What are some common sources of data and information for comparable sales analysis?

1 Public records

Public records are the official documents that record the ownership, transfer, and financing of real estate properties. They are usually maintained by county or municipal agencies, such as assessors, recorders, or clerks. Public records can provide basic information about comparable sales, such as the date, price, location, size, and use of the property. However, they may not include other important details, such as the condition, quality, amenities, or lease terms of the property. Moreover, public records may not be updated frequently, accurate, or accessible online.

2 Commercial databases

Commercial databases are the online platforms that collect, organize, and distribute real estate data and information from various sources, such as public records, brokers, appraisers, owners, or tenants. They can offer more comprehensive and timely information about comparable sales, such as the property features, photos, floor plans, income and expense statements, rent rolls, and market trends. However, they may also have some limitations, such as the coverage, availability, cost, or reliability of the data and information. Some examples of commercial databases are CoStar, LoopNet, Real Capital Analytics, and Reonomy.

3 Brokerage reports

Brokerage reports are the publications that provide market insights and analysis from the perspective of real estate brokers. They can offer valuable information about comparable sales, such as the demand and supply conditions, pricing and valuation trends, transaction activity and volume, and buyer and seller profiles. However, they may also have some biases, such as the selection, interpretation, or presentation of the data and information. Moreover, they may not be consistent, standardized, or transparent in their methodology and sources. Some examples of brokerage reports are CBRE, Cushman & Wakefield, JLL, and Colliers.

4 Appraisal reports

Appraisal reports are the documents that provide an opinion of value for a specific real estate property based on a systematic and objective analysis of relevant data and information. They can offer detailed information about comparable sales, such as the selection criteria, adjustment factors, and valuation results. However, they may also have some limitations, such as the scope, purpose, and date of the appraisal. Moreover, they may not be readily available, comparable, or verifiable. Some examples of appraisal reports are MAI, ASA, and CCIM.

5 Local networks

Local networks are the informal connections and relationships that real estate professionals have with other market participants, such as brokers, appraisers, owners, tenants, lenders, or consultants. They can offer firsthand information about comparable sales, such as the motivation, negotiation, and terms of the transaction. However, they may also have some challenges, such as the confidentiality, credibility, or validity of the information. Moreover, they may not be easy, convenient, or scalable to access and maintain. Some examples of local networks are trade associations, industry events, and referrals.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?