Processes
InvestorsScreening an incoming OMUnderwriting a deal
LendersScreening an incoming OMUnderwriting a deal
BrokersValuing a property, or a list of themScreening an incoming OM
Owners and asset managersValuing a property, or a list of them
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How-to

Comps

A board of comparable properties and transactions, each with price, date and source. How to run it, why a point value becomes a range, and the two failures to check for every time.

What it does

A board of comparable properties and transactions for a subject, each one carrying its deal, with price, date and source, rather than a bare list of addresses. Current market and closed transactions never mix.

When to use it

Use it when a price, a pitch or an underwriting turns on the evidence: the set behind a number, each comparable you can open. For the rent of one space, use Market Rent; for comparables from your own documents, see Your comps, which every comps run reads first.

How to use it

  1. Open Comps under Analysis in the left list. The first tab is New comp set, and it asks What is the address?
  2. Type the Address, APN or listing link.
  3. Optional: Use a closing statement instead, Anchor to my own comp sheet (Excel or CSV), or Pick from Vault.
  4. Press Run comps. The run opens in its own room.

What you get back

A board of comparables, each with its deal: price, date and source. The run's Results panel lists what it wrote: a presentation, a memo and the stated facts when the run produces them. Every set you run is on the Comp sets tab.

Time and cost

Median 34 minutes, 90th percentile 113. Median 3.4 credits. The long tail is real: a hard subject can take two hours.

Do

  • Open the deal behind any comparable the decision rests on. Each row carries its price, date and source precisely so you can do that.
  • Check two things on every board, because these are the failures we see most: a comparable that sits outside the intended area, and a "comparable" that turns out to be the subject itself.
  • Read a range as evidence, not hedging. Below three comparable sales a point value becomes a range by design.

Do not

  • Do not assume the set is strong. Comparable sets fail our own quality check more often than they pass it. This is the most important sentence on this page.
  • Do not ask for comparables with prices in a non-disclosure state. Texas deeds give the date and the instrument and never the price (the state's rule, not ours). Check the state first in Coverage and data.
  • Do not expect per-square-foot comparison everywhere. Several states publish no building area at all, which caps how far that comparison can go.

Build a comps board

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