“ Data has always been a central part of the real estate decision-making process yet traditionally it wasn’t collected digitally. ”
Data is a new gold of modern times. In the commercial real estate industry, data makes all the difference. Having the right information sources opens the door to more lucrative deals and generally more success overall.
A big part of CRE brokers’ work focuses on data processing. With this in mind, we decided to overview commercial real estate data, first analyzing its importance and types, then looking into the real estate data processing.
Commercial Real Estate Data: Definition and Importance
Сommercial real estate data (CRE data) is every bit of information available about a property. It allows brokers to get insights about property assets, market, financial information to create a portfolio and take important decisions for their clients and brokerage based on that information.
With this commercial real estate data, brokers can forecast their business’s health and financial future and predict the prospects ups and downs of the CRE market. The more real-time insights and granular information they get, the better opportunities brokers will offer for clients.
Types of CRE Data
Commercial real estate data is a general definition that covers location, building size, zoning, transactional and financial data, ownership and tenant data, market analyses, consumer behaviors and demographics, number of units, loan and lender data, noteworthy points of interest, future developments, trends in CRE industry, and more.
As you can see, CRE brokers deal with tons of information daily. But what exactly do they track? Here’s a specific look at the different commercial real estate dataset points and the importance of each.
|Types of Commercial Real Estate Data|
|Type||Description||Who uses this data|
|Commercial Property Data||Property data is the most fundamental type of CRE data. It includes: |
-Number of units
-Commercial property price data
|The commercial property data is valuable for investors, CRE brokers, lenders.|
|Transactional Data||This data helps to analyze the past and present value of a property and its potential return for the owner.||Important for investors, brokers, appraisers, and banks — anyone involved in CRE investment in any shape or form.|
|Commercial Mortgage Loan & Lender Data||This type of data describes debt history and mortgage amounts, the past and present debt associated with a parcel and its owner.||Important for debt brokers, CRE brokers, mortgage brokers, lenders.|
|Commercial Tenant Data||It is information about current and past tenants, and their lease expirations.||Useful for leasing brokers.|
|Ownership Data||Provides information about past and current owners of the property.||Important to anyone who wants to buy or sell that property — from loans to landscaping, from property management to new insurance policies.|
|Market Data||Includes information about the cost of property on the market, the reasons for investing in certain building amenities, types of return, etc.||Every industry participant, from investors to bankers to management companies, rely on market data.|
As you can see, commercial real estate data takes many forms. The most basic data is property-level data.
Then there’s another bucket of data — transaction data. Transaction data includes the property’s ownership and sales history, loan data, rent rolls used for underwriting the deal.
The third type of commercial real estate data is “demographic” data and market data. Market data includes economic and socioeconomic factors, local supply and demand, market rents, capital market access, and more.
Demographic data provides insight into median household income, median household age, purchasing power, ownership rates vs. renters, in/out-migration to an area, etc.
Demographic data is aggregated by investors and CRE specialists to have an overview of the market environment.
Why is Commercial Real Estate Data Important?
CRE brokers and companies use data to create differentiators and an edge over competitors. Also, real estate database helps them make better decisions, create strategic plans, and get accurate benchmarks.
With stats from tech-focused CRE data providers, brokers are able to become more efficient and quickly analyze dedicated properties; especially when using a CRE tool with multiple property data points, like AscendixRE CRM for commercial real estate brokers.
When you combine the analytics and predictive tools within AscendixRE CRM, you make the most informed decisions. Plus, it provides you with tools for collecting your internal data and mixing it with the aggregated proprietary data to get a comprehensive matrix of property intelligence. As a result, you get precise business and investment choices.
Key Commercial Real Estate Data to Monitor
Investors, tenant reps, landlord reps, and developers use different commercial real estate data depending on their needs. For example, an investor might be interested in demographic or transaction data, whereas a lender might be interested in rent rolls and occupancy data.
And what commercial real estate data should brokers track? (presented on AscendixRE CRM)
1. The level of inquiry – You can set the proper level of inquiry in AscendixRE CRM whenever you need. Over time you can graph that inquiry to see seasonal results and trends.
2. The source of inquiry – With AscedixRE CRM, you can analyze the channels of inquiry to strengthen them with marketing solutions.
3. The types of property required – Whether you are looking for a predominance of property inquiries for warehouses, offices, or retail, AscendixRE CRM covers a great variety of types to choose from.
4. The availabilities – This information helps CRE brokers to check the available properties in specific areas. To get a detailed list, you can set criteria for property owners, type, market, size of the location, use type.
5. Location – You can set up the criteria to get the list of suitable properties in the area. The list includes information about the unit number, record type, use type.
6. The rent and price expectations – Understanding the current state of prices on the market prevents brokers from giving false information and clients from unrealistic price expectations.
7. Marketing and media channels – You can manage the impact of a marketing campaign in the sales process, the number of leads and opportunities to check the effectiveness of your marketing strategy.
8. Commercial real estate listing database – AscendixRE CRM includes extended listings with pricing, status, property type, that you may show to your clients.
9. Your current business workflow – Analyse your activities by sales, track prospective tenants, average property type, and your tenant’s lease expirations. Having this data on a single dashboard gives a complete picture of your business.
Many CRE brokers used to have separate Excel spreadsheets for Contacts, Companies, and Deals. It inevitably caused setbacks in document management and slowed down real estate data processing.
As Deloitte stated, managers could spend as much as 80 percent of their time gathering or manipulating data to make it ready for analysis. These current process inefficiencies prevent some institutional investors and managers from exploring new sources of data and in-depth analytical tools and capabilities.
The era of using Excel for tracking all your commercial real estate data has passed by. Modern CRM systems offer extended and advanced solutions for real estate data processing. For CRE brokers, the implementation of a CRM in their business means:
- Quick access to up-to-date data wherever you are
- Ability to provide your clients with access to specific data
- Fast data filtering process
- Receive notifications about lease expiration on time
- Have a database of verified connections
- Schedule calls and set up arrangements in one click
- Generation of branded reports.
With AscendixRE CRM. you can get key property data, even when you’re on the go:
- Title documents & sales
- Liens & mortgages
- Property income and expenses
- Certificates of occupancy
- Square footage and unit count
- Permits & violations
- Property photos
- FAR and zoning.
AscendixRE CRM is designed to help you be more efficient, cut out manual processes, become a smarter broker, learn more from market analytics, and make critical decisions to edge out your competitors based on data.
Eager to try benefits of AscendixRE CRM?
Book a demo to experience all the pros of one of the leading CRM for commercial real estate brokers on top of Salesforce.
Where Can You Get This Data?
Although there are plenty of commercial real estate databases to choose from, here are a few CRE data providers to consider:
- Brokerage reports
Many brokerage shops and companies issue quarterly reports that include tenant and market data.
These reports are free and highlight information about market size, trends, major transactions, and more.
- Public records
One of the best ways to find commercial real estate data is to search for a municipality’s local property records. These record also include building permits, court records, registry of deeds, and more. Then, this commercial real estate dataset is complied into an assessor’s database.
- Commercial Real Estate Associations
Another way to find useful CRE data providers is to sign up for an association like SIOR (Society of industrial and Office Realtors) with 3,400 members, CCIM Institute (Certified Commercial Investment Member) with 35,000 members, ICSC (International Council of Shopping Centers), CREW Network (Commercial Real Estate Women) with 12,000 members, or ULI (Urban Land Institute) with 45,000 members.
Membership opens the door for networking and sharing market expertise, tracking CRE news and insights.
Over the last few years, commercial real estate data transformed into the tech sphere with online commercial real estate dataset and tools you can access from anywhere to make better-informed decisions.
In order to maximize the benefits from your commercial real estate data, your own internal contact and property data, you need a solution that goes beyond just storing and organizing data details. AscedixRE CRM for commercial real estate is a great solution to consider.
Kateryna creates engaging content about Salesforce consulting, Ascendix products, and CRM best practices for the commercial real estate industry and legal services. Her articles provide readers with relevant data, stats, business tricks and overviews of new industry trends and CRM updates.