The Lots tab is a multipurpose tab unique to the Subdivision valuation feature. In this tab, you will indicate the different lot types and details. This information is used in the Valuation Workbook to build your report further.
This guide shows the specific functions in Valcre Online related to Subdivision Valuations. For more information on using Valcre Online to add jobs, properties, and comps, please visit our article that covers using Valcre Online.
Pre-Requisites
-
Subscription Tier: Professional (with the Subdivision Add-on) or Enterprise
- This is not included in the base Professional subscription and requires an add-on service. If you would like to discuss accessing the Subdivision Workbook and Report Template, please contact your Client Success Manager or Support@valcre.com to assist.
- Subdivisions must be enabled by a Valcre administrator.
- Valcre Add-In version 2.0.8.0 or higher
- Valcre Workbook version 1.4.25 or higher
How-to Guide
Step 1: Create the property
When creating the property, select Land in the Property Type. This will ensure the correct tab is added within the property to proceed.
Step 2: Access the LOTS tab in Valcre Online from your property.
The subdivision-specific items are located in the Lots tab after creating the property in Valcre Online. Access this by selecting LOTS from the top menu within the property.
Note: If you have entered Land into the property type, and LOTS does not appear in the top menu, your account has not enabled the Subdivision feature. Please contact your Client Success Manager or Support (via chat or support@valcre.com) for assistance.
Step 3: Add the necessary Lot Groups
Select ADD LOT GROUP to add all lot groups you require. You may enter as many lot groups as you wish.
Pro-Tip: Many appraisers will divide the lot groups by the different lot types on the property.
Step 4: Fill in the Lot Group details as applicable
- Enter the Improvements
- Select from Improved Lots, Partially Improved, Unimproved, or Unknown.
- Enter the number of Lots in this group.
- Enter the Typical size.
- Note: This is populated in standard SQF
- Enter the Front Footage.
- Enter the Minimum Home Price.
- Pro tip: This is flexible to accommodate whether you are using the developer’s proposed minimum home price or your assessment of other subdivisions in the area.
- Enter the Price Per Lot.
- Pro Tip: When you have different size lots we recommend entering them as different lot groups.
- Enter the Lot to Home Ratio.
-
Pro Tip: This field is calculated as Price Per Lot / Minimum Home Price. If you collect that info on comparable properties, you can use it to apply to the subject.
- For example, If you have collected lot ratios and you determine the lot ratio is typically 20-25% and you determine the minimum home price at the subject, you could just apply that ratio, and it would indicate what the lot value would be.
-
Pro Tip: This field is calculated as Price Per Lot / Minimum Home Price. If you collect that info on comparable properties, you can use it to apply to the subject.
- Enter the Lot Absorption / Quarter.
- In some instances of bulk sales, all the lots are not purchased at once. Instead, the homebuilder agrees to buy or can buy a certain number of lots per quarter. (Referred to as an absorption contract or takedown.) This field captures that absorption rate, which may be used to forecast absorption for the subject.
- Enter the Lot Description.
- This is the unique description of this lot group that will be referred to in the Valuation Workbook and subsequent Word Template, specifically regarding the LOTSALES sheet.
- If these names are not unique, the system cannot differentiate between the lots within this property.
- Note: The names do not need to be unique to other properties; they must only be unique within the same property type.
- If these names are not unique, the system cannot differentiate between the lots within this property.
- This is the unique description of this lot group that will be referred to in the Valuation Workbook and subsequent Word Template, specifically regarding the LOTSALES sheet.
Step 5: Repeat the above steps for each lot group identified. The Summary table at the top of the page will update accordingly.
Once you have completed all the necessary information in the Lots Tab, you can set up your Valuation Workbook.
For additional questions about using the Lots tab in Valcre Online, please contact Valcre Support using the live chat feature in Valcre Online or Valcre Mobile.