Intelligence Fabric
Property comps are one of the most dreaded tasks for agents. Between endless email chains and phone tag, it can be exhausting. At Hyly.AI, we’ve identified three ways to streamline property comp surveys. Think of it as a maturity curve—each method adds sophistication and reduces the time agents spend on comps. Let’s dive into the three levels of comp survey efficiency.'
Last Updated: Feb, 2025
Nobody likes doing comp surveys. That’s a fact.
But do they have to be frustrating and time-consuming? Absolutely not.
Most property management companies (PMCs) require agents to complete weekly comp surveys. These surveys don’t just keep your teams updated on competitors—they also provide valuable insights for pricing strategists.
Now, let’s talk about how to make comp surveys less of a chore.
Completing comp surveys involves three basic steps:
- Filling out your property’s survey
- Collecting competitor surveys
- Organizing the collected data
This process typically takes 1-3 hours a week. What many PMCs don’t realize is that these steps can be automated, trimming the entire process down to just two minutes.
Here’s a breakdown of the three methods that simplify survey sharing.
Level 1: Manual Surveys
Estimated Completion Time: 1-3 hours
Many PMCs rely on manual methods to complete surveys. This involves:
- Identifying direct competitors (similar location, pricing, and amenities)
- Reaching out to those competitors
- Exchanging comp data
Manual surveys require agents to comb through email threads, manage spreadsheets, and make countless phone calls to neighboring properties.
And let’s not forget the email follow-ups. Just getting competitors to share data can feel like a full-time job.
While manual surveys do provide targeted information, they also leave agents scrambling for data that pricing strategists need. Plus, the more time spent on surveys, the less time agents have for prospects and residents.
Level 2: Survey Swap Software
Estimated Completion Time: 15 minutes
Level 2 uses survey swap apps to simplify comp sharing. These apps reduce the survey process from 1-3 hours to just 15 minutes.
Here’s how it works:
- Agents complete only their property’s survey.
- The app handles reminders, organization, and other time-consuming tasks.
No more follow-ups. No more manual sorting.
However, agents do need to wait for competitors to complete their surveys. The good news? These apps encourage sharing by using a “you get what you give” system. If a competitor doesn’t share certain data (e.g., special offers), they won’t see yours either.
Level 3: Scraping Software
Estimated Completion Time: 2 minutes
This is the fastest method—agents spend just two minutes adding special offer details and sending the survey to the property manager.
How? Scraping software pulls competitor data directly from their websites, eliminating the need for any communication.
The downside? Special offers aren’t captured, which is often the most critical data for pricing strategists.
Our suggestion: Combine Levels 2 and 3 to get the best of both worlds. Use Level 3 for general data collection and Level 2 for special offer details.
Conclusion
There you have it—the three approaches to sharing property comp surveys. Choose the one (or combination) that works best for your team, and let your competition wonder how you got so efficient!
