Sales Comparables

Transcript

Now the comparable sales. We'll import the four comps selected for this assignment from an MLS export, review what came in, and complete each one in the grid. Open the Sales Comparison Grid from the section list, under Sales Comparison Approach.

MLS Upload

Select Add or Import Comps, and open the MLS Upload tab. It takes an export file from your MLS, with up to fifteen properties. Choose the MLS the file came from: here, Beaches MLS. In the MLS, we exported the four sales we picked during our market research, as a CSV file, with each listing's MLS number. Drop it here, or click to browse. Select Upload. DataMaster reads the MLS numbers from the file and looks each one up in your MLS.

Review and import

The review shows what matched. All four MLS numbers were found, and none were skipped as duplicates of comps already in the report. Select Import. DataMaster pulls each listing from the MLS and matches it to public records: the photo, the sale, the site, and the improvements. It takes a few moments.

One column per sale

Each sale fills its own column beside the subject, in the order of the file. The header shows the comp's number and address. Take comp 2. Data Source names the assessor record and the MLS listing. Proximity to Subject is measured from the subject: 0.03 miles west. Then the sale: the list and sale prices, a ten thousand dollar seller concession, the contract and sale dates, and days on market. Further down are the site size, year built, rooms and finished area, from the listing and public records.

Review the sources

To review what an import brought in, open Property Data in the right rail, and choose a property. Here, comp 2. Records lists the data from each source: the public record, and the MLS listing. Photos has every listing photo, and History the property's earlier sales and listings. Close the panel to give the grid its room back.

Fill the gaps

Now check every column. Shaded cells are required answers that are still empty, or values to look at. The listings for comps 1 and 4 don't report concessions. We verified there were none. Click each empty cell: the editor opens right in the grid. One click on No answers it, and Escape closes the editor. Hazard Zone is required for every comp. None of these sales is in a hazard zone, the same as the subject, so open the subject's cell and copy it to all comps. A message confirms the copy.

Rate each sale

Overall quality and condition aren't in the MLS data; they're our ratings. Every comp is Q4, like the subject, so copy the subject's quality to all of them, the same way. Condition varies. Comp 1 was recently renovated, so it's C2. Comp 2 shows the typical wear of its age, so it's C4, the same as the subject. Comps 3 and 4 are C3. Under UAD, C3 means a well-maintained home with only minimal wear, where most components, but not every major one, may have been updated. Rate condition from the listing photos and remarks, and from what you saw when you drove by. The rating is your opinion, not the listing agent's, and every comp is rated on the same scale as the subject.

Adjustments

The comps are in and checked. Next, we'll adjust them for their differences from the subject.