Real Estate Investors are always looking for the greatest resources on how to find the value of a property without the MLS. This article includes several resources that you can use to pull comps without a Realtor. You can use these in your real estate business to find comparable sales for your properties. You can even bookmark this page for quick reference in the future.
There are a lot of websites out there that are super cool and useful to determine real estate comps. If I’ve left one out that you know of, please message me and tell me about it! We all know as real estate wholesaling investors we’re always trying to figure out how to find real estate comps. I’ll be happy to add it this article.
This is always a challenge for investors if they don’t have the MLS comps, and it’s also very much a critical part of the deal analysis process.
Nothing compares to having the MLS as a resource for pulling comparable sales and doing market research. There are a few websites that you can use to pull the information so that you can make an educated estimate of the value of the house.
Pulling the Right Real Estate Comps is an Art Not a Science
There’s enough data online for you to conclude what your subject property is worth.
One thing is for sure, you have to have comparable sales data to determine ARV* [See the Acronyms guide below] and if you don’t want to invest your time and money into getting a real estate license, then you have to do the research to come up with a dependable number. You may have to use all 3 sites to pull data from.
What you need to understand is how to determine ARV without the MLS. First find the MOST comparable sales. This is the most time-consuming part. Then, enter the data into a spreadsheet. Once entered it will calculate the average price per square foot and then multiply that by our subject property to determine the estimated value.
Remember, finding ARV is an art, not a science. The art is in selecting the right real estate comps to use in your valuation. Choosing the wrong one can certainly throw everything off and start a domino effect of wasted time.
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This website is kinda cool. Aesthetically speaking, it’s not the best looking website, but if you’re there to do comparable sales research, then I think you’ll find some of the features of this website quite helpful.
This sire gives you the list of comparable sales with all of the commercial real estate data right there. No need to click back and forth checking for dates. Pretty nice feature! On the bad note, there’s no photos, so you can’t compare condition, house type, or see any data from the MLS (like you can on Zillow).
Quite similar to Zillow, but with a few more tools that are helpful to investors. It will give you comparable sales pinned on the map close to your subject property. It will also give an indicator light to tell you what type of transaction the sale was (cash, Retail, Private lender). If you need help with offers, there’s a graph on the left hand side of the screen that will tell you how much to offer your sellers based on a percentage of market value.
If you’re like me, you’re always trying to find out how to find the value of a property without the MLS! I mean, who wants to have to ask a Realtor what the value of a house is every time you get a motivated seller lead?
I’m constantly checking out websites and mobile apps to find one that seems pretty reliable when it comes to information about the property and most importantly, one that will give me COMPS!! I like to go with the standard “3 Actives, and 3 Solds”, that have sold within the last 6 months, that are within .25 mile. I also like to check for LOW comps to see what investors are paying for dumps in the neighborhood.
I’ve found the PERFECT mobile app for this! Believe it or not, it was even featured in the Realtor Magazine this month. Lucky for us, though, it’s available to everyone. This app has to be my favorite so far.
HomeSnap – Comps for Investors
It’s so easy to use! All you do is TAKE A PHOTO of the house when you’re standing in front of it. It will identify the property address, and instantly pull up information about the house. Bedrooms, Bathrooms, Square feet, etc. It will give you MLS history, and EVEN pull up ACTIVE AND SOLD properties that are COMPARABLE.
You’ll be able to view the photos of the comps, even the interior photos! How cool is that????
If you’re not at the property and can’t physically take a photo, you can enter the address manually and the same thing will happen!! It’s kind fun to take a photo and watch the app identify the house.
Listen up!! If you have bird dogs looking for vacant properties, have them install this app! All they have to do is take a photo of the house, and they can send it to YOU via Email or text. Attached to the message will be the property address, details, photos and COMPS! WOW. The possibilities for new ways to generate leads has just opened up! THINK ABOUT IT…..
So do you want to know the name of it? I know you do!
Go get it. Go get it right now. And Leave your comments on THIS page with your thoughts. And if you know of someone who wants to know how to find the value of a property without the MLS, share this article.