How To Convert A Listing To A Lease or Sale Comp
ClientLook CRM now includes a powerful lease and sale comparable tracking system. It’s the perfect place to store all the information you’ve gathered on deals in your market. If you’ve been using ClientLook commercial real estate software to track your internal listings, then it’s only a few short clicks to convert your closed listings to comps.
Let’s start with a lease listing on one of my properties in Miami. We just signed the lease and now I’m ready to convert this listing to a comparable.
Since this is a lease listing, it has the potential to hold information on several available spaces within the listing. To select which space we want to convert to a comp, we go to the “Related” tab and select “Spaces”.
In this case, there is only one available space that makes up this listing, so I’ll click the “Convert to comp” button. If this listing had included multiple spaces, I would choose the space I want from the list that appears. With only one space available, we’ll proceed directly to the comp screen.
You’ll notice that the information we already know about the building and the space are already filled in. All you need to do is fill in the specifics about the final deal. Once you’ve filled in the basic fields, you can relate parties to the comp as well – the new tenant, the landlord, and the brokers involved. The rent details come next. Once you have filled out everything you want to record, click the “Add this comp” button.
In the case of a sale listing, there is one small difference. Since the entire building sold, there is no need to choose a space, so the “Convert to comp” button is on the main overview tab of a sale listing.
Sale comps work the same way as lease comps. Just fill out the information about the deal and relate the parties involved.
One great feature of saving a sale comp is that we store a snapshot of the property record as it was on the date of the sale. That way future changes you make to the underlying property don’t change the data that was current at the time of the sale.
Since everything is related in ClientLook, recording these comps also relates the new tenant or new owner to the underlying property record, so you don’t need to do this separately. In a few moments, you have recorded everything you might need in the future concerning this deal!
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