Appraisal Institute Selects PropertyFirst to Develop and Host First-Ever Online Database of Appraiser-Verified Commercial Real Estate Sales, Lease and
Business/Real Estate Editors
CHICAGO & LOS ANGELES--(BUSINESS WIRE)--Sept. 20, 2000
Facilitating More Efficient Pricing, Benchmarking and
Decision-Making by Real Estate Professionals Nationwide
The Appraisal Institute and PropertyFirst.com, Inc. today announced an exclusive 11-year arrangement under which PropertyFirst.com will develop and host the Appraisal Institute Commercial Database, the first-ever online databank of appraiser-verified commercial real estate information. Set to launch early in the first quarter of 2001, the foundation of this new service will be appraiser-verified sale, lease and operating expense data for commercial properties across the country. Appraisal Institute members will provide content for the national database, utilizing Appraisal Institute-approved methods and standards. The data will be available to all commercial real estate investment, finance and leasing professionals via the Internet.
The geographic reach and scope of the Appraisal Institute Commercial Database will move the market from a patchwork approach of gathering and sharing comparable information to a streamlined, efficient system with data verified by the leading sources of appraisal information. No other service provides appraiser-verified data on a national level, combining comparable sales, actual leases and operating expenses. "Bits and pieces of market data are available everywhere, but what's missing is a comprehensive single source of high quality, up-to-date, verified commercial property data," said Woodward S. Hanson, MAI, president of the Appraisal Institute. "Our members have the best quality information available anywhere. It's our responsibility to demonstrate leadership by developing the Appraisal Institute Commercial Database to fill the current void."
"With this national database, our members will be even better equipped to develop valuation reports, trending analytics and other products consistent with their skill set, and the commercial real estate community overall will benefit from timely, firsthand access to the best quality information available anywhere."
Hanson said the Appraisal Institute's 40-member board of directors unanimously selected PropertyFirst.com as the platform and developer of the new database. "With their expertise in commercial real estate, software development and database management, PropertyFirst.com was a natural to execute this important project for us," Hanson said. "They appreciate the value of high quality information, shared widely, and of using technology to enable the real estate community to operate more efficiently and productively."
"The Appraisal Institute Commercial Database will transform the market for commercial real estate data," said John Stanfill, president and CEO of PropertyFirst.com. "At long last, verified commercial property sales and lease information and other critical data will be available to the real estate industry and be easily accessible online. Commercial property pricing will become even more efficient, investment and leasing decisions will be better and faster, and everyone who needs it will have fast access to the best data. This is another way the Internet will bring increased efficiency to the commercial real estate industry."
Stanfill said industry studies have shown that commercial real estate professionals often spend up to 40% of their time in data research and collection efforts. Appraisal Institute Commercial Database users -- appraisers, lenders, brokers, owners, investors, tenants, economists, investment bankers and others -- will be able to significantly reduce their data acquisition time and costs as a result of this service. This allows them to devote more time to their core business functions.
PropertyFirst.com estimates that about $300 billion of commercial property is sold in the U.S. annually, with $250 billion of loans initiated every year. Over 300,000 individual commercial properties are listed for sale in the U.S. annually, and there are over 1,000,000 commercial spaces for lease in the U.S. currently.
About the Appraisal Institute
Throughout its 65-year history, the Appraisal Institute, based in Chicago, has been the leader in residential and commercial appraisal education, research, publishing and professional membership designation programs. Its 19,000 members are identified by their experience and knowledge of real estate valuation and counseling, and adhere to a strictly enforced code of professional ethics and standards of professional appraisal practice. The Appraisal Institute is a recognized leader in valuation technology and has established a national database for residential properties (www.airdport.com). The Appraisal Institute is participating in the creation of a national management company providing valuation and consulting services in both residential and commercial markets.
About PropertyFirst.com
PropertyFirst.com provides a web-based platform and services for commercial real estate professionals, including owners, brokers, investors, lenders, property managers and corporate space users. PropertyFirst.com is dedicated to using technology and its high-level commercial real estate industry knowledge to lower real estate transaction costs, increase industry efficiencies, heighten transaction volume, build relationships and otherwise help its clients operate more efficiently. The company, based in Alhambra, Calif., in Los Angeles County, has strategic alliances with leading commercial real estate services firms such as MortgageRamp.com, CB Richard Ellis, Cushman & Wakefield and Transwestern Commercial Services.
