How many times have you asked or been asked questions such as, “Did ABC Gardens change their prices?” “What specials are they offering?” “What is their occupancy rate?” “Did you visit your comps?” Most people in the industry don’t like preparing comps. They are time consuming and to accurately compile the necessary information, property visits are required. Notwithstanding this, comps are indispensable tools in the competitive Multi-family Housing industry.

With an endless number of other responsibilities to fulfill, how does a typical leasing agent or manager deal with the requirements to perform comps regularly? The usual scenario involves a busy leasing agent contacting another busy leasing agent at one of the properties in their customary group of comps. There may be some hesitation at first, but over time a relationshipis created and the two competitors will begin trading information on a regular basis. This process may be repeated several times by each of the leasing agents with different competing properties, thereby creating an informal information trading network.

These informal “information trading networks” always intrigued me. One day while reading an industry blog,I had an epiphany. Wouldn’t it be incredibly efficient if one property could enter only their own information into a purpose built website and share it with those properties that were willing to share the information back? In other words, why couldn’t there be a “Social Network” for sharing comp information. Confidential informationwould not be shared, just the information that is gathered during the routine preparation of a competitive analysis. Thus each member property by only submitting their own information, would receive back a complete, highly accurate comparable study of the properties that they deem to be their best comps.

This network would operate essentially the same way that most social networks do, except that in this case, the property itself would be the member. Within this website, each member property would have the ability to send a request to a member property or a non-member property to join their “Comp Group.” If the property receiving the request agrees to become a “Buddy” of the other property, the two properties could then start exchanging accurate information. These new “member” properties could then join other “Comp Buddy” groups or create additional ones. If in time a property decided that the information being sent to them was less than honest, they then would have the abilityto drop that other property from their “Comp Buddy” group. With this in mind, Compzilla.com was born.

Price alone, however, does not make for an accurate comp. Therefore, the process was taken astep further by adding the ability to equalize the rent charged at each property. This was achieved by allowing the user to add or subtract the (user determined) values associated with each particular property’s amenitiesincluding the occupancy for each unit type being reported. What this “Comp Grid” or as it is called, the “Compzilla Grid” accomplishes is the generation of a “perceived value”calculation for each unit type being comped.

The “Compzilla Grid,” however, is only as accurate and up to date as the information submitted. When occupancy at a property changes or when a price or special is adjusted, the relative value of each property to the other becomes inaccurate. Thus, at regular intervals, the site will send each member a reminder to update prices, specials and occupancy. What is more, when one member does make an adjustment, each of that member’s Comp Buddies will receive a notification that a correction has been entered into the system.

Compzilla.com doesn’t stop there. The site includes the ability for an individual to edit multiple properties. Conversely, multiple individuals are able to enter information about a single property. The site is password protected with passwords able to be easily changed by the user or manager. Of course, the “Comp Grid” is exportable to Excel and the included Compzilla Excel Template. With Compzilla, property management professionals can now spend their time on more important responsibilities, like taking care of their residents.

Compzilla.com, it’s as close as you can get to the perfect comp without spending a lot of time getting it.