Reis vs CoStar data?

[Phil Sarazen]

Has anyone used Ries Market reports, comps? Just looking for a comparison with CoStar.

I realize CoStar is vastly more expensive in price but if the Ries data is inaccurate or incomplete...

Any guidance is appreciated.

Phil

 

[Deleted member 126639]

Has anyone used Ries Market reports, comps? Just looking for a comparison with CoStar.

I realize CoStar is vastly more expensive in price but if the Ries data is inaccurate or incomplete...

Any guidance is appreciated.

Phil

They both are useful. REIS isn't any more or less accurate, but the specifics are not available to you. For Costar, you can find out the specific metrics for each building that falls within your search critera.

 

[Michael S]

I looked at CoStar's quarterly market report one time. Half the transaction they listed never occurred, or had occurred in previous quarters.

I'm not familiar with REIS's data in my market. I do know that the submarkets they use are completely different than what everyone else in the market uses, and are pretty much worthless. I had a tutorial of their website from a sales rep and their comparable database was laughable. Maybe 5-10 sales over the last 3-4 years.

CoStar's comps are hit or miss. Sometimes they've got most of the details and they're accurate. Frequently though they don't have the correct sale price (or any sale price). That comes with the territory of a non-disclosure state though. They're breadth of data is good as it at least provides a starting point for further research. I'd say they capture the majority of sale transactions in the market, especially the smaller deals that might otherwise be overlooked. LoopNet has got much better in our market over the last year. Still a lot less comps than CoStar but better listing data.

 

[PL1957]

Regardless of whether you use CoStar or Reis, any appraiser who considers this sale information "confirmed" is in for a rude surprise. These sources are best considered as leads.

From what I've seen, CoStar info tends to be more comprehensive.

 

[Howard Klahr]

The two companies approach market data from different angles. CoStar primarily is focused on sales and listings (Costar acquired Loopnet). REIS is focused more on supply and demand data such as segmented market inventory by property type (i.e. rents, vacancy, total space inventoried within the submarket, absorption).

Although both data sources have data that overlap, the strengths of each are different.

 

[Bhurchey]

"Regardless of whether you use CoStar or Reis, any appraiser who considers this sale information "confirmed" is in for a rude surprise. These sources are best considered as leads.

From what I've seen, CoStar info tends to be more comprehensive."

I couldnt agree more, as much as CoStar helps find harder to get property sale data, the data is simply just "leads" - i find COUNTLESS error in the CoStar reporting - and in some cases some of the errors where HUGE

 

[Kali the Boston Terrier]

Lately I have noticed CoStar is using foreclosure auction as a sale. Which In my state is generally just the note amount that is being foreclosed. The worst part is that they it is a confirmed sale.

 

[Michael S]

I believe the CoStar researchers are either paid per comp or they have a relatively high threshold of comps they need to enter, thus the numerous errors or just plain missing data. Sometimes they'll nail it and have good information from the buyer and seller as far as motivation or details of the deal that wouldn't otherwise be apparent. For every comp like that there's 10 that either have no sale price, just the listing price, or a "confirmed" price that is wrong.

 

[foodstamps]

As someone who is not a practicing appraiser, how would I go about confirming the sale price posted in CoStar? If it is so unreliable, then why does it seem to be the industry standard? Added to that, why would anyone want to pay so much for faulty data? Just for leads?

 

[Michael S]

As someone who is not a practicing appraiser, how would I go about confirming the sale price posted in CoStar? If it is so unreliable, then why does it seem to be the industry standard? Added to that, why would anyone want to pay so much for faulty data? Just for leads?

In a disclosure state check the public records available through the county assessor.

In a non-disclosure state contact one of the parties involved and ask. Some people are willing to share, some are not.

I'm used to CoStar's data in New Mexico which is nodisclosure. The only thing that's public record is the area of the land. A few counties have a bit more information. So CoStar doesn't have much to go from and they have to get information the same way as everyone else, except most brokers (who control the majority of the information) don't want to deal with CoStar.

I've heard that in some markets CoStar has much more data and that it's more accurate. I have to say that even in New Mexico they usually have some information on just about every property, and that can be very valuable.