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 the specific neighborhoods and compare relevant properties using our enhanced filters. Finally, download your comp report as an easy-to-read PDF!
To run comps in PropStream, you must first go to the property details. Next, locate and select the “Comparables and Nearby Listings” tab. This feature will give you four datasets to comp with, as well as other listing types to potentially find your next lead.
For now, let's focus on just the four datasets for comping. The comparables option will provide you with local public record sold data, which are officially recorded sales from the county. It will also give you access to MLS data such as active, contingent, and pending listings.
The flip comps option will provide you with records of properties that were bought and sold within 24 months, giving you an idea of what local investors are purchasing and selling their investment properties for. The neighboring option will provide you with the 100 neighboring records based on their proximity to the subject property.
This would be great for properties in a gated community or with very rare architecture that only the neighbors might have. The cash buyers option will provide you with records that were identified to have had a cash transaction at the time of the sale.
This could be used to identify as-is-values or to simply see how much cash buyers are willing to pay when it comes to properties in the area. Once you have selected a data set, there will be several filters to use to find the most accurate comps possible.
These filters will allow you to adjust the sale/date range, apply a minimum and maximum bedroom, bathroom, year built, and square feet. You can also select between MLS and public records sold data by using the status dropdown menu.
By default, it will be sold, but feel free to select active, contingent, or pending listings to see what current listing prices are or to identify how the market is trending. Next is the public records sale situation dropdown menu.
This feature will allow you to isolate specific record types such as a cash buyer transaction or a property that was financed by a lender. Please note that each sale situation will be color-coded. You can find the color legend below the map.
Public record multi-parcel sales will give you the ability to include records that show multiple properties being purchased at the time of sale or to exclude them so that you only see records of an individual property being sold.
Distance by default is set to half a mile, but feel free to lower or increase your search radius by simply typing over the value already there. The property class dropdown menu will help you isolate properties that have the same classification as the subject property you are working with, while the property type will help you isolate the specific type of property, whether it be single-family, condo, townhouse, or any other possible property type.
The last filter is the subdivision filter option. Type in a specific subdivision by name. Below the filter option will be the map that will show you the location of the comps within the search results. The map will have several tools for you to use from the draw search feature at the top left, which will allow you to create your search environment or get a larger view of the map.
Maybe you'd like to take a look at the property using “Street View.” Remember, your results will vary based on the variables that you've applied in the filtering section.
Now, you will be able to see how many results have been identified. The average sale price, the average price per square footage, and the average days on market. The summary values will change based on the results selected below.
Within the results, you'll see the address photos of the properties that sold, giving you an idea of their condition, along with other important information such as the sale date, sale amount, and property characteristics. Headers can also be moved around to any desired location and customized by selecting the “Edit Column” icon.
Once you've identified the best possible comps, you can now select save comps, which will save the property and the filters you've applied. "Add To Lists" will take your selected comps and place them in a marketing list, while actions will let you generate and view a comps report.
Add any property to your favorites folder, or export your comps to a CSV file. The Comps Report will be a great tool to help educate your sellers or buyers by showing them your research, your filters, values, and most importantly, pictures of the comps.
Please be aware that in non-disclosure states, the public records sold values are estimated values due to state laws. We hope that using our comparable datasets along with our filters will allow you to isolate recently sold properties that are nearly identical to the subject property.
We hope you enjoyed this video. Check out the rest of our video library for more quick tips and tricks!