New realtor intimidated by the comping process

[Carnivore]

Hi all~

I'm a new realtor...got my license strictly for personal use.

I take it your not in this as a career but more for gaining access to personal investment possibilities?

The broker I have hung my license with is pretty much useless for education in the real estate arena (he is more a loan guy), so I find I am stumped about comping properties I might be interested in.

Considering your not there to make any broker money, I am not suprised at his attitude. Seriously, I dont know of any broker that would waste there time teaching you anything.

I've gotten the basics....comps most similar, closest and most recent sales; use square footage, not number of bedrooms; comps no older than 6 mos., 3 is best; use 1/4 mile search but be careful you don't get into an area/subdivision that is not like the subject; use comps that have square footage 200' above and below subject; weed out the unlike ages...[\quote]

You dont have any basics. You have a few general rules. Go take more classes. Maybe you can find some free ones.

So how DO new agents get a handle on comping properties/determining values? The above seems too simple when considering what you folks do to adjust...how do I do this without becoming an appraiser???

Convince a broker your there to make money for him/her and are willing to make a personal investment of time and money in becoming a part of the team.

Didn't realize this would end up becoming a stumbling block for me.

Any input greatly appreciated~TIA

My whole take on this is you want to invest in real estate for your own personal gain.

You know something about real estate.

One professional, your broker is not interested in helping you, because you have no interest in helping him.

Failing that attempt you have now turned to total strangers for free advice.

Good luck! You will need it.

I hope I was helpful in giving you some insight to being in business for yourself.

 

[George Hatch]

I'm surprised this thread got this far without someone bringing up the possibility that our OP is trying to learn how to do BPOs.

 

[Ross (CO)]

Of course she's trying to learn how to crank out BPO's ! To tell you the truth, all they have to do is guess at it....because there is no such thing as a BPO that is done INcorrectly. There are no standards for development or data analysis to do those things, right ?

What I'd like to know, though.......How can I sell houses for fun and profit....withOUT becoming a Realtor ?

I would like to supplement my appraisal income with house sales on-the-side, maybe 1 or 2 a month, just to bring in a little extra cash. No harm, no foul. I'd like to focus on moving those $500K+ houses, because the commissions would be bigger. It would not make sense to waste my time on those small properties.

 

[Hall McClenahan]

I would like to supplement my appraisal income with house sales on-the-side, maybe 1 or 2 a month, just to bring in a little extra cash. No harm, no foul. I'd like to focus on moving those $500K+ houses, because the commissions would be bigger. It would not make sense to waste my time on those small properties.

FSBO. ROSS, FSBO all you need to do is a double closing and you are good to go there buddy! Well, for the first one anyway

 

[Marcia Langley]

I'm a new realtor...got my license strictly for personal use. The broker I have hung my license with is pretty much useless for education in the real estate arena (he is more a loan guy), so I find I am stumped about comping properties I might be interested in.

Carnivore, I think he already has another avenue to making money for his broker. And it ain't sales volume.

Likely a lot of it will come out of his own hide.