“Under the Radar” Deals
Nine times out of ten, when Realtors refer to a “Comp,” they mean a “Comparable Sold Property” — what agents and appraisers alike rely on to establish fair market value for a given property.
So, what’s a “COMP?”
An acronym for “Came on Market Pending Sale.”
The usual scenario is a private transaction handled by one (or more) Realtors acting as a “facilitator” (vs. agent), without the home ever being listed on MLS.
Getting Sales Credit — & Keeping the (Online) Hits Coming
So, why run the deal through MLS after-the-fact?
Four Reasons:
One. To help Realtors and appraisers establish fair market value for other, upcoming transactions.
Especially in a “thin” market characterized by relatively few deals, posting a COMP (and the price it fetched) can help other deals appraise and close.
Two. To help the Realtor and their Broker’s sales statistics.
Surprise, surprise, real estate is a competitive business where market share matters.
Entering a COMP on MLS ensures that the agent and their broker get market credit for the sale.
Three. Search engine optimization (“SEO”). EdinaRealty.com attracts hundreds of thousands of visitors each month because it has the best content.
In turn, making sure Edina’s Web site has the most content keeps the hits coming.
Four. To make your office manager happy (last but certainly not least).
Now, about that vacant office . . .
