Why is there no commercial equivalent to MLS?

[HowAboutNo]

I'm a trainee commercial appraiser. I've noticed MLS in my area (New England) has extremely comprehensive, and more importantly, accurate, information for residential properties. Why does a similar database for commercial properties not exist? CoStar charges one kidney per month for access to a database full of inaccurate info. Hours are wasted trying to get a broker to respond, and confirm the data. This might be a dumb question, but why isn't there a equivalent MLS for commercial properties?

 

[glenn walker]

NO MONEY..lol

 

[Tiffany Gibbons]

I'm a trainee commercial appraiser. I've noticed MLS in my area (New England) has extremely comprehensive, and more importantly, accurate, information for residential properties. Why does a similar database for commercial properties not exist? CoStar charges one kidney per month for access to a database full of inaccurate info. Hours are wasted trying to get a broker to respond, and confirm the data. This might be a dumb question, but why isn't there a equivalent MLS for commercial properties?

Because most of the big commercial/industrial appraisal companies like CW, CB, etc. also sell and manage the same properties (different departments) , hence the price of 1 kidney per month to access the data. Go big or go home is their motto. They don't want small potatoes appraisers undercutting their MAI fees.

 

[HowAboutNo]

Because most of the big commercial/industrial appraisal companies like CW, CB, etc. also sell and manage the same properties (different departments) , hence the price of 1 kidney per month to access the data. Go big or go home is their motto. They don't want small potatoes appraisers undercutting their MAI fees.

Class A office space I'd understand. But what about the hundreds of thousands of lesser properties outside the incestuous circle of the big firms?

 

[HowAboutNo]

MLS, as far as I can tell, is great for residential listings because residential brokers have an incentive to keep it accurate. Why don't commercial brokers have a similar incentive?

 

[Tiffany Gibbons]

Class A office space I'd understand. But what about the hundreds of thousands of lesser properties outside the incestuous circle of the big firms?

Those big firms do the four major food groups like industrial/warehouse, apartments, office, retail. Those big firms have huge portfolios of properties. There's also Valbridge, Integra, etc. There are other online sites, like PropertyShark. In Memphis we had Chandler Reports that was not expensive but it used appraiser and assessor data. There are not many local commercial brokers around here. Usually auction companies in rural areas. You have to get a special designation to sell commercial properties here like CCIM, etc. Our local MLS has some commercial listings just not many. It's hard for local Realtors to compete with the big firms in Nashville. Costar makes lots of $ off county and states for appeal work trying to fight CW, CB, etc. It's a vicious circle.

 

[Long Walk]

MLS, as far as I can tell, is great for residential listings because residential brokers have an incentive to keep it accurate. Why don't commercial brokers have a similar incentive?

NECPE is entirely commercial and is owned by a separate board of REALTORS. Principal coverage is NH and VT with some coverage in MA and ME. The model of a commercial MLS works. In MA, much of the small commercial is handled by brokers that do both residential and commercial. That's different enough from NH that I can see why there's no separate commercial board here.

NECPE has reach into MA from NH. Many, but not all, properties are listed there for small commercial of all kinds. Conn-Comps used to cover only CT and I haven't used them in five years. Not sure what ME and RI use; both are close enough in parts for overlap with MA. NEREN offers limited MA coverage for residential and only a small amount of multifamily for commercial. Otherwise, the three MA MLS systems offer commercial listings for smaller properties. The MLS will carry what CoStar doesn't. Check CoStar and the principal MLS where you work and you should have a good handle on the market. You won't have every sale, but nobody will have better data than you.

Market analysis is a little more difficult for smaller properties, but no problems otherwise.

 

[PL1957]

Because most of the big commercial/industrial appraisal companies like CW, CB, etc. also sell and manage the same properties (different departments) , hence the price of 1 kidney per month to access the data. Go big or go home is their motto. They don't want small potatoes appraisers undercutting their MAI fees.

You realize that the “big firms” all have to subscribe subscribe to CoStar too? The biggest thing that keeps “small potato” companies viable is that they have equal access to data through CoStar that the big boys do … if you’re not willing to ante up, you shouldn’t be in the game …

 

[J Grant]

My local MLS has a commercial property section for commercial listings. Idk how comprehensive it is compared to residential listings.

Idk if there is an internet equivalent to what REDFIN, or ZILLOW that exists ...I just know that in residential these days type in a property address and information pops up

 

[Tiffany Gibbons]

You realize that the “big firms” all have to subscribe subscribe to CoStar too? The biggest thing that keeps “small potato” companies viable is that they have equal access to data through CoStar that the big boys do … if you’re not willing to ante up, you shouldn’t be in the game …

I'm not in the game.