How do I run a comp?
Download Markdown1. Click Comps in the left menu (https://app.closemagnet.com/comps). 2. Click Run a comp to open the comp form. 3. Enter the Street address, City, State, and Zip code. All four are required. 4. Optionally add a Contact name, a Con
- Click Comps in the left menu (https://app.closemagnet.com/comps).
- Click Run a comp to open the comp form.
- Enter the Street address, City, State, and Zip code. All four are required.
- Optionally add a Contact name, a Contact phone, and a Repair estimate if you already have a repair number in mind.
- Click Run comp. The comp runs in the background, so you can keep working.
- When it is ready, click its row in your list to open the full comp page.
You can also click Run Comp on a property to start a comp with the address filled in. Any user on your account can run a comp against the account's allowance. You do not need to be the owner.
Links to the app require your CloseMagnet login.
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- How long does a comp take?The comp engine runs in the background, so you can keep working while it does. When you click Run comp, the form confirms the request right away, and the finished comp appears in your comp list with its ARV, as-is value, and cash
- Where does the ARV on a comp come from?The comp engine provides an Engine ARV and an ARV range, shown on the comp's Overview tab under Offer Report Values, next to the as-is value, monthly rent, and the confidence score.
- What are the three offer bands on a comp?Comps no longer use three offer bands. Your offers are calculated under four exit strategies: Quick Cash, Fix & Flip, Novation, and Buy & Hold. They appear as cards in the Offer Strategy Summary on the comp's Overview tab and in d
- Can I change the repair number on a comp?Yes. Open the comp and go to its Rehab tab. Set Source to AI Estimate, Checklist Estimate, or Manual Amount, adjust the checklist items if you use one, and click Save Rehab. The amount you chose becomes the Effective Rehab.