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, bright 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 its MLS listing. Proximity to Subject is measured from the subject: 0.08 miles west. Then the sale: the list and sale prices, no concessions, the contract and sale dates, and days on market. Further down are the site size, the year built, the structure design, rooms and finished area, all from the listing. Like the subject, every comp is an attached townhome.

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. For these sales, that's the MLS listing, with every field the listing reported. Photos has every listing photo, and History the property's earlier sales and listings. Close the panel to give the grid its room back.

Site and location

Now check every column. Shaded cells are required answers that are still empty, or values to look at. 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. Site Influence is required too. All four sales sit among other townhomes, in the same neighborhood as the subject, so copy the subject's Residential site influence to every comp. And View: each comp looks out on the homes across its street, like the subject. Copy the subject's Residential view to all of them. Comp 2's listing called its view City Street; Residential describes it better.

Rate each sale

Overall quality and condition aren't in the MLS data; they're our ratings. Start with quality: copy the subject's Q4 to every comp, the same way. Comp 2 has standard finishes like the subject, so it stays Q4. Comps 1, 3 and 4 have upgraded finishes in their listing photos and remarks, like comp 3's upgraded kitchen, so they're Q3. Condition: all four were built in 2015 and are well maintained, with little wear, so each is C3, a step above the subject's C4. Rate 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.