Your Guide to Comping Wholesale Properties

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hey guys welcome to batch tv my name is
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landry morby and in this video we’re
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going to be jumping into comping within
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batch leads hopefully by the end of this
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you have a little bit more confidence
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when you comp your next property so my
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main goal for these videos is to provide
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value and simple tips and tricks that i
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know that you can easily apply to your
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own business so let’s jump into it by
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the way quick disclaimer that some of
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the information in this video may be
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blurred out for privacy purposes but
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you’ll be able to see everything in your
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own account so don’t worry about that
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[Music]
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so in my batch leads the great thing
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that we’re going to be going over in
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this video is that you can access the
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comping tool from multiple different
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areas so you can find it in properties
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through your saved addresses in your
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database you can comp properties if you
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pull up a specific address or you pull a
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list through list search nationwide and
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you can also do it if you’re texting
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somebody maybe they reply back to you
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and they throw a number out there of a
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price they have in mind that maybe
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they’d sell for you can pull up the
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address and use the comping tool right
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then and there so i’ll show you guys
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those things a little bit later but
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we’ll go into properties first
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and show those examples
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so here i’m just going to grab one of my
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addresses all you have to do is click on
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that that property to open up the
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details so let me just grab that all
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right so i’m going to go to this
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property i have saved in my account so
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once you click on that address you’ll be
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able to open the details and see things
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like when it was built how long they’ve
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owned it you can see this person has
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owned this property for over 20 years
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which is crazy
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and the last sale date the last sale
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amount so this owner bought the property
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back in
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2002 for 170 000
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so let’s dive into the comping tool this
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comparables tab that you’ll see on your
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account
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and let’s start comping so before we do
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i do want to bring up some quick ground
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rules which are super important that you
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just want to keep in mind and i know
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that they can vary just depending on the
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market you’re working in so what i’ll
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share with you is not an end-all be-all
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but it’s definitely a great place to
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start when you’re jumping into this um
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to give you an idea to find that good
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comp a lot quicker
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so here’s this quick little note if you
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want to pause the video you know take
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note of this we’re going to be looking
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for comps that are within a quarter to a
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half mile of the property in question so
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i want it to be close
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and of course you know just we could
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start it out broader and narrow it down
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but i do want it to be as close as
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possible and then i also want the
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comparables to be sold within the last
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three to six months so i don’t want to
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be looking for anything that’s pending
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or even that’s active i’m looking for
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sold
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in a short amount of time we can adjust
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that just kind of depends on how hot the
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market is in your area
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we also want to be looking in the same
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subdivision an appraiser would never
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leave a subdivision and we’re trying to
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comp like an appraiser
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you also want to be staying within plus
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or minus 200 square feet of the property
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so you don’t want it to be too much
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larger or too much smaller
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you want it to be the same property type
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so if you’re looking at a ranch home
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you’ll be comparing with another ranch
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home or single family with single family
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mobile home with mobile home
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and then do not ever cross major
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crossroads i know it can be tempting
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when you see something that sold for a
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really awesome price and you know maybe
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if it’s even within that half mile but
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it’s right across a big busy highway
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you have to stay away from that and then
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you want it to also be within 2 500
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square foot of the lot size so once
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again not too much larger or too much
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smaller
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and then same levels or stories so if
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you are looking at your property in
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question it’s a one story you will
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definitely not want to compare with two
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level properties and then also if you
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run into any comps that have a pool and
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yours doesn’t or vice versa same thing
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with if your comp has an extra or you
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know less number of bedrooms and your
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property you know has a different number
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then you have some adjustments here too
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that you can kind of keep in mind so
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plus or minus 10 000 adjustment off of
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that estimated value if they do and you
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don’t have a pool you know or you know
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the other way around
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same thing for the bedrooms but for 5000
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around there so let’s start adjusting
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some of these filters kind of keeping
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those ground rules in mind
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so looking at the property i have up
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here let’s just expand this you can see
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it’s a two level property just regular
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a single family home residential so
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we’re gonna go down
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and set i’m looking for residential
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comps
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single family
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down for the mls data we’re going to
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take off active and pending so if you
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want to think about it this way this is
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how i think of it
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actives are like wishes
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pendings are maybes and sold is just
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what it is so once again you don’t want
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to be comparing with properties that are
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active for a certain listing price that
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could maybe not even sell for anywhere
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near that listing price it could be you
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know selling in the future for way less
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or way more even same thing with pending
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so that’s kind of a maybe
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range you only want to be comparing with
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properties that have indeed sold within
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this time frame so we want it to be
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recent and
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this can vary just once again depending
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on how hot your market is so we’ll do
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three see what we get um maybe we’ll
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start with six we’ll go down to
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three and you know if it’s too large of
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a number we’ll start with six here just
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to see what we got
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and then this i didn’t bring up in those
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rules the built within a number of years
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just because some investors
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are comparing only with properties built
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within 5 years some do 10 some even do
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20. and it really just depends again on
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what market you’re in the types of
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properties that you’re comparing with or
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that you have in question so i’m just
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going to leave it right in the middle
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because you want to be thinking about
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when a property is built in a different
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you know time frame you’re dealing with
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a different hvac roofing things of that
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nature so i’ll just keep it right in
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between but you can adjust that just
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depending on what you’re looking for
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and then we’re going to go down to the
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location and i want this to be pretty
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close we want to do a half mile
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and see what we get there and you can
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see down in this section here before we
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hit the filter button
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this is going to be where it will show
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you
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just move this bar over
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so this one that we’re looking at does
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not have a pool so here’s the section
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right here if you wanted to you could be
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filtering out with properties that do or
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don’t so you don’t have to worry about
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the adjustment that is there so many
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different things you can use to filter
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those comps but i’m going to do the
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stories we’ll leave the pool alone
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there’s not too many that do have one
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so i’m gonna do two stories i once again
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do not want to be comparing with one
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level homes when mine is two levels
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so we’ll click filter and one thing
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you’ll want to notice here as well are
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these quick filters definitely check
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these out this can give you a really
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really great idea of what else is
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happening in this area like right here
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there have been seven cash transactions
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now i haven’t filtered this out but
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still you could pull these up and this
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can give you ideas for other properties
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that you want to invest in you know the
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let’s move this bar over so you can see
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some of the other options
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if any have been financed if any are
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free and clear owner occupied absentee
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owner so don’t forget to look at this so
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that you’re not missing out on maybe
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potential opportunities in the future
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so let’s go ahead and click filter we’re
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just going to see this go down so right
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now there’s a total of 24 comps popping
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up and when i hit filter let’s see what
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that changes to
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perfect so this has switched over to
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nine
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and let’s just take a look at the map
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this one is a little
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kind of like a gray area because this
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road right in between kind of looks like
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a main road but then the rest of this
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neighborhood looks like it’s the same
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area so i’m just going to try to focus
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on this spot over here there’s just a
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couple across that street but you know
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keep that in mind try to stay as close
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as possible same subdivision
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it does look very similar though
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if you want to as well just showing what
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else is on this map
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you can use this boundary tool on top of
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your filters to narrow it down into that
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specific subdivision if you just want to
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focus on those in this bottom list
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of those comps so let’s just do that to
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keep it really straightforward
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and grab this section here
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and we’ll just grab those
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so now we’re just going to focus on
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those
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those six properties instead
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and you can hover over these or click on
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them by themselves on the map but we’re
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going to just look at them in this list
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and start getting into comping
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so now that we have those filters it’ll
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make it a lot easier and quicker to find
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a really good comp which is the whole
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idea you can see your property in
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question on the map it’s that navy blue
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one same thing down here with the star
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so let’s take a look at some of the info
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here
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you can see that our property in
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question has four bedrooms and three
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bathrooms
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at the square footage is around 2600
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square feet the lot size is a little
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over 9 9 300.
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it was built in 2001 it does not have a
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pool it was sold for 170 000 in 2001
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so let’s start looking at these and you
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can use these little these arrows
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within each of these sections if you
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want to bring up you know ascending or
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descending so maybe we’ll do the price
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and make sure that we’re seeing
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the properties that sold for the most at
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the top if it isn’t already
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there you go so now that’s in order i
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just click these little arrows right
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here so that i can see what sold for the
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most and start looking at those in order
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so we’ll move over here and start
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looking at the rest of these so we’ll
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just start over here at the top and you
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can see this one right here is around
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a quarter mile of our property in
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question and it also has four bedrooms
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and three bathrooms
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the square footage is exactly the same
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2600 or so
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and then the lot square footage this is
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also within the 2500 i know it would be
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around 6 800
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out of that that would be a little bit
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too low so i’m just going to be looking
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at this one
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for this example it was built within
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2003
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it also does not have a pool and it was
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sold for 550 000
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just a couple months ago which is great
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so i want to take a deeper look at this
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everything’s looking really good with
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that criteria that i’m looking for so i
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opened up the photos right there just so
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you can see
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with this photo option you can also
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click on the property address and open
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up a whole new tab just to show you what
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that looks like if you wanted to dive
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into the details here just completely
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separate so we’ll come back to that in a
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second
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let’s go back here
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and see what’s going on on the inside
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let’s take a deeper look at this one
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looks very nice on the inside
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definitely has some nice cabinets and
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countertops and appliances love that
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so let’s go ahead and put a thumbs up on
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this property this is looking like a
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good comp everything is looking exactly
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or almost the exact same or very close
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within the lot square footage things of
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that nature so let’s click this thumbs
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up and what this will do is it will
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calculate the estimated value
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right here so then you could go in there
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and do your math and have this help you
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make that very fair offer to that seller
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and then eventually calculate your arv
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for your cash buyer so let’s just say
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you know you’ve gone through and you’ve
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grabbed multiple comps whatever that
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might look like just to kind of show you
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and and what you would do afterwards you
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could select what you have put a thumbs
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up a question mark if you’re not so sure
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you know maybe you need to send this to
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somebody and they can look at it too
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to double check for you if it’s a good
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comp or just you know it’s not a good
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comp at all and put a thumbs down but
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we’ll grab this one just so you can see
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and select that thumbs up property you
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can do multiple once again
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and then click actions where i can add
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it to a list this is a really cool and i
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feel like under utilize feature as well
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because you might be able to find a comp
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that’s something that maybe you’re
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interested in in the future so it could
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be something that you actually want to
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add to a list
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of some sort um into your database so
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that you can reach out to that homeowner
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whatever that might look like or maybe a
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cash buyer owns this property you looked
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into the details
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right here maybe you saw that a certain
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llc
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owns this
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and you’ve looked at the owner profile
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this is also a really awesome pro tip
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the owner profile in this case they’re
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not going to have a ton but let’s just
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say that you did find a cash buyer when
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you were running those comps it’s in
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that same area they brought bought that
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property down the street then you could
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add that to a list skip trace them and
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reach out to them and say hey i saw that
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you’re you know investing in this
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neighborhood and i’m talking with the
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seller at this property
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wondering if you’d be you know wanting
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to be a cash buyer in this and
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eventually send them that contract so
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think about that too there’s so many
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different ways that you can be
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connecting all of this information
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more than just running the comps it
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could branch out into much much more
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so with those other options you could
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also export the comps to an excel
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spreadsheet you could email the comps as
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an excel you could export them as a pdf
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and you can email the comps as a pdf so
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this is really cool what you’ll do is
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you’ll come in here
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and you’ll grab the email so just to
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show you
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with this
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and when you’re done
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big thing just make sure you click enter
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to actually
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insert this in the section and then
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click send and it will send that pdf so
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just to show you what that looks like
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this is that so this was another
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property that i ran comps on
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and it will show you or maybe you’re
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sending this to the seller you’re
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sending this to your cash buyer maybe
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you’re even you know i’ve heard of cases
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of
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maybe dealing with a difficult real
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estate agent
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if you’re looking for on market
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properties in that case you could sell
15:07
them what things you’re going for in
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that neighborhood just kind of depends
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on what you’re doing in your business
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but in here they can have a full-on
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report of the property in question at
15:17
the top the location of all the comps
15:20
that you pulled
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and lots of the other information like
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the stories bedrooms bathrooms price
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and when it lasts sold
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so love this tool you can see that i ran
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four comps on this property for example
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so you can really have a deep dive in
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that
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that report here
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all right so just to show you those
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other
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spot that you can run those comps and
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batch leads really easy let’s just go
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over now to
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my
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my list search and we’re just going to
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look up an area in phoenix just so you
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can see
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so i’m going to click on phoenix arizona
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and pull a quick search
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and we are just going to grab one of
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these so you can see but you could
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definitely come in here and adjust your
16:07
filters you can check more about that on
16:10
batch tv or knowledge base to learn more
16:12
about the filters and how you can pull
16:15
effective lists in batch leads
16:17
but let’s just click on one of these you
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can see
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click on the address
16:22
opens up those details and then you’ll
16:24
go to that comparables tab so same idea
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super easy anybody can do this no matter
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what plan you’re in
16:33
and then finally in the inbox so here if
16:36
you’ve been texting people within your
16:38
batch leads account i’m just going to
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pull up some messages i have
16:42
in this example
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all right
16:47
let’s grab this one
16:51
and there you go so let’s just say that
16:53
i’ve been talking with this person
16:56
and they threw out a price and said yes
16:58
you know i’d be willing to sell for this
17:01
price range or this is what i’m kind of
17:03
thinking i could just have this thread
17:05
of messages open on the left and be
17:07
talking with them about that
17:09
and hearing more about the condition of
17:11
the property and then all you have to do
17:13
is click on the address over to the
17:15
right which is coordinating with who
17:17
you’re talking to
17:19
and
17:20
run those comps once again so hopefully
17:22
these tips and tricks were helpful to
17:24
you and gave you a better idea of what
17:26
you should be looking for
17:28
when you’re pulling your next comp and
17:30
give you that little extra boost of
17:32
confidence when you get to that point
17:34
again and then also don’t forget about
17:37
those awesome additional features within
17:39
your account things like adding a comp
17:41
to a list maybe it’s something else that
17:44
could be an opportunity in the future
17:46
just when you’re pulling the comps for
17:48
your original property in question and
17:50
don’t forget to use those pdfs in
17:54
emails to run that really nice organized
17:56
report thank you so much again for
17:58
joining us on batch tv if you have any
18:00
questions at all or if you simply have
18:02
an idea of something you’d like to see
18:04
us do in the future put that in the
18:06
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18:18
next time
18:34
you