Comps

Property Comps

The Property Comps page is a powerful tool that allows you to estimate the value of a property based on similar properties previously sold at auctions. This feature is particularly helpful when you need to quickly determine a fair offer price for a property you are interested in acquiring.

How to Use Property Comps

  1. Navigate to the Property Comps page in the application.
  2. Click on the "Calculate Offer" button to open the calculation modal.
  3. In the modal, fill in the various filters and criteria for the property you are interested in, such as:
    • Property Type
    • Sub Type
    • City
    • State
    • Region
    • Square Footage/Unit Size (SF/Unit/Acre Key)
    • Vehicles Per Day
    • Population (1 mile and 3 mile radius)
    • Median Household Income (1 mile and 3 mile radius)
    • 5-Year Population Change (1 mile and 3 mile radius)
  4. Once you have filled in the desired criteria, click the "Submit" button.

The system will then search our database for similar properties based on the provided filters and criteria. It will calculate an estimated value, minimum offer, and maximum offer for the property based on the matched comps.

Calculation Results

After submitting the calculation request, the results will be displayed in the modal. The following information will be provided:

  • Estimated Value: The estimated fair market value of the property based on the weighted average of the matched comps.
  • Minimum Offer: The suggested minimum offer price for the property.
  • Maximum Offer: The suggested maximum offer price for the property.

Below the offer information, you will find a list of the matched properties used in the calculation. These properties will be displayed in order of most relevant to least relevant based on their similarity scores.

Understanding the Calculation Logic

The Property Comps page uses a sophisticated algorithm to calculate the estimated value and offer range for a property. Here's a simplified overview of the calculation logic:

  1. The system searches our database for properties that match the provided filters and criteria.
  2. For each matched property (comp), a similarity score is calculated based on the difference between the comp's attributes and the input criteria. The score takes into account various factors such as square footage, vehicles per day, population, median household income, and population change.
  3. The matched comps are sorted based on their similarity scores, with the most similar comps having the lowest scores.
  4. The top 5 most similar comps (or all comps if there are fewer than 5) are used to calculate a weighted average price per unit size.
  5. The weighted average price is then used to determine the estimated value, minimum offer, and maximum offer for the property.

By leveraging the power of data and advanced algorithms, the Property Comps page provides you with valuable insights to make informed decisions when considering property acquisitions.

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