Comparable sales

A comparable is useful when the team can identify the property sold, the sale date, the price, the area, and where the evidence came from. Comparable Sale Register brings those details together with a lease reference. The Valuation Coordinator can inspect the original source reference before a figure becomes part of an adjustment discussion. Price per square foot gives a common reading of sales with different areas, while the sale price remains visible as the primary recorded amount.

A lease is the operational anchor for a comparable. Sales for Lease lets a reviewer return from the sale evidence to the linked agreement, unit and tenant. Agree which lease should represent a property before entering a batch of sales. A mistaken link could make a perfectly plausible sale appear beside the wrong unit. The reviewer should trace a candidate through the lease to the unit, then compare the unit’s property, type and area with the sale’s address and area.

• Capture. Record the address, sale date, sale price, area and source reference on the comparable.
• Context. Attach the comparable to the relevant lease and inspect the lease’s linked unit.
• Use. Read the calculated price per square foot alongside the raw sale facts when considering an adjustment.

The team should decide what counts as a usable sale source and how the source reference is written so another reviewer can find it. Set a consistent convention for property addresses and area units. A change in area convention changes the meaning of price per square foot even when the number looks reasonable. Decide which existing lease represents a unit when several agreements are present over time. Preserve the sale’s original date and price during imports so later analysis can distinguish the source fact from a revised interpretation.

Take a unit with an identifiable lease. Enter a recent sale with its address, date, price, area and source reference, then open Sales for Lease. Confirm that the sale appears beside the intended lease and can be traced to the intended unit. Compare the calculated price per square foot with the entered price and area. Try a sale with a future date, a missing source reference and a nonpositive area during the capture rehearsal. The coordinator and reviewer should agree how each invalid case is corrected before the evidence is used.

• Comparable Sale Register — Review dated sale evidence and its source in one place.
• Sales for Lease — See which comparable sales belong to a selected lease.
• Adjustments by Unit — Follow a chosen comparable into its unit-level adjustment.

Follow comparable evidence from unit selection to sale review. Continue to adjustment review when the sale requires a reasoned change.