The Comps Tool is used to populate, map, and compare your researched Comparable Sales so you can forecast your ARV for your subject property. By using the Comps Feature, you can create a professional CMA report that you can include in your Investment Packet and give to your business partners and lenders.
Automatically Add Comps
When you open the Comps Tool, you will be prompted with the option to Manually Add Comps or Automatically Find Comps. By selecting, Automatically Find Comps, you will be prompted to confirm the property specs (bed, bath, & square footage). Select, Automatically Find Comps to confirm the property specs. A list of properties in the area will generate and you will need to sort and select the properties that you would like to identify as a comparable sale to your subject property.
To choose a property as a comparable sale, you will need to select the checkmark until it is highlighted green. You can then drag and drop the selected properties to the order that you would like them to appear on the Comparable Sales Report.
Manually Adding Comps
You can manually add your own comparable sales to the Comps Tool by selecting, "Add Comp." All you will need is to enter the property address and select, "Add Comp."
Pro Tip: You can search and find Comps on Redfin, Zillow, or by working with a Realtor. We've put together a helpful article on How to Find & Research Comps to help you with getting started.
Calculating the Average $/SF per Comp
Once you add your Comps and Sales Prices to the Comps Tool, the average $/SF will be calculated for each Comp which can be used to Forecast the value of the subject property.
Create a Comps Report
One of the main benefits of utilizing the Comps Tool is the ability to generate a Comps Report and include them directly in your Investment Packet. The Comps Report shows the selected comparable sales used in your Comparative Market Analysis and serves as an excellent resource to share with your business partners and lenders. To locate this report, select Print Report in the top right-hand corner of the screen. You can download the report as a PDF or generate a share link to send. The share link is a live link. Anytime you make updates, the share link will update as well.