Here is how to get the most out of the new platform:
Feature Verification
It is vital that you work through the "Feature" tab to reconcile features between MLS and Tax records. Toolkit will automatically highlight fields where there is a noted discrepancy, allowing you to address them quickly.
You can click the Data Source icon to view MLS and Tax records simultaneously
Adding Comps
We are integrated with nearly 90% of US MLS data.
Our “Recommended Comps” feature makes it easy to browse and select comparables to add to your grid.
By default, recommendations use a 1-mile radius around the Subject. We strongly encourage drawing a polygon around the immediate development instead, as this provides better control over the market area and sales price spread. To do this, click the “Filters” button on the Recommended Comps page.
Cost Approach
Rather than relying solely on the Sales Comparison approach, our platform also leverages the textbook appraisal principles of Cost (and eventually Income) Approach to produce a more well-supported valuation.
Our cost approach is built using site extraction analysis to allocate market value between improvements and the site. To do this, dial the Cost Quality and Effective Age for the Subject and comps, then enter the Subject's site value.
Pay close attention to the “Site Size vs Site Value” chart. Site values and site sizes across all properties should be consistent and reasonable relative to one another. In general, larger sites correspond to higher total value, assuming a neutral site influence and view.
Using these results ensures a market-supported site value, and yields data-backed adjustments.
We are excited to have you on Toolkit, and look forward to continuing our work together. Please let us know if you have questions regarding the new platform or these updates.