Why is there no commercial equivalent to MLS?

[Terrel L. Shields]

it is a bargain at twice the price.

I cannot think of any 3 commercial comps in my area that I cannot research within one or two days (16 hours total time) and at $1,200-1,500 a month, I'd have to be doing tons of commercial work to justify not simply doing the leg work and actually visiting the properties, contacting the buyers or brokers involved, and getting the info direct. I am in disclosure state(s) and access the deeds and mortgages so I know the financing and the actual price (the exact amount is generally included in the disclosure form) So the info I need is on-site. And as I said, Costar provided to be perfectly worthless for farms - especially poultry farms.


Half the people I know don't even realize that a mortgage will tell you if it is secondary market, FHA, VA, etc. if you look at the bottom of the mortgage pages

 

[Dublin ohio]

Our local MLS has a commercial information exchange.

The Central Ohio Commercial Information Exchange (COCIE), is a comprehensive commercial property database which includes:

• commercial properties in central Ohio - Office, Industrial, Retail, Special Use, Land, and Multi-Family (over 4 units)
• Business opportunities for sale
• active For Sale and For Lease properties
• listing Verified Tenant Database
• Fully Researched Sales Comps and Lease Transactions

Their are quite a number of active listing on the site. Some of the members include: Cushman & Wakefield, Colliers, NAI and CBRE

 

[Long Walk]

I cannot think of any 3 commercial comps in my area that I cannot research within one or two days (16 hours total time) and at $1,200-1,500 a month, I'd have to be doing tons of commercial work to justify not simply doing the leg work and actually visiting the properties, contacting the buyers or brokers involved, and getting the info direct. I am in disclosure state(s) and access the deeds and mortgages so I know the financing and the actual price (the exact amount is generally included in the disclosure form) So the info I need is on-site. And as I said, Costar provided to be perfectly worthless for farms - especially poultry farms.
View attachment 68829

Half the people I know don't even realize that a mortgage will tell you if it is secondary market, FHA, VA, etc. if you look at the bottom of the mortgage pages
View attachment 68830

It all depends on your market and your business. For me, it would be a bargain at twice the price. YMMV

 

[PL1957]

And people wonder why there are not more female commercial appraisers. It's Duh comments like this.

I’m sorry if you think I was “mansplaining” - it certainly wasn’t my intent. My point was that CoStar is the primary reason smaller firms CAN compete with national appraisal firms, if they choose to do so. An unlimited amount of data is out there, if one is willing to pay for it. Historically, this data was confined to major brokerage firms and gave those appraisal groups affiliated/owned a major advantage. Those days are gone …

 

[Tiffany Gibbons]

GOD what is your rant about..No attack on you and you are like a rabid dog. You and I are not a player in the commercial world. You are a VA Residental appraiser who got a CG but never used it. Which is fine but why attack others who do.

I never used my CG?? Ever? I did nothing but commercial work for 10 years. Too bad you didn't get a CG. I started as a CR, I can do either and both. You're not a VA appraiser either, but comment on those like you are relevant.

 

[George Hatch]

We're all where we're at as a result of the choices we have made up until this point.

 

[glenn walker]

We're all where we're at as a result of the choices we have made up until this point.

Don't start Mansplaining LOL

 

[J Grant]

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?

It is to the CG advantage if CoStar keeps on charging one kidney a month and the owner keeps it private and a tight leash on the data.

Because if CoStar ever sells out to CoreLogic, (or similar ) which is what many MLS systems did, the commercial appraisers will risk the data being made available for wide use or even public consumption, or used for AVM and for commercial BPO's and such.

I bet many RE agents saw part of their exclusive control over the data leading to commission cuts and competition from online websites, especially now that the public can pull up many MLS listings over ZILLOW. REDFIN etc. The MLS availability can also be used to populate AVM's or outsourced reviewing on the res side..

 

[glenn walker]

CoStar itself is actually a CRE software platform that helps you optimize your operations and tasks while their subsidiaries such as Loop-net, Apartments.com, BizBuySell, City-feet, and Showcase are the MLS listings where brokers can list and promote the commercial property.

 

[PL1957]

It is to the CG advantage if CoStar keeps on charging one kidney a month and the owner keeps it private and a tight leash on the data.

Because if CoStar ever sells out to CoreLogic, (or similar ) which is what many MLS systems did, the commercial appraisers will risk the data being made available for wide use or even public consumption, or used for AVM and for commercial BPO's and such.

I bet many RE agents saw part of their exclusive control over the data leading to commission cuts and competition from online websites, especially now that the public can pull up many MLS listings over ZILLOW. REDFIN etc. The MLS availability can also be used to populate AVM's or outsourced reviewing on the res side..

People (including CoStar, Corelogic, and every major appraisal firms) have been trying to develop commercial AVMs for years. Thus far, results on an individual property basis, leave a lot to be desired. There’s no doubt in my mind that the AVMs will continue to get better and will become an increasingly larger component of commercial valuation. IMO, the appraisers who learn to use them and learn how to add value to them, will continue to prosper.