How to Run Comps with the Help of AI
Running real estate comps, or comparative market analyses (CMAs), is a critical task for realtors. It helps determine a property’s fair market value by comparing it to similar properties that have recently been sold in the area.
However, this process can be time-consuming and challenging, especially when data is scattered or incomplete. Fortunately, artificial intelligence (AI) is revolutionizing how realtors run comps, making it faster, more accurate, and more efficient.
Why Running Comps Is Hard
Running comps might sound straightforward, but it involves several complexities:
- Data Collection: Finding reliable and up-to-date data on recently sold properties can be difficult. Public records, MLS databases, and other sources often have gaps or inconsistencies.
- Property Variability: No two properties are exactly alike. Adjusting for differences like square footage, age, renovations, or location requires expertise and judgment.
- Time-Consuming: A thorough CMA can take hours, especially for unique or rural properties where comparable sales are scarce.
- Market Dynamics: Real estate markets change rapidly. A comp that was relevant last month might no longer reflect current conditions.
- Human Error: Manual processes are prone to mistakes, which can lead to inaccurate valuations and lost opportunities.
How AI Simplifies Running Comps
AI-powered tools address these challenges by automating much of the CMA process while improving accuracy. Here’s how AI transforms running comps:
- Automated Data Collection: AI aggregates data from multiple sources like MLS listings, public records, and even off-market properties. This ensures you have a comprehensive dataset without spending hours searching.
- Real-Time Market Analysis: AI analyzes current market trends to provide up-to-date insights. This is particularly useful in fast-moving markets where traditional comps may become outdated quickly.
- Automatic Property Adjustments: AI can evaluate differences between properties (e.g., renovations or unique features) using advanced algorithms and even image recognition technology.
- Speed and Efficiency: What once took hours can now be done in minutes. AI tools process vast amounts of data quickly, giving you more time to focus on your clients.
- Improved Accuracy: By analyzing patterns and trends across thousands of data points, AI reduces the risk of human error and provides more precise valuations.
How Realtors Can Use AI for Comps
If you’re looking for a reliable platform to simplify running comps with AI, Homesage.ai is the leading tech in this field.
Homesage.ai has developed advanced AI models that produce advanced results while significantly speeding up the entire process.
How is Homesage.ai Different?
- Home Value Based on Condition: Homesage.ai is the first company that uses Computer vision to better evaluate residential properties.
- After Repair Value: If the property is in less than perfect condition, homesage.ai calculates the improvement cost and predicts the After Repair Value (ARV)
- Investment Potential: Evaluates properties based on their investment potential—perfect for working with investor clients.
- Price Flexibility Score: AI models analyze property description sentiment and other factors to predict how acceptable the seller would be for price negotiations.
Homesage.ai doesn’t just make running comps easier—it transforms your entire workflow.
Here are some additional benefits of using this technology:
- Save time by automating tedious tasks like data collection and analysis.
- Impress clients with professional reports backed by cutting-edge technology.
- Stay competitive by leveraging advanced analytics that go beyond traditional methods.
You can learn more about how Homesage.ai products here.
Conclusion
Running comps is one of the most important tasks realtors perform—but it doesn’t have to be difficult. With the help of AI-powered platforms like Homesage.ai, you can streamline the process, improve accuracy, and deliver better results for your clients.
Whether you’re a seasoned agent or new to the industry, embracing AI will give you a competitive edge in today’s fast-paced real estate market.
