Question for those who use Landportal for comping. I have a subject property that I’ve comped out in LP comes it at about $86k. When I do my own comping in Zillow, I come up with a number around $50k. It seems like there are some potential comps that LP just completely ignores. Am I missing something here? What tools do you use to assist with comping?
Thanks,
Hey @johnm! When you’re doing this comping in Land Portal, are you referring to the AI Comp Report or the Market Comps (or neither)?
The Market Comps report is fairly new, and it’s meant to give you more surgical precision when pulling comps (you can manually remove anytihng that you don’t think is appropriate. If you haven’t tried that one yet, it might be worth a try - I’m planning to make a video tutorial on this in the next few days.
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Hey @retipsterseth, Good question. I was looking at the the Market Comps and I didn’t set the min/max acreage to a range that would include a comp that is 3.5 miles down the road. Once I adjusted the acreage, I was able to get the AI Comp report to come much closer to the number I was at.
Here’s where I noticed a problem, the AI comp report button in the market comp section didn’t use the same comps that I picked. It chose a completely different set of comps that throws off the entire calculation. I.E. when I choose the appropriate comps from the market comps table, I get a median value of $50k. But when I click the “Run AI Comp Report” green button on the Comparable Results/Market Comps page, it returns $86.5k using 5 different properties from the 8 I chose to use. Hopefully that makes sense.
It totally makes sense. When I look at both tools compared, I would almost always opt for the more manual (not AI) ‘Market Comps’ version, simply because I have more control.
The AI Comp Report can be interesting, in case it happens to find something I couldn’t see myself, but even then, I’d much rather have total control over which comps actually make it into the equation.
As you probably know, there are still all kinds of highly relevant things that AI can’t see. I don’t trust AI alone to make such an important determination without a lot of scrutiny from me.
Completely agree! I was hoping that after manually filtering through the ‘Market Comps’ version, the comp report would use the selected comps and generate a nicely put together report.
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That’s a great idea, actually. I’ll suggest that to them!
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