Hey guys, how's it going? This is Seth.
And this video, I want to show you some really useful tools
in DataTree that can help you pull sales comps. So this is the kind of thing that some lenders
and even appraisers will use to do what they call a desktop appraisal.
It's where you're not looking super close to the property, but you're just quick pulling up some recent sales comps,
just to figure out what the approximate value of your subject property might be.
And DataTree makes this super easy. So in most cases, when you do this, you're going to have a specific property in mind.
So this example, I'm just going to type out an address that I know of,
and I'll show you how this works. Yes, we're going to go right here. So the first thing you're going to do is go over
here to property data reports, and we're going to click on sales comparables and we'll click order.
And the first thing you're going to see here is that in this case, it found six comparable properties,
and every time I've ever used this tool, it uses a standard method to do, do this.
And if you want, you can go up here to edit the criteria, to see just the default way
that it pulls these comps. So it's going to go six months back in terms of sales history,
and it'll actually list out the dates right here, and it's going to pull those comps within
a half mile or 0.5 mile radius from the subject property, just a perfect circle
or on that property, which you can see right over here. And sometimes what you'll find is that when it
does this by default, it doesn't pull that many comps. You might see like one or two,
or maybe even none in some cases. So if you see that you can edit this any way you want.
You could go back 12 months, if you wanted to, or you could expand the radius to say
one mile and you can even draw it if you want, if you want to keep a certain neighborhood
or certain blocks in that radius, but I'm not going to do that in this case. I'm just going to keep it as a perfect circle.
So we'll go back here and type out one and then apply changes.
And then as soon as you do that, you'll see that the radius are on the property gets bigger
and it pulls in a lot more comps, go ahead and click view report.
And it's going to show us which comps hold in this case. Now in my familiarity with this particular neighborhood,
I think not necessarily all of these properties are good comps, because once it gets down here,
the neighborhood changes a bit. There are just different types of houses down here.
So in this case, I think that half mile radius probably is appropriate to stick to that.
And six comps is probably enough to work with, but keep in mind if you working in an area where
there isn't a whole lot of variation in the types of comps, when you go further out like this,
you could do that. Or if you just simply don't have enough comps to begin with,
or you could also go back here, keep it at 0.5 miles and go maybe 12 months back.
Or you could also adjust other things here based on like a lot area or bedrooms and bathrooms
and that kind of thing. So let's go ahead and apply these ages again.
So if we just go back a year and keep it within that half mile radius and it can make sense to do this,
if there haven't been just wild variations and fluctuations and market value over the past year.
And actually as I'm recording this vice have been going up like crazy over the past year.
So I might not want to go this far back. I might just want to stick with those original six comps
and it shows you the addresses of all those comps right here. So if you want to look at these closer to verify,
okay, is that a good comp, is that actually a comparable property to this one or not?
You can do that. And it shows you the prices they sold for and a lot more information beyond that.
And if you want to export all these comps as a spreadsheet, you just have to click this
export button, it'll download your computer and open it up and start working with it
for further analysis. Now, if we want to take this one step further, we can go down here
to automated valuations and click on this thing called DataTree AVM and order this.
And now we're not just seeing a list of comparables, but we're seeing actual
estimated value based on those comparables. And unlike a Zillow is estimate where we have no idea
where this number is coming from. We can actually see what substantiates those numbers right down there.
If we just go ahead and scroll down, we can see all the information and a lot more data it's very fast.
And it shows you all the data that is pulling from now, just to give you another example
I'm going to go and do this for a vacant land property, because I know a lot of times
with vacant land comps are a lot harder to find. And even when you do find them, it's harder to know,
okay, is this an appropriate comp or not? So if we just kinda go out here to a more rural area
and we'll just find a vacant lot, like right around here, we're going to view this property.
This is going to be the exact same thing. We just go over here to sales comparables and order this up in this case,
as you can see, not surprisingly, there are no comparables based on that default.
It uses a half mile, six months back. So let's start expanding this a little bit.
Let's go to one mile, see if that makes any difference and it doesn't look like it does. So let's go to 12 months back.
See if that makes any impact on this. Okay, now we've got one cop just down the road here.
So that's something it's still not really enough though, but just looking at the property itself,
it looks like a reasonably similar cop. I mean the road axis and the visibility is a little bit different.
This other one is a bit larger, but this is a very kind common thing.
You'll find when trying to find comparables for land is depending on the vacant lot.
In many cases, each vacant land property literally is one of a kind,
there is no such thing as an exact comparable and especially a salt comparable at that.
So we could try to go back maybe 24 months and apply those changes and see if anything else comes up
and we've still on the GA one. So maybe we could try doing two miles from the subject property,
see what that does for us. Okay. Now we've got another one. And this one also looks
like a halfway decent comparable, although I am seeing a structure on that one.
So that's something else I would have to take in account. But what we're seeing right here is not surprising.
This is a very common thing with vacant lots,
especially ones of this size in this market where it's just difficult to find comparables,
but you can do it if you just expand the criteria a little bit more right here in DataTree.
So I know there's other ways to do this without DataTree, by looking at sold comps on like Zillow
or Redfin, that kind of thing. But DataTree pulls this sold information directly from the county's database,
not from a third party like Zillow or Redfin or realtor.com.
And if you're already a subscriber to DataTree, you have access to a whole lot of other things
that you can do in it as well. And I've got a separate playlist and some other videos explaining some of
those other things, if you're interested and if you're not already a DataTree, you user,
there's all kinds of different things. You can use this service for. It's used by several different
types of industry professionals and it is a paid subscription service,
but you can get discounted access to that. If you go through the re tips affiliate link,
which I'm going to include beneath this video. So if you want to give it a try, it can check it out through there.
And again, if you want to see some of the other use cases for DataTree,
I'm going to link to some those videos right here as well. Thanks for watching. Talk to you soon.