Comps


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In the real estate business, it is important to have information on the right properties in order to determine the value of a target property. If you don’t have the right information or choose the wrong houses, you might set the price in the wrong range. When you are researching comps, there are four ways of gathering information.  You can do research, do internet searches, hire service companies, or access multiple listing services.

Doing Research

When you are executing your own search for comparable properties, there are four main places to look. The first is the courthouse. In a lot of states, properties that are for sale are required to be listed at the county courthouse. While you are there, you can also look up the property’s history. This will better inform your buyers about the property. The second place you can look for is the the newspaper. Sellers list housing information in newspapers all of the time This a quick and easy source for you to look in. Third, try going to the tax appraiser’s office and asking for information regarding the appraisal of the properties you have selected. The fourth and best way to gather information about comparable homes is to master your neighborhood areas. That means a lot of research ahead of time attending open houses, talking to real estate agents, and viewing multiple floor plans.

Internet

Across the internet, there are great sites on the real estate values in certain neighborhoods. While all of them may not give you an exact match for what you are looking for, many of them can give you a price range for the neighborhood as a starting point. Some of the real estate sites include: Google, Yahoo, Domania, and Realtor. Try searching one or all of them until you gather enough information to make an honest approximation on the value of the property.

Service Companies

There are many service companies out there that provide property values and sales information to real estate agents for a fee. Depending on the company, this information may come in a CD, specialized software, an online database, or a mix of the three. The usefulness of these sites varies among states and territories. You can easily find there companies by searching on the internet.

Multiple Listing Services

These services were put together to give real estate agents across the nation access to information on available properties. By linking together properties and agents, more places are sold quickly and efficiently. Each property on the MLS lists its value, amenities, and assets which gives you more information to work with.

When your real estate business is selling or looking at investing in new properties, using MLS, service companies, internet, or hands-on research will help you have the most accurate information available. The accurate approximation of a property’s value will not only help your clients, but it will also help your business’s reputation. For more information on the real estate business, comps, or real estate investment, look us up at Homevestors.com.

 

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