COCIE User Tip of the Month: Mining Sales Data on the CDX
By Catherine Erney
Xceligent
April 2006 In Contract
COCIE remains very busy as we move into spring. New companies continue to join COCIE at a steady pace. Click here for a list of COCIE members. As a reminder, there are COCIE training classes at the CBR twice a month. Click here to check for COCIE classes. New COCIE data entry forms are also available on the CBR web page on the About COCIE page.
Did you ever wonder what happens to a "for sale" property record when an agent marks it sold and you no longer see it on the available database? That data doesn't just float away into cyberspace. In fact, it becomes an Archived Sale listing, one of the two types of sales comparables available in the COCIE database, CDX®. In addition to Archived Sales, CDX contains System Comparables or "My Comps". Want to know how to wrap your hands around all that valuable information? Read on...
System Comparables are created in two different ways. First, when an agent removes an available listing from the database, the system prompts him/her to create a Comparable record. The agent has the option to share detailed information about the property transfer, including transfer date, recorded date, sale price, building square footage, price per SF, seller, buyer, CAP rate and more. As a rule, these records contain some - but not necessarily all - of those data elements. In addition, The Columbus Board of REALTORS® recently engaged Xceligent to load all the comps that were reported to CCIIR and the MLS over the past two years. That project has just been completed. The information in these records is concise, in fact, limited to the CCIIR/MLS data elements provided. However, since these records are linked to properties in CDX, they benefit from the wealth and depth of data there. As of March 2006, there are 849 System Comps in CDX.
To search for System Comparables, go to your CDX home page. Locate the My Comps search button in your CDX Quick Links. From there, fill in criteria such as property type, size, sales date and then click the orange Search button. There are two types of reports available for sales comparables pulled in this manner; both include sales date, sales price and square footage. The Sales Transaction Basic report shows multiple records per page and can print up to 250 records. The Sales Transaction Profile report contains a color photo and detailed property and transfer information, including a field for CAP rate.
A second way to mine for Sales Comparables on the database would be to search for Archived Sales. Archive Sales records are created when an agent changes the status of a sale listing from "For Sale" to "Sold." Even if the agent opts not to create System Comparable, CDX will capture the fact that this building was once available for sale or lease and marked "sold" on a certain date. As of March 2006, there are 636 Archived Sales in CDX.
You can use The Search to hunt for archive sale listings. Here's what you do: Set up your query as if you were searching for a "for sale" property; putting in all relevant criteria: property type, size range, clear height, submarket - accurately describing your subject property. Then, just before you press the Search button, change the Status criteria from Active/Available" to "Sold." (HINT: The Status field is on the Administrative tab on The Search.) The result will be a set of properties that match your building, have been on the CDX available for sale, have been marked Sold and removed from circulation, and include the date they were pulled. No, it's not a verified sales comp, but it's a running start. Because of the depth of our data, it's very easy to go to the building record, grab the district and parcel number, take that information to the Auditor's web page and check for sales date and price. The building size, listing notes, listing agent's name, company, email address and telephone number are captured in the record as well.
If your search turns up too few properties, either your property is unique or you've set your criteria too tight. Try your search again, omitting one or two data elements, such as clear height or office SF. On the other hand, if your search turns up too many properties to research, try using a range of update dates to limit your records to those pulled off the market within a certain timeframe.
Finally, the Xceligent staff has begun research on a proprietary sales comparable database called Site TraxTM. A fully researched, robust product covering property transfers in both Franklin and Delaware counties, this data will be available as an enhanced service during 2006.
The CDX contains a wealth of information, with incredible depth and four years of history. To learn how to mine that data for your company's needs, call us or sign up for our advanced COCIE class at the CBR.
Featured Enhanced Service:
CDX Direct
That lovely little 5,000 SF in Suite 200 is finally leased; the deal is done; the contract is fully executed...and now when you deserve the opportunity to sit back and rest on your laurels - you have all those doggoned databases to update! Since Suite 200 was the link between Suites 100 and 300, as a result, the largest contiguous space in your listing has dropped from 17,000 SF to only 7,000. How many different places do you have to key in that change? How many different services do you have to notify? How many times have you remembered all but one...Then there's the web master to contact...
Trust me, we know your pain - and we have a great tool to help you. CDX DirectTM pulls detailed information from each of your listings in the CDX and feeds it directly to your own company website. Yep, all you have to do is go to Update My Listings, change Suite 200 from available to leased - and the database will automatically recalculate the largest contiguous space in your listing. Who isn't used to that convenience? The beauty of the system is that through CDX Direct, your web page is automatically updated, too.
CDX DirectTM provides a perfectly searchable real time feed of your property listing information from the CDX directly to your company's webpage. Unlike some bland, generic-looking services, CDX DirectTM can be privately branded to match your company's color scheme, feel, look and logo. Detailed information about your listings, including your proprietary brochures is readily available on your website without any additional maintenance on your part. How sweet is that?
To discuss using CDX DirectTM on your own web page, call us at 614-430-3343.
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