How To Run Real Estate Comps for Free [On Your Own]
If you are selling your house then you must know how to run comps. You need to run comps so you know exactly what your house is worth. Knowing the value is the most important thing when your sell your house.
Many homeowners rely on a real estate agent to run comps for them. Using an experienced agent with local knowledge can be invaluable. However, you should always double-check their work. AND THIS IS WHY!
Your house is your most valuable asset. Comps determine how much you will list your house for. AND ultimately how much cash you get when you sell. If the comps are wrong you could leave thousands on the table!
So, regardless of how you are selling your house:
- Selling with an agent
- FSBO (For Sale By Owner)
- OR even selling for cash to an investor
You must be able to run comps to determine that you are listing your house for the right price.
Does this make sense?
Can I run my own comps?
The simple answer is, YES, you can run your own comps.
As a real estate investor, I run comps on my own all the time. I run comps a lot because people call me asking if I will buy their house.
Running comps is how I determine my highest cash offer!
Therefore I must be accurate, AND because people are in a hurry to sell, I need to be able to do this fast!
You can do this too. And I am going to show you how.
Is it hard?
Running comps isn’t hard. All you need is 3 things:
- A simple video teaching you what to do (you will find that just below)
On this page, you will find a link to many FREE instructional videos. These videos will take you STEP BY STEP through the process of running comps.
This is exactly how I run comps for my real estate business. Therefore if it works for me it will work for you.
The first video is called:
This is how you run real estate comps in 30 seconds for free.
Let’s take a look at it right now. It’s not even 2 minutes long and by the end you will be able to start running comps for your house too!
What did you think? I dare you to give it a go by yourself. be easy on yourself. You may get frustrated at first. That’s ok.
It took me a while to get the hang of it. But let me say this.
If you know how to make a coffee then you can run comps too! It really is that simple. It just takes a little practice, OK?
One more thing. It pays to write down what you find as you go. Here is a simple worksheet you can download if you want.
How to Run Comps: Table of Contents
5 videos that will make you a pro when it comes to running comps including titles:
- Video 1: How to run comps in 30 seconds (a real live example showing you how simple it is for you to do comps on your own. You will learn how you can run comps on your own. Hopefully, you watched this one already.
- Video 2: How to Make adjustments when running comps. We look at what to do if a comp has more bedrooms. In short if a house has another room it is probably worth more, right? Another real-life analysis
- Video 3: Making advanced adjustments when running comps – we add a couple more elements like adjusting for the number of bathrooms or if there is a larger garage.
- Video 4: This video teaches you how to work out what your house is worth if you updated your kitchen or remodeled your bathroom. After video number 4 you will be running comps on your own, for free and as accurately as any of my real estate investor friends.
- Video 5: This is a real example of me running comps on a house that I purchased for cash in Denver.
This is exactly how I run comps for all my real estate investments.
Are you selling your house? What is your house worth?
If you are reading this then you probably answered yes OR thinking about it to the first question. To the second question most likely you have an idea but are not 100% sure… am I close? If you are thinking about selling your house fast and you want to run comps on your own the we have…
Your step by step guide to running comps without a realtor or agent
First, let me say this. I am very excited for you. Selling a house is often the beginning of a new chapter. In fact, it doesn’t matter if you selling because you are:
- Relocating for a new job (congrats)
- Too many repairs on the house (easier to sell-buy new if you ask me – working with contractors is like herding cats!)
- Maybe you inherited the property and being a landlord is not your cup of tea…
Regardless of the reason, and regardless of the condition of the property for example
- Completely renovated like a beautiful home on HGTV
- Selling a house as-is
- Selling a bad-looking, old and ugly property
it is imperative you run comps to work out what you can get for it.
AND the beauty of doing it on your own is that you are not tied to an agent and you know the numbers are legitimate.
Ok – so what’s the next step? Well…
Tthe next step, or the first step you, you must take when selling a property is determining what you can sell it for and to do that you have to run comps!
DID YOU KNOW THAT YOU ARE NOT ALONE?
IN FACT, last month more than 16,000 people ask the question “How do I get comps without a realtor and run comps on my own?” and a huge number of those people came here and found out how to do it!
SO without any more delays let’s take you through, step by step, this guide to run comps by yourself easily, AND MOST IMPORTANTLY – for free!
Did you run comps already? Do you want us to take a look too? No obligation - we just want to help
Maybe you ran comps on your own already but you want to double check them?
OR alternatively after you have learnt how to run comps on your own and you have worked out a fair price on your home we would be happy to verify those numbers too.
At Watson Buy we feel that getting another set of eyes on something never hurts. AND we are happy to do this for free, with no obligation at all. Just let us know what you need and we will get right on it!
Table of Contents
How to run comps on your own
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.
Real Estate Comps 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.
Now I will explain how to use this to run your own real estate comps for free! Its actually really easy.
To explain it I have made a video called:
“How to Get Real Estate Comps for Free – A Step by Step Guide Made Just for You!” (its the video just below).
I would recommend you watch the video called “How to run comps in 30 seconds“, first. Then come back and watch this one.
How to Run Comps on your own: Step by Step Guide
All the videos are below. If you want to learn more about running comps before watching them just scroll past them all and come back to them later.
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
Should I 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!
Online platforms to run comps
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:
- Enter Your Address.
- Find houses that sold nearby in the past 6 months (3 is even better).
- Filter for the number of bedrooms, baths, etc.
- Look at the pictures to compare the condition of your house to the sold property.
- 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?
I want to buy your house in Denver, CO
Hi there, me again (Shaun the real estate investor in Denver).
If anyone wants to give me feedback on the bathroom renovation above PLEASE DO! You can email me at [email protected] SUBJECT: bathroom reno advice.
If you want to write for us about anything real estate and have me post it on my blog you can do that too! Just follow the link.
I have money in the bank ready to deploy in Denver. The only way I can deploy this capital is if you sell your home to me. It doesn’t have to be the house you live in. We buy houses people live in as well as rental properties.
We can buy any real estate across the front range. We purchase houses in any situation and in any condition – even the ugliest houses on the block!
To whom it may concern... Not me 😉
By the way – Melissa Gray, Mandi Phillips, or any other of your team over there at Klemchuk LLP if you are reading this…
I have got together a group of 136 we buy houses companies across the country. It took me 3 hours to get 136. The power of the internet, email, LinkedIn, Bigger Pockets, etc rocks, right?!?
I tell you this because if I do hear from you guys in regards to makes ever again the next step will be to ask those 136 companies to also spend 3 hours. The goal is to drum up more support.
Why get more support. To get the cost down to 10 bucks each. Keep reading.
Recently 5 of us sat down with a firm that specializes (like you) in trademark law. The consultation was based on how to challenge a longstanding ugly trademark.
LONG STORY SHORT: Turns out it would cost us no more than $200,000 to challenge. More exciting was they were extremely confident in their ability to successfully challenge the marks you protect
Now the math again – it is pretty cheap – $200,000/18,496 = $10.81 each.
Figured I would put this here as reading this will be quicker and cheaper than writing me an email or letter. That said, you are welcome to reach out to me.
I must admit this would be an interesting challenge to be involved with so almost hope to hear from you. That’s why I put this here. My email is [email protected] I look forward to hearing or not hearing from you.
Either way is a win for me, right?!?
Happy Thanksgiving, Merry Xmas, happy birthdays, anniversaries, and the rest. I sincerely wish you and your team the best.