You've used PropStream's robust database to create a targeted list that you've sent personalized emails and postcards to.
What's the next step now that you've found someone who is ready to work with you? Determining the home's value! This is where our Comparables & Nearby Listings feature shines! Pinpoint specific neighborhoods and compare relevant properties using our enhanced filters. Use both public record and MLS Sales Data to build a well-rounded and comprehensive report. Finally, download your comp report as an easy-to-read PDF!
To learn more about how to run comps on a property using PropStream, check out this video:
To run comps on a subject property, click on the comparables & nearby listings tab. “Comparables” is a collection of public record sale data and MLS data.
The other tabs are included as situational information for nearby properties. They allow you to quickly see the other property types and situations in the nearby area. Click on a Tab to automatically view comps based on that criteria.
Default Search Filters
By default, PropStream uses predefined criteria to automatically run generalized comps. These default criteria are: the property must have sold within the last year, be within half a mile of the subject property, and have the similar square footage of 20% more or less than the subject property.
The default criteria are highly customizable and should be adjusted to fit each subject property’s characteristics, location, and situation.
You can choose to run comps with Public Record data, MLS data, or a combination of both. Public Record sales provide access to all transactions, even ones that were never listed on the MLS.
MLS data provides access to only what has been listed with an agent on the MLS. You can also use both datasets to combine the accuracy of public record data with the recency of MLS data.
Disclosure and Non-Disclosure States
Depending on the state you are working in, your access to the actual sale price of a property as recorded in public records may differ. Most states are disclosure states, meaning public record data for property sales prices are fully disclosed, or made available, to the public.
There are 12 states that are considered to be non-disclosure states. In these states, the actual sales prices are not published on recorded documents, and therefore, are not available to the general public due to state laws.
Due to this, PropStream provides estimates for public record sales prices in non-disclosure states.
Comping in Disclosure States
In disclosure states, public record comps identify the actual sale price as reported in the county assessor’s office. MLS data will allow you to utilize a more recent window of property sales and listings in the area.
You have the ability to control the public record sale situation to include cash transactions, properties financed by a bank, and more. Active, contingent, and pending listings will provide you with the actual price listed on the MLS, but sold prices will be estimated.
Comping in Non-Disclosure States
In non-disclosure states, public record comps are estimated. Just like in disclosure states, you’ll have the ability to control the public record sale situation to include cash transactions, properties financed by a bank, and more.
MLS data gives you access to the actual prices for active, contingent, and pending listings, as well as estimated sold prices.
Comps Search Filters
Add and adjust search filters to create the most accurate comps possible. For comps that rely heavily on location, determine a search area with the draw tool. Once you’ve applied your search filters, your results will narrow down. Use the scroll bar at the bottom of your screen to view more information.
Your comps are now complete! You can view the average sale price, price per square foot, and average days on market. Make sure to save your comps so you can view and edit them later if needed.