Need to Find Comps on Zillow?
We have all seen Where Can I Find Comps posted in Facebook groups more often than it should be asked by the industry. This is one of the first things any Real Estate Wholesaler learns how to do. If you can’t determine value it will be difficult for you to close any deals. You can find comps on Zillow. Here’s how
How to Search
I prefer the app since the map can expand, move, etc., easier than online in my opinion. You need to search online until you have a better understanding of value. You have options online that you don’t have on the the app.
When you get to Zillow type in the address of the property. This will open a map with listings on the side. You should minimize the listings on the side so the map is full screen.
Once you have a full screen map explore the menu just above the map. Here you can select the parameters of features, amenities, sales date, etc. You need to check the sold box and uncheck everything else.
Now that you have only the sold box checked click on the more tab above the map. A dropdown screen will give you the option of selecting a date range for recently sold. Choose the date range your market has accepted as the standard for comps in appraisals. This will help you narrow the search so you can see recently sold instead of all historical sales.
Good Practices Finding Comps
It’s always a good idea to find comps that are the most similar to your deal. When you search it’s a good idea to add parameters to your search. If you have a 3 bedroom house with 1,500 square feet you need to find similar 3 bedroom houses.
A general rule of of thumb is to have one comp with nearly identical square footage, one comp that is smaller in size, and one comp that is larger in size. It likely won’t do you any good to pick the highest comps for your deal. Your credibility may suffer with potential buyers as well. It’s vital to do a correct analysis so you appear more professional and knowledgeable. The point is if you send investors 4 and 5 bedroom houses as comps thinking they will agree they are similar to a 3 bedroom, you will not last in this business. Real Estate moves quickly. By having accurate information to support value will get your deal bought more times than throwing it out there with inflated information and pricing.
Always compare apples to apples for as much as you can when you find comps on Zillow.
There really isn’t too much that goes in to finding comps on Zillow however, many people struggle to find comps. Now that you have seen how easy it is to find comps you should be able to close more deals.
