Introduction

Hey everyone, Anton here with IntellCRE. Welcome to this short video tutorial where we’re going to look at how you can create or import sales or rent comparables to build a centralized database of not just your deals, but also any lease, rent, or sales comps within the system.

Ways to Create or Import Comparables

There are two ways to create or import comps into the IntellCRE system.

One way is to navigate to properties, and in properties navigate to the comp library. This is a place where you can manage both rent and sales comps.

You can filter, and you can also use this page in order to create or import comps.

Creating a Comparable in the Comp Library

Creating a comp is fairly simple.

We start by typing in the address of the comp. Then we can create either a sale comp at this address, a rent comp, or both, depending on the data that we provide.

First of all, this is a multifamily property. We can also add photos and additional photos for this comp.

Then we would provide the sale price and sale date if we want this property to be a sale comp.

Let’s call it 1.8 and 5th of May 2024.

The moment we provide this data, we can see that this is already a sale comp.

If we want to provide more data, the fact that this is six units, the rentable square footage, year built, cap rate, or GRM, we can add that.

We can also add a property description for this comp, either a general description or a description with respect to a subject property where we want to use this deal as a comp.

We can also add attachments, perhaps an OM for this deal when it was on the market, or any other documents.

Adding Unit Mix and Rent Data

We can start providing the unit mix, which is going to be something that is of relevance if we want to create this as a rent comparable.

We can either provide just a unit mix summary data, partial unit mix data, or the full detailed unit mix data.

Current rent and proforma rent, and we now have a total of six units.

We can either work with the total numbers, such as the total unit count of six here, or we can work with the unit mix detailed data here.

And the same applies for the area, for the square footage, as well as for the total bedrooms.

Once we have the unit mix and the rent, which is required in order for this to be a good rent comp, we can see that this is now also a rent comp for us.

Searching Comp Data Online

We can also use the button search comp data online if we want to fetch fresh data for this deal.

This allows the system to scrape the internet for any data that we can populate for this rent and sale comp.

Saving the Comparable

Once we have the comp form filled out, we can click create comp.

We’re going to be creating this property as both a sale comp and a rent comp.

Creating or Importing Comps From an Analysis

Another method for creating or importing comps is to do that in the analysis form.

If we are running an analysis for a particular deal, then in the rent comp section or the sale comp section, we also have the option to click create comp, which is on the bottom right corner.

If we click create comp, we’re going through the same procedure as before.

Importing a Comp Library

We can also click import comps.

Here we have the option to upload a library, preferably an export from another data provider, either a rent comp library export or a sales comp library export.

There is also a template here. There are requirements for the uploaded file format and structure in order for the import to be accurate and include all required data points.

Once we upload the library of comps and confirm the upload, all of those comps are automatically added into the list, added onto the map, and added into our comp library.

All of them are automatically selected as comps for the particular deal that we’re currently analyzing.

Editing Existing Comparables

Any comp that you can find within the system can be edited.

Once the comp is edited, it will have the my comp label and it’s also going to show an orange dot on the map.

If we want to edit the comp data, we click on the pencil icon, which opens the comp form.

From there, we can edit different data points, add more data if needed, and update values.

Conclusion

That’s basically it.

This is how you can create rent comps, sales comps, or import rent and sales comps into the IntellCRE system.

The properties and comp library page is where you can manage your rent and sales comps in the IntellCRE system.

We hope this tutorial was helpful, and we’re looking forward to seeing you in the next one.