Tuesday, 12/02/08 2:15 PM
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Tuesday, 12/02/08 2:15 PM |
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Member Services : COCIE : Features & Benefits : Mining Sales Data on the CDX Mining Sales Data on the CDX
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 and CAP rate and more. As a rule, these records contain some - but not necessarily all - of those data elements. In addition, all the sales comps that were reported to CCIIR and the MLS in 2004 & 2005 were entered into the CDX. 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 on the COCIE database, they benefit from the wealth and depth of data there. As of September, 2007, there are 1,336 System Comps on the COCIE database. To search for System Comparables, start at your home page. Locate the "My Comps" search on the left side of the screen. Select "Sales Comps." From there, fill in criteria such as property type, size, sales date and then push the orange "Search" button. Remember, when you pull sales 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" reportcontains 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, the CDX will capture the fact that this building was once available for sale and marked "sold" on a certain date. As of September 2007, there are 1,256 Archived Sales on the COCIE database. 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" to "sold." (HINT: The "Status" field is behind the Administrative" tab on "The Search"). The result will be a set of properties that match your building; that have been on the CDX available for sale; that have marked "sold" and removed from circulation; and finally, 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 & parcel number, take that information to the Auditor's web page and check for sales date and price. The building size, time on the market, listing notes, listing agent's name, company, email address and telephone number -- all 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 yourself to records that were pulled off the market within the last calendar year. Finally, Xceligent staff has begun research on a proprietary sales comparable database called SiteTrax. A fully researched, robust product covering commercial property transfers of $225,000 and greater in Franklin, Delaware, Licking, Fairfield, Pickaway, and Madison counties, this data will be available in January of 2008. The CDX contains a goldmine of information, with incredible depth and five solid 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 in the computer lab at the Columbus Board of REALTORS® -- October 30th from 9 --11 AM or November 27th from 1-- 3 PM. COCIE News
Thanks to the strategic alliance with LoopNet, we have more than doubled our research capacity. Our development team will be doubled in size by October, enabling us to move more quickly going forward. COCIE Classes (CDX) Training Instructor Catherine Erney, Xceligent Learn how to: search and report on commercial availabilities; use advanced search techniques such as map search; produce tour packages for client tours; send CDX Mails; add, edit and manage listing inventories. ADVANCED -- October 30 9 a.m. - 11 a.m. l November 27 1 p.m. - 3 p.m. 2 credit hrs. $20 if CE is requested Instructor Catherine Erney, Xceligent Learn how to use the CDX to: calculate vacancy rates; create absorption reports; find sales and lease comparables by date; etc. As a member of COCIE, not only do you have access to the data for the Columbus area but for Xceligent systems nationwide. Therefore (as of August 6, 2007) you have access to: COCIE Nationwide New firms (since August 6th) Licking County Chamber of Commerce |
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By Cat Erney
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