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How-to-run-real-estate-comps-for-free

Do you want to run real estate comps for free?

If you said yes then GREAT! Because I will show you exactly how to run comps by yourself for free!

Ready?

How To Run Real Estate Comps For Free

Table of Contents

INTRO: Running Real Estate Comps Is Easy But...

To run real estate comps all you have to do is find houses just like yours that sold recently. There are many websites, that a free, that you can use to find comps such as:

You can absolutely use the information you find on these websites to run your comps. They have up-to-date lists of recently sold houses. You can filter to find houses that sold in your neighborhood (very important) AND filter for houses that are the same size.

When running comps on any property it is best to find sold houses that are also in the same condition. To do this you will have to look at the photos that are associated with the house that sold. 

So it’s that easy, right? BUT?!?

Here’s the but…

It’s not always possible to find houses exactly like yours. Maybe the comp right next door but it could have more bedrooms, more baths, or be completely renovated.

What then? How do you run real estate comps when there is nothing similar to what you are selling?

Before we get into more difficult situations let’s stick to the basic process.

How to Run Real Estate Comps for Free - Worksheet

The first thing you should do when running real estate comps is get yourself a worksheet. It can be on your computer or on a piece of paper. If you like you can use this one for FREE. 

Basic-Real-Estate-Comp-Sheet-FREE

Now I will explain how to use this to run your own real estate comps for free!

AND to do this I have made a video called:

“How to Run Real Estate Comps for Free – A Step by Step Guide Made Just for You!

Video: "How to Run Real Estate Comps for Free - A Step by Step Guide Made Just for You!

I will take you through a real example of running comps for a house. 

At the end of this video, I guarantee you will have the confidence to run comps on your own!

You just have to promise to give yourself some time to watch the videos and practice a little. 

Running Comps For Free Pro Tip

When running comps on your house it is very important you look at the photos of the sold houses. 

The reason you look at the photos is to see, in more detail, the condition of the inside. For example photos of the kitchen will let you see if it is renovated or not. Same goes for the bedrooms and bathrooms.

The best comps will be in the same condition as your house. If you cant find comps in the same condition then you will have to make adjustments.

We demonstrate this in the video below.

VIDEO: How to Pull Comps For Free Part 2

VIDEO: How to Get Real Estate Comps For Free Part 3

VIDEO: How to Run Real Estate Comps By Yourself For Free Part 4

Do I Need To Run Comps On My House To Sell It?

Do I Need To Run Comps On My House To Sell It?

Absolutely! AND here’s why.

Comps tell you what your house is worth. Running comps is an objective way to understand the true value of your house. 

Think of it like this. If you guess the value of your house is $100,000 then if someone gives you $100,000 then you are happy.

But what if you run comps and find out your house is worth $400,000? 

Imagine if you didn’t run comps and sold it for $100? You just missed out on a ton of cash!

Therefore running comps on your house really matters!

How Can I Run Real Estate Comps On My Own And Not Pay Anything?

To run real estate comps and not have to pay you can use any online platform like Zillow or Realtor.com. Once you are online do the following:

  1. Enter Your Address.
  2. Find houses that sold nearby in the past 6 months (3 is even better).
  3. Filter for the number of bedrooms, baths, etc.
  4. Look at the pictures to compare the condition of your house to the sold property.
  5. Right down the sold price of at least 3 houses and calculate the average sold price.

The average price of the sold houses is the estimated value of what your house will sell for. 

This is how you run comps on your house for free?