Unleash the Power of Comps: Your Real Estate Deal-Maker πŸ‘πŸ’°

Greetings, fellow real estate enthusiasts! Today, we’re about to spill the beans on one of the most crucial aspects of your real estate game: comping a property. If you’re new to the world of real estate, comping might sound like a mysterious art, but fear not, we’ve got the inside scoop on a killer comping strategy that will set you on the path to success. πŸ’‘πŸ‘

Why is comping so important, you ask? Well, let me tell you. Comping a property can make or break your deal. It’s not just about finding out what a house is worth; it’s about understanding how to market your deal effectively and negotiating with both sellers and buyers. If you don’t get comping right, you might be leaving money on the table or, worse, losing deals altogether. πŸ˜±πŸ’Έ

So, let’s dive into this comping strategy that I’ve got in my back pocket for you. Here’s how it works:

  • Start with your subject property and head over to good ol’ Zillow.com. Plug in the property’s address, and voilΓ , you’ve got it.
  • Zillow is not just going to give you property details; it’s going to zoom you into the city and state on a map. You get to see the lay of the land, literally. πŸ—ΊοΈ
  • Now, here comes the magic: In Zillow’s filters, switch from “houses for sale” to “houses that sold.” Bingo! You’re now looking at a treasure trove of sold properties in the area.
  • Here’s the real trick: Find properties that match your subject property as closely as possible. Look for similar bed and bath counts, square footage, and try to keep them within a quarter to a half-mile radius. These are your comps.
  • Now, you’re looking for a specific combo of five comps:
    • Three properties that represent the average condition of houses in the area.
    • One property that’s a standout, an absolute gem, immaculate, and worth a lot.
    • One property that’s, well, let’s call it the “diamond in the rough,” in less-than-stellar condition and sold for a fraction of the others.
  • Once you’ve identified these five comps, you’ve got the ammunition you need. Now, focus on the three average properties. Calculate the price per square foot for each and then take their average. This gives you your After Repair Value (ARV). πŸ“ŠπŸ 
  • Now, here’s where the strategy gets even more interesting. Take that standout, high-priced comp and bring it up when talking to potential buyers. It’s a powerful tool to demonstrate the property’s value and demand a higher price. πŸ’°
  • Conversely, use the “diamond in the rough” comp when negotiating with sellers. It’s not about haggling, but rather instilling doubt in their mind about their property’s value in its current condition.

So, there you have itβ€”a comping strategy that’s like a finely tuned instrument for your real estate endeavors. Armed with the ARV, you’re equipped to negotiate with both sellers and buyers effectively. πŸ€πŸ’Ό

Remember, comping is not just about numbers; it’s about strategy. It’s about wielding information to your advantage and making deals that work for everyone. So, go ahead, give this comping strategy a whirl, and watch how it transforms your real estate game. πŸš€πŸ‘

And of course, don’t forget to use those emojis to keep the conversation engaging and your deals flourishing. Happy comping, fellow real estate rockstars! πŸ˜οΈπŸ€‘πŸ”‘

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MEET OUR ALL-INCLUSIVE PACKAGES

Our All-Inclusive Packages are EXACTLY what you need if you are looking to oursoruce your marketing and lead generation to an experienced, professional, and effective team.Β 

We take care of everything from list pulling and skip tracing, to marketing, sales, and lead gen so all you have to do is follow-up and close deals.

β€œOursourcing my marketing with Lead Mining Pros was the best decision I could have made. I actually have time now to work on closing deals and coordinating my transactions, and am getting tons of warm leads on a silver platter.”

- Evan S.

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