LoopNet Adds REO Property Sales to Its Database
LoopNet, a company that tracks all commercial real estate transactions nationwide including office, industrial, retail, multifamily, hotel, land, specialty properties and businesses for sale, has made changes to improve its database.
With the newly enhanced Property Comps 5.0, the database has the ability to report more commercial sale transactions, the amount of data available with each sales activity and greater ease for a user to find this information.
The company said the purpose of upgrading its database and functionality is to help real estate brokers, owners, investors, lenders and appraisers analyze property and market data more completely and make knowledgeable commercial property pricing decisions.
In the past year, the database has grown by over 25% and now contains 1.5 million arm's-length transactions. As part of this expansion, Property Comps includes over 23,000 REO property sales, providing an “important window into distressed asset transactions that may influence the pricing in the overall marketplace,” LoopNet said.
According to LoopNet, REO accounted for 16% of all new comps the company has recorded so far this year.
Additional features added to the individual comp records include 35 new data fields such as more owner and mortgage information, property tax and assessed values of a property. There are also 60% more comps that have photos and 25% more have tax identifications, deed document numbers and the original listing's marketing flyer.
The database is easier to use, LoopNet said, because of a more intuitive search design that simplifies the process of finding comparable sales. Property Comps 5.0 includes property subtype search filters that allows users to target specific search results, a polygon search to custom-define a geographic area all the way to street level and save these results and six new reports tailored to meet customer needs like comparison reports and listing broker call sheets.
“Our customers asked for these improvements and we listened,” said Hilary Jensen, general manager of LoopNet's Property Comps business. “Property Comps 5.0 is the biggest step forward we've made to make it easy for commercial real estate brokers, appraisers and investors to easily find the detailed sales comps they need.”