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New Feature: Custom Comps!

In this article you will find:

  1. Brief overview of Archer's latest product release, Custom Comps
  2. Important information on how to access the new features for Customers
  3. Five examples of how to use the new features today
  4. FAQs

 

Have you ever wondered what it would be like to have a database of every rent roll or financial statement your team has ever analyzed in a standardized form for use as comps for future underwritings?

Tired of manually adjusting Rent Roll floorplans and other line items to your organization's preferences on every deal?

Have you ever found yourself underwriting a deal next to a property you underwrote a year ago, but can't find that property's model?

Well, Archer has exciting news for you.

🌟 Introducing Custom Comps

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Now you can save personalized comps that are proprietary and specific to your own underwriting history. Here's what's new:
  • Customer Specific Comps: Your T12 or Rent Roll data, once saved to Archer, will be retrievable as a rent or financial comp, saved just for you, enhancing precision in future underwrites.
  • Dive Deeper with Enhanced Granularity: Delve into nuanced analyses with our revamped Rent Comp tab. Explore how renovations, unit sizes, and bathroom counts influence rental rates. Standardize renovation levels to gauge ROI accurately. In addition, our upgraded Rent Roll parser now learns from your floorplan to Bed x Bath mappings, significantly reducing repetitive tasks when mapping each floorplan.
  • Credible and Customized Financial Comp Analysis: Reflect your unique preferences in financial comps with your own custom groupings of expenses and rows from T12 parsing, lending credibility and standardization to your pro-forma income and expense estimations in future underwrites.
  • Tailored T12 Parsing: Enjoy the flexibility of up to 50 custom T12 income and cost buckets, with enhanced granularity in categories like Other Income, Payroll, and Contract Services. Your specific changes feed into Archer's ML model, perfecting the parsing results with each use.
  • Streamlined Summaries and Visuals: Navigate through simplified summary tables and visuals, thoughtfully redesigned based on your feedback making them easy to understand and print. The look and feel now match other tabs in the model, like the Rent Roll and T12 analysis tabs.
  • Enhanced Comp Algorithm with Custom Focus: Our algorithm automatically selects and returns the top 15 customer properties based on comp match scores, directly in the Archer Rent or Financial comps templates or during an underwrite through app.archer.re.

 

IMPORTANT INFORMATION FOR CUSTOMERS

You will not be able to parse rent rolls or T12s in Archer until you have re-installed the Archer Excel Add-In. To update the Add-In, please follow the instructions in the Knowledge Base here.
 
If you have been using the standard Archer Underwriting Template, the updates will be available in the next model you download from app.archer.re.
 
If you are using your own model that Archer previously integrated with, and you did not send an updated version to our team last week, please email michael.busenhart@archer.re directly to have your tabs updated. 

 

📸 Custom Comps in Action

See below for a few example of how to take advantage of this new feature in Archer, today!

1. Generate your own rent comps

The most rent rolls you parse that you "Save to Archer", the more "Custom Comps" will be returned to you that match future subject properties. A "Custom Comp" is the key data associated with a property you or your team previously underwrote, and saved to your own Archer cloud. 

NOTE: Custom comps are private to your team and are NEVER shared with other Archer users. 

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2. Standardize Floorplan Analysis

Are you trying to understand how much an extra bathroom can get you in rent? The difference between a 2x1 and 2x2? With Archer added granularity to floorplan analysis, you can now find these answers based on the unique way your firm looks at floorplans.

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3. Enhanced Rent Spread and Variability Analysis

Quickly analyze the spread between highest and lowest renting units across your custom comps.

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4. Faster Renovation Analysis

Now you can perform more detailed renovation planning based on your preferred renovation framework and levels.

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5. Turn parsed financial statements into gold!

Similar to rent comps, you can now build your own database of financial comps. Achieve unmatched standardization using your preferred cost element mapping as custom comps.

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❓Frequently Asked Questions (FAQs)

Frequently Asked Questions:

  1. I've run a bunch of [models / T12 / RR] in the past, will these automatically start showing up as Custom Comp?
    Past models, T12s, and RRs will not show up as custom comps. Only those that were run since the launch of the Custom Comps product will appear as a Custom Comp. Please contact Archer to discuss how we can support getting previous rent rolls and T12s to show up as comps.
  2. Can I open an old model and 'save to archer' to start building this data?
    Great idea! Unfortunately, the "Save to Archer" function can only work with the new models. A lot of new changes have been made in the new model for us to enable Save to Archer functionality. However, the Archer team would be happy to assist in accomplishing the same goal with the new model.
  3. How do we get custom comps to start showing up in my list of comps?
    Let's say you have two properties 1 & 2 in a market. When you underwrite property 1, uploaded T12 or rent roll, and click Save to Archer, your data is captured in Archer for Property 1. Once you run comps for Property 2, the data from Property 1 will show up as custom comp.
  4. Archer mapped your templates to my model - will this new functionality start working or what do I need to do?
    You should have received a new model from us that will enable this functionality. Please e-mail if you haven't heard from us.
  5. Can I do a bulk upload of rent rolls and T-12s for deals that I've analyzed in the past? What is this process?
    Please contact your relationship manager at Archer. We would be happy to schedule time to plan this out.

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