Why Running Comps is More Powerful Inside of REI BlackBook
When you are analyzing potential deals to purchase in your local real estate market, running comps is an important part of the research process.
Here at REI BlackBook, we are constantly innovating to remove obstacles and make it easier for you to run your business.
Our Director of Marketing, Josh Arras, shot this short video to show you our newest feature update in action:
Just in case you aren’t familiar:
Running or “pulling” comps (or real estate comparables) simply means you are finding similar homes or similar properties to help you understand what a home is worth.
Finding what recently sold properties went for in the local market helps you determine fair sale prices and therefor helps you make fair offers and close more quickly and with less hassle.
Usually, investors are at the mercy of real estate professionals (like real estate agents) to pull list prices of sold homes from the MLS.
And that’s why we are so excited to announce a brand new feature we just released inside of our software!
You’ve always had the ability to run comps when you add a property inside of your REI BlackBook account…
But our newest feature update allows you to see even more information about the property than ever before.
This includes the name of the property owner as well as their mailing address.
Why Pulling Real Estate Comparables is More Powerful Inside of REI BlackBook
So, what is it that makes having this information so powerful?
It allows you to see at a glance whether a property is owner occupied or absentee owned.
When you are armed with this information, it helps you identify potential pain points for the owner and will inform the messaging in your marketing and help you further tailor (and improve) the customer experience.
How to Analyze House Comps Inside of REI BlackBook
When analyzing a property, you have the option of either manually adding a property to your property pipeline or using our “Quick Analyze” tool.
This tool can be found in the bottom right corner of your dashboard.
Once inside of the Quick Analyze tool, enter the address you wish you research and click “Show me the comps”.
(NOTE: You also have the ability to check the box to add the property to your property pipeline, if you like.)
You then have the option to select “Map” or “Satellite” view.
You also have the option to hide or show any of the different types of comps.
Select the comps you’d like to use by clicking the pin and checking the “Use” box.
Then scroll down to analyze the data.
You will see information such as the max allowable offer as well as the average price the comps sold for.
And the exciting new feature we just added:
In the top right corner of the Comps tab, you’ll see the property owner’s name and mailing address.
If the mailing address is the same as the property address, you know this property is owner-occupied and can tailor your marketing accordingly.
In addition to the property owner and mailing address, you can see tons of other useful information such as:
- Last sold date
- Price sold for
- Square footage
- Bed/bath count
- Year built
- Tax info
We wanted to make sure you were aware of this new feature so you could put it to use the next time you are analyzing a property.
As always, you also have the analyzer tool available to you:
This tool can help you analyze properties based on purchasing assumptions such as whether you plan to fix and flip, wholesale or treat the property as a lease option as well as financing strategies.
For more information about how to use the Analyzer tool, read this article.
Next time you research a property, be sure to use these features available inside of your REI BlackBook account.
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What You Should Do Now:
- Get started with REI Blackbook for FREE: Get 14 days FREE access to our software and start converting more leads into deals.
- If you’d like to learn the exact strategies our power users are implementing to generate motivated seller leads consistently, check out our Motivated Seller Guide.
- If you’d like to learn how our team can build out your REI Blackbook system FOR you, head to our implementation page.
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