The selection of comps is a key element to your process. It is the basis for determining value. The theory is the same as the residential comps where certain criteria are used to choose comps: bedrooms, baths, living area, property type and status, and more. The difference is that in this case, the analysis is starting from scratch. The program will take these properties that have recently sold and are “replicas” for the subject property based on the criteria, and assign the subject property a value, whereas the normal Comp Analysis will adjust a current value based on the comps selected. Once you perform the search, you will see a results page that reconfirms the elements you used to generate the search results and allow you to modify accordingly.
You also have many search options shown on the map. You can search by geography (such as ZIP code or school attendance zone), radius, polygon, proximity, or even a previously saved custom search area. After you run your search, you can use the Modify Search button to go back and change your search parameters, for instance if you did not receive the results you expected.
The results will also show you the possible comps to choose from, allowing you to “Add to Comps List,” which then includes each selected property in the list to the right, “Comps Being Used.” If you add multiple comps and the list is long, you may have to scroll through it in order to see them all.
Once you have search results in front of you, you can click on “Details” and see more details for that specific property.
Another feature is the ability to add comps directly from the map. By left clicking on the property pin, a dialog box will open up, and in that box you will see the option to “use this as a comp.” Once checked, this will add the property to your “Comps Being Used” list