Sales Comps Come to Columbus

by Catherine Erney
Xceligent
July/August 2007 In Contract

Always striving to provide better service to COCIE Members, the COCIE Board of Directors recently asked Xceligent for both a cost estimate and a timeline for a sales comparable database in the Columbus Metro market. At the April 16, 2007 COCIE Board Meeting, we presented the Xceligent proposal. After considerable discussion, The COCIE Board immediately requested a survey of current CDX Users about the proposed sales comparable product. User response was overwhelmingly (81%) positive, with over 100 responses out of 530 local users. Because internet surveys usually generate a 1% response rate and negative responders are more likely to answer a survey than positive ones, we are both delighted and encouraged by the results.

Here are some of the responses attached to the one question survey:

"Absolutely as this is the only limitation I see to COCIE at this time."

"Absolutely!" (from three different agents)

"Whatever you can do to make COCIE a better product - do it."

"This is a very fair price, provided that the sales have truly been verified."

At this writing, some of the details are still under discussion, but the pertinent facts of the program will be:

Data for every commercial transaction over $250,000 in Franklin, Delaware, Licking, Fairfield, Pickaway, and Madison counties will be researched and reported. Sales comparables will be researched based upon transfer of commercial property ownership recorded with the county via warranty deed. In other words, we will cover the entire metro area and transactions will be researched independently; we will not be relying only on transactions reported in the CDX.

Xceligent will complete site inspections for transactions. A site inspection consists of verifying the physical aspects of the property as well as taking a new, original photograph.

The goal is to have sales comparables available by January 1st of 2008.

Again, some of the details are still being formalized between Xceligent, the Columbus Board of REALTORS® and the COCIE Board. We will be sure to keep you all apprised of the particulars of the program as they are resolved. In the mean time, if you have any questions you can call Cat at 202-7025 or Angie at 537-0967.