So you’ve run your filtered search – you’ve applied location, property type, building and lot, sales, and/or debt filters, and have successfully narrowed your search down to a single property of interest. Now, you want to find out if and how many other properties there are that appeal to you on the same level as your subject property of interest.
Luckily, to do so, you do not have to rerun a search from scratch to re-find similar properties, and continue to do so each time you want to search for a new individual property. Reonomy real estate comps let you immediately view properties of similar value to that of an individual property of your choice.
About Reonomy’s Real Estate Comps
While sales history is a large part of generating comparable properties, value is assessed based on a combination of many factors, not just sale price.
Real estate comps are generated based on factors such as market conditions, locational characteristics, and physical characteristics. Market conditions typically revolve around the price trends of the market which a property exists. Locational characteristics revolve around whether a comparable property is under the same locational influences of the subject property. Physical characteristics are the building-level specs of your subject and comparable properties, such as building size, age, and so on.
The properties that fall within a close geographic distance to that of your subject property and have comparable market, locational, and physical characteristics will be the ones that appear in your list of comparables, as they are looked at as the properties that have the most similar value to you in your search.
To show you how to find the most valuable real estate comps, we’re going to run through:
- How to access comps →
- How to use comps to capitalize on existing market knowledge →
- How to utilize table view →
- How to broaden your comp search →
- How to tighten your comp search →
How to access comps:
Once you’ve analyzed a property profile page enough to know that you’re interested in it as a potential asset, you can begin your search for comparable assets. Within the Building & Lot tab of a property profile page, in the section titled Building, see the Find Comps button.
To quickly view comparable properties to the one you’re currently viewing, click the Find Comps button.
You’ll be presented with a list of filtered results, similar to your original search, only with more granular filters that have been added automatically.
From here, you can again begin to dive into individual property profile pages to compare different properties more explicitly. Scroll the list and click the individual properties that you’d like to compare to your original, subject property.
How to use comps to capitalize on existing market knowledge:
You can use Reonomy’s real estate comps to search comparables on properties that you are already familiar with. For example, let’s say you are an investor targeting multi-family homes in Austin, TX, and already have five properties that you know are perfect targets for your portfolio. One way to capitalize on real estate comps is to start your comp search with one of those five properties. This is a quick and easy way to use your existing knowledge of specific properties to uncover more potential opportunities.
How to utilize table view:
After you’ve generated a list of comps, another great tool to utilize to compare multiple properties at once is the table view feature.
The table view allows you to see a list of properties without the active map view, so that you can see the same piece of information for many different properties, all at the same time.
While viewing your comparable properties as a table, you can click the address of any property in the list, to jump to its property profile page.
You may also sort each column high-to-low, or vice versa, to see your property list in a specific order.
How to broaden your comp search:
At any point in your comp search, you can click into the search bar at the top of the page, and add or take away filters. Your ability to customize does not change at any point in any property search. If you feel that your list of comparables is too broad or too narrow, you can simply take away or add the necessary filters to change your results to varying degrees.
If you think your search is too narrow, for example, simply remove some of the filters that were added when you ran your search for comps. This will, in turn, generate more broad results.
How to tighten your comp search:
Perhaps you’ve run a comp search and found that the focus area is instead too broad. To narrow your search down to a more refined geographic location, you can use the map area tools such as the draw and radius tools to tighten the range of your comp search.
You can also add more filters – perhaps more building and lot or sales filters, on top of what is already there, to make your comp search even more granular.
Real estate comps are there to lay the groundwork for you to continue your search and dive much further into markets, without losing any of the flexibility available on Reonomy’s search platform.