Commercial practitioners need access to commercial property details, history and data to give their clients the best guidance possible. Finding comparable properties gives you an idea of a property’s current market value, which is a vital part of creating a Broker Opinion of Value (BOV) also known as a Broker Price Opinion (BPO), which helps guide a purchase or listing price decision.
However, getting this done on the commercial side of real estate has always been a little tricky. Commercial comparables have typically been pieced together by visiting various public record websites and/or paying a vendor to collect data and have it packaged up for you to extrapolate and organize. Thankfully, things have gotten much more streamlined and RPR makes it easier than ever.
However, getting this done on the commercial side of real estate has always been a little tricky. Commercial comparables have typically been pieced together by visiting various public record websites and/or paying a vendor to collect data and have it packaged up for you to extrapolate and organize. Thankfully, things have gotten much more streamlined and RPR makes it easier than ever.
A Step-by-Step on Using RPR to Pull Commercial Comps
Thanks to partnerships with Brevitas and CREXi, as well as agreements with CIEs, CMLSs, MLSs and TotalCommercial.com, REALTORS® using RPR can search more than 450,000 listings across the country, which includes non-REALTOR® and REALTOR® represented listings.
Perhaps even more impressive and directly connected to commercial comps, is the 55 million off-market properties that are also available, allowing you to look for similar properties to your subject that have recently sold, or are currently listed across the entire nation. Here’s a step-by-step on how it’s done…
Perhaps even more impressive and directly connected to commercial comps, is the 55 million off-market properties that are also available, allowing you to look for similar properties to your subject that have recently sold, or are currently listed across the entire nation. Here’s a step-by-step on how it’s done…
- Begin by visiting RPR at narrpr.com/commercial
- Choose the Go to Search button
- Now select All Properties
- Enter an area to begin searching for comparable properties:
- County
- City
- Zip Code
- Neighborhood
- Select the Property Types you would like to include in your search results:
- Commercial
- Healthcare
- Hotel/Motel
- Multifamily
- Industrial
- Office
- Land
- Restaurant/Bar
- Retail
- Shopping Center
- Special Purpose
- If you are looking for on-market comps or current asking lease rates, consider using the Advanced search to refine by:
- Property status
- Building size
- Lot size
- Units
- Year built
- If you are looking for recently sold comps use the advanced search and plug in the time period you want using the “Within” filter.
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- You can capture your comps in a list by clicking “Print this page” and create a PDF to email or create a hard copy for your client.
Tip: Print this page literally prints whats on the page. So if you want to print more than 10 and up to 100 properties you can use the Show results dropdown.
- View more details about a specific property by selecting its street address, and dive into the details.
Using RPR to gather commercial comp data is a no-brainer. Not just because it’s a rich source of data and property history information, but also because as a REALTOR®, there’s no additional cost to use it.
Source: “How to Find Commercial Comps Using RPR”
