. Is this a good strategy to use to get out of paying any type of fees to get comps? Any info. regarding comps will truly be appreciated.
Thanks in advance
Actually, IMO that's a great way to get comps, if you can find a REALTOR who will work with you & understands REI. My wife is a real estate agent in Southern California (LA, San Bernardino, Riverside County areas) and has no problem looking for comps for investors so long as the investor remains loyal and follows through and lists the property with her.
Be aware that finding "accurate & realistic" comparables is time consuming -- so respect your realtor's time and be sure you do reward them for their time through referrals as well as your own listings.[ Edited by gbp on Date 06/30/2003 ]
Thanks for your help. That's what I was going to bring to the table. I think it's only right to list the property with the agent that helped you get comps.
I do not agee with any of the above....get the comps yourself ie go out to the area and look up the listings and their price...if your seroius about this get Metroscan or dataquick also just ask the Title company for a property profile on the property it includes comps it is free and if they will not do it for you tell them you will not be usuing them to close Escrow.
I would never use a RE agent.
Fewer people invloved the better
SKI
In my experience, the free websites don't tend to be as accurate, especially if you are in an area with particularly high appreciation.
Search the website here for articles and posts on comps. Several people have posted different ways to obtain comps in the last few weeks.
Good Luck.
You want to avoid a fee for comps, but you are willing to spend 6% of the sale price of the house?
I think you might give the RE agent $500 or $1000 after the sale and thank him/her kindly. You dont have to give them full commission.
Certainly in talking to them, you are going to have to be up front. If you have promised to list the house, you should do that.
But if you are making $30k on 150k house and you have to give $9k to realtors, OUCH!!!
Depending on the area you live in, comps can sometimes be assertained through the local newspapers, at least for sale prices. Via the internet, I use the ****Must Reach Senior Investor status before posting URL's*** or ****Must Reach Senior Investor status before posting URL's*** to get a sale price, now figuring what models match yours is the question.
Also, being a real estate agent as well, I think that if you tell the agent of your intent to buy an investment property that you may rehab etc., and let him/her know you want to establish a business relationship, where he/she would get the commission from the sale, you should not have a problem finding someone who will be more than willing to work with you.
Flooding that person with 25 homes in a one week period may not be too wise either.
I work with other investors all the time in regards to comps, especially is I am sure they will come back and possibly work with me again in the future.
I am in FL. I know several realtors and giving comps for a specific area is fairly common practice here. That is how they get your business. I can also do it myself through the public records of the county appraiser or tax collector. Depending on how the local and state government is set up where you are.
In my humble opinion, looking at what homes in the area are asking for is a waste of time... they may ASK a lot, or they may ask a little. I work with a realtor who will give me all the sold comps that I need and actually will help me with the finished price. Being that he lists the property on MLS, the house sells faster, so I get my money faster. Also, because I have done so many deals with him, he gives me a nice reduction in his fee....
Just my thought on the subject...
Quote:
On 2003-06-28 20:53, smw wrote:
am wondering what is a quick effecive way to find comps for houses found..do i have to contact a realtor and is there a fee...thanks
Hi,
I'm a builder and do this quite often myself. The answer is no, a realtor is not needed. If you do your homework meaning checking out property infor for a certain area, keep track of what sells and what's for sale. Start a log of addresses and go to the assessors office for that city or town. You can look up the legal information on any property checking who owns it, it's assessed value, and the sale price. That should help you out. If not feel free to ask me.
Marina does comps for a living. Her service offers, sold, active and pending comps. Property and street history, also the tax appraisal information. 24 hour turn around.
All for $5.00 per property.
email addrs: **Please See My Profile**
please send me information on how to contact you for comps. thank you.
I would pay for comps or use one of the free sites like***Must have at least 5 friends to unlock***.
There are also MLS services that for a few hundred dollars avoid having to spend 3% on a realtor.
FYI, you don't have to be a Realtor to get access to the local MLS. You can join the board of realtors as an associate member (some appraisers and other investors do this). This is the best source of comps, additionally ask your realtors to hook you up with a title rep. The title rep can give you access to their property profiles online that have comps, and then you really don't need the realtor anymore.
Throw them a few referrals for their introductions.
Title reps will give you this access if you pledge your undying love and affinity relationship (using them every deal).
I've seen it from both sides...
Hope this helps. -MakoShark
Very informative, I personally do my own comps and double check them with my realtor. Also, commission is negotiable, you don't always have to pay full commission.
Peachstate,
Drop me an email or PM on how to contact Marina. Thanks for the help..
Prosperous investing,
td
Peachstate,
I am also interested in the contact info.
thanks
Peach,
$5/comp is hard to beat...I'll take Marina'a info also.
Thanks!
PeachState
Please post more info, or drop me an email detailing how I can contact Marina for comps. Thanks
You can go to the county assessors web site in your area, I looked it up on google search just put in county assessor tucson az and it will pull up
Interesting exchange of messages.
1 How much does it rougly costs to become an Associate Member of the realtor association. (Mako can you respond pls)
2. Wondering if I can get Marina information for myself as well for comps.
Thx
QM
I too would like to know how to get in touch with Marina, for comps.
Thanks
Please send me info regarding contact info for Marina to obtain comps. Thank you
**Please See My Profile**
How do you become an Associate Member of the realtor association?
Do you have a link to more information on the realtor association?
Mike
[addsig]
You should absolutely use a REALTOR for comps, complete knowledge of the market in your area and experience. You will make much more money in the long run if you continue to use the same one and they find the great buys for you. Anyone who says that (good) REALTORS are not valuable is sorely mistaken. We make our clients tons of money!
We belong to not only 1 mls but 3 fee mls services. We have all comps at our finger tips and it takes us just minutes to know what a property is worth. You talke about going here, going there...who's got time to do that!???? What kind of "good deal" is going to still be there when you finally collect all of your "free" information? Of course and as alwyas....IMHO..
Quote: We belong to not only 1 mls but 3 fee mls services. We have all comps at our finger tips and it takes us just minutes to know what a property is worth.
Explain what you mean...
The Bank of AMerica web site has a property value function that is relatively accurate, and has numbers on about 70% of our prospect houses.
when you find a property and are about to drive by and look at the condition, peek in the windows etc. why don't you type in the address at.
h t t p : / / l i s t . r e a l e s t a t e . y a h o o . c o m / r e / h o m e v a l u e s /
this helps me a bunch especially when driving to see about 10-20 props in a day...
good luck
thanx to all of you out there that support real estate agents - have been a licensed broker for 15 years - but am ALSO a licensed REAL ESTATE APPRAISER - and i can't even begin to tell you how many times i have been used and abused to "pull comps" for somebody - actually a mini-appraisal - and never heard from them again - i put a great deal of effort into this - i have the databases and the knowledge to quickly and pretty acurately asses what a property's SELLING price range will be
am thinking about offering this as a service - any of you out there in the greater atlanta area that might be interested in saving yourselves potentially thousands of dollars on an inflated "wholesaler's" list of ARV'S?????
and what would it be worth to you - i.e., $$$$$
Quote:
On 2003-07-22 15:13, peachstate wrote:
Marina does comps for a living. Her service offers, sold, active and pending comps. Property and street history, also the tax appraisal information. 24 hour turn around.
All for $5.00 per property.
Hi, I saw your info posted on the site about comps for $5. Would you please share that website info. Thank you in ****Must Reach Senior Investor status before posting URL's***arolrichburg75@yahoo.com
email addrs: **Please See My Profile**