A Comp is the fourth and last stage of the Pipeline.
To create a new Comp:
- Click Convert Comp from a Space
- If on a Company, Contact or Property record, navigate to the Comp related list and click New Comp.
- If on the Comp home page, click the New button.
- If the Comp is not created by clicking Convert on a Project, select the appropriate Record Type.
- Lease - A Lease record is a Lease that was completed in-house. By selecting this record type a commission record will automatically be created. This is the record type selected if the comp was created by Converting a project.
- Lease (External) - A Lease (External) record is a Lease that was completed by someone else. It will not create a commission record. If information is gathered from the marketplace, or word of mouth, this is the type of comp record type that should be used.
- Fill in the Appropriate Fields
- Some key fields for a Tenant Representation Project Include:
- Comp Name - This is a required field. Apto suggests using a uniform naming convention for all of your Projects. An example would be Client Name - Date, or Property Name - Date.
- Tenant - This is a lookup to the Contact Object, it is the lead tenant contact involved in the comp, the decision maker who ultimately decided whether the space was leased.
- Tenant Company - This is a lookup to the Company Object. If left blank this field will automatically fill itself in with the Company associated with the Tenant entered in the previous step once the record is saved.
- Landlord - This is a lookup to the Contact Object, it is the lead Landlord contact involved in the comp, the decision maker who ultimately decided whether the Space was leased.
- Landlord Company - This is a lookup to the Company Object. If left blank this field will automatically fill itself in with the Company associated with the Landlord entered in the previous step once the record is saved.
- Property - This is a lookup to the property object. This is the property that contained the space that was leased.
- Commission ($) - Used for tracking commission. This will automatically fill in a value on the commission related list.
Certain fields will all be filled in if the Comp was created by hitting Convert from a Project.
Once Convert Comp is clicked the Comp creation screen will appear with certain information pre-populated. Enter the additional Lease information such as the occupying Tenant, their rental rate, and lease expiration date.
- Once the record is saved the Commissions related list will automatically create a record.
- If the Comp is created new and is of the record type Lease.
- The Comp will have one related commission record at first.
- It will Assign 100% of the fee on the deal to the user who created the Project.
- In order to edit this or add additional Internal Agents (Users) or External Agents (Contacts), click Edit Commission
- To add Internal Agents click Add Internal Agent
- Enter their percentage of the deal
- To add External Agents click Add External Agent
- Enter their percentage of the deal
- The Total % must equal 100% before saving the record.
Once saved, certain information such as Current Tenant (Company), Rental Rate, Rental Rate Type, Lease Type and Lease Expiration Date will be pulled back onto the Space. The Available field will also change to False.
This information will now display back onto a Property and Landlord Representation listing displaying the current accurate inventory available in the Property, while still tracking historic occupancy information on each Space.
On any given Comp there will be certain types of information that are going to be important to track. The following is a list of Related Lists on the Comp Object:
Activity Histories - Allows users to track calls, meetings and other tasks and events that relate to the Comp.
Open Activities - Allows users to track tasks and events that have not been completed in relation to the Comp.
Parties to the Transaction - Allows users to track different parties involved in a transaction in excess of the Buyers, Sellers and Brokers, such as Attorneys, Vendors, and Title Contacts.