5 Ways To Find Good Comps

comparison Finding good comps doesn’t have to be a headache. In fact, it’s pretty simple, if you know where to look, what resources to use and who you can ask for help.

Hey Moguls, I’m Matt Andrews, and I’m excited to saddle up for my second rodeo here on Mogul.

Whether you’re a wholesaler, rehabber or another kind of real estate investor, you need to know how to produce solid comps and how to make that initial value assessment on your properties. And it all comes down to finding three properties similar to your subject property that sold within 90 days prior to you starting your comp search.

Who’s This Matt Guy, Again?

Just in case you don’t remember me (how could you forget so soon?!), I’m not only a real estate investor, but I consider myself a serial entrepreneur. I’m a growth hacker, film producer and I’m proud to say #1 bestselling author. Some of you may recognize my series, The Real Estate Investors Guide, the Real Estate Freedom Podcast or maybe even Real Estate Freedom. I’ve had the pleasure of appearing on CNN, Forbes.com and ABC News, and man were those exciting moments!

When I’m not plotting the next best, cutting-edge real estate strategy, I’m spending time with my beautiful wife, Lindsay, traveling the world, helping our community and working with some amazing charities that are close to our hearts.

Enough about me. Let’s talk comps…

Characteristics to Consider

So, how do you know if you’re getting into a good deal? The answer is simple.

By finding good comps. And here are the property factors to consider when searching for you comps:

Age
Construction
Amenities
Neighborhood
Square Footage
Zoning
Taxes
Property Condition

Now that you know what to look for when it comes to running comps, how about the where?

My Top 5 Resources for Good Comps

Zillow – This is typically my first stop. Scroll down to find the most recent (similar) sales, and be aware that the values aren’t 100% accurate. But Zillow offers a great starting point. Again, be sure to focus on properties that have sold within 90 days of your search.
Eppraisal – This is a solid source, for sure. It doesn’t offer as much information as Zillow, but use this one as a backup. Check it out to get a second opinion.
MLS – It’s a tried-and-true resource but one that has limitations, because you can’t access properties listed by private owners. Bummer, I know. But if you’ve got strong relationships with Realtors (and you should), have them run reports for you regularly. For them, it takes no time at all. And you could give them a referral fee for their time and effort.
County Property Appraisal Sites – Search properties by address or owner to find history of sales, assessed values, tax information and how much your property last sold for. These sites will offer insight into your property, even if they don’t offer comps directly.
County Property Taxes Collector Site – These sites are similar to the last one, but focus more on taxes, obviously, offering ammunition to support the comps you find elsewhere.

You’ve Got the Power!

Listen, do your due diligence, gather as much information as you can about your properties, and produce solid comps to help your real estate investment business explode!

{Mogul Elite: Download the transcript of this lesson in the Power Pack Tool section}