Brace yourself: The MLS is NOT the best sources for comps.
I know, I know, that’s a big statement. But that’s what I think…
And I think that because the whole MLS system is super secretive and confusing—and I’d know because I’m also a licensed Realtor with access.
See, much of the information that you really need is totally inaccessible on the MLS.
But what else is out there for comps?
Well, in markets where I do deals, I’ve found that it’s difficult to get data for sold properties from sites like Zillow or Realtor.com.
So, where do I get comps?
My secret: Redfin.com
Because it has ALL the info I need—for free—and it’s user-friendly. You can find all the data you need and even download it into a spreadsheet. 🙂
It’s got super valuable listings info including:
- price drop
Redfin has a plethora (fancy word) of data because they pull info from the county records and from the MLS.
You have everything you need on Redfin—that’s why I like it so much… so much in fact that, even though I have access to the MLS, I prefer Redfin over the MLS.
And my VAs obviously use Redfin too.
All you need is a few minutes to pull the info on the site and you should be able to make a pretty solid offer based on the comps you find there.
Don’t spend more than a few minutes… because if the offer you make based on Redfin comps is accepted… but after more thorough research, you see it’s too high for the amount of work the property needs—you’ll just renegotiate.
Don’t overcomplicate this, folks.
Now swim on over the Redfin and get to comping.