iMapp’s comparables reports have long been a fast convenient way to find a market-based estimate for the value of real estate. The power to customize those calculations for extreme precision, combined with PropertyKey’s unmatched data breadth and quality, means these valuations are rock solid.
We have had some reports recently of agents with an inability to find comps for certain more unique properties, such as industrial, warehouses, commercial offices, and even rural residential properties. Sometimes, in some areas, there just aren’t very many similar properties that have sold recently, which makes it hard to create a precise Comparables Report.
To help out users in those situations, we have released some new functionality on the Comparables Report. To access it, use the “Click Here For a Less Strict Search” link under the Comparison Criteria. This will reload the Comparables page, but loosen the kinds of properties that show up as comps to broader categories instead of more exact matches.
After clicking that option, for example, a report for a warehouse would include comps that are any type of industrial property. A fourplex or cooperative unit with no comps would now be matched with any residential property that matched the other comparison criteria. You will still want to be sure that the other criteria, such as land size and building size, match closely in order to try to keep the comps similar in some ways. Feel free to experiment a bit and see how the list changes.
Now loosening these criteria using the Less Strict Search runs the risk of bringing in comps that aren’t as similar to the subject property. In order to get the best possible Comparables Estimates, we ALWAYS suggest that you look through the list of comparable properties each time to determine if there are any outliers that don’t seem similar enough. You can click on the blue Parcel ID # in each comp in the list to see more details of that property and determine if you think it is a valid property to consider. If you want it removed from the Comparables Report, simply uncheck the blue checkbox next to any comp in the list to remove it and update your calculations.
Of course, if you experiment with this “Less Strict” and do not find the results you are looking for, you can go back to the traditional method by clicking the “Click here for a Stricter Search” link in the same location. We believe this is a great new option that puts even more power and new options in the hands of real estate professionals.