Creating Internal Comps from Closed Deals

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What are comps and how are they used? Comps are market comparables, which is an essential real estate tool for anyone looking to understand the market value of a commercial asset. Comps are important for business, but how are they created in Rethink?  In this article, we'll review how internal comps are created.  The below process applies to both Sale and Lease Comps

A Comp is automatically created when a deal is closed in Deal Pipeline.

The video below shows how an internal Sale Comp is created. This automation is triggered when a Buyer Rep deal is moved to the 'Closed' stage. 

It is important to note that certain fields are required in order for the comp automation to be triggered. These fields include:

  • Property
  • Space/Unit, - Seller (Company) or Buyer (Company)
  • Seller (Contact) or Buyer (Contact)

If any of the above fields are left blank at the time the deal is closed, a comp record will not be generated.

If these fields are filled in after the deal has already been closed, you can re-trigger the comp automation by changing the deal stage to an open stage and then back to closed again.  

You will know that a comp has been successfully generated by looking for the Comp link at the top of the deal.  See below screen shots for further explanation.

Before the comp is generated:

Screen_Shot_2022-03-29_at_5.19.55_PM.png

 

After the comp is generated:

Screen_Shot_2022-03-29_at_5.13.21_PM.png

 

The following clip shows which fields are automatically populated in a Sales Comp:

These fields are:

  • Address

  • Buyer (Company)

  • Seller (Company)

  • Cap Rate (Stabilized)

  • Cap Rate (YR 1)

  • City

  • Close Deal Date

  • Comp RT Hidden

  • Comp Source

  • Deal Name

  • Building Size (SF)

  • Market

  • Price (PSF)

  • Price (Total)

  • Property Class

  • Property Name

  • Property Type

  • Contact

  • State

  • Submarket

  • Year Built

 

Please reach out to Product Support (rethinkcrm@buildout.com) if you have any questions about Comps.

 

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