How Do I Create a Commercial Real Estate Database?

First things first—before launching into a major project of creating your own database, let’s address the reason why you are searching this term: you’re frustrated with the current way you…

First things first—before launching into a major project of creating your own database, let’s address the reason why you are searching this term: you’re frustrated with the current way you get data. It’s a trend we’ve seen over and over again at Canyon Data. Finding reliable, up-to-date information about current real estate takes a lot of work for individual CRE professionals. All too often, they have to access multiple commercial real estate data sources, comb the internet for scraps of information, and hope that what they’ve come across is accurate. 

Making your own database may seem like the best solution, but the truth is that this approach takes an incredible amount of time, effort, and resources to accomplish. We understand how vital CRE data is, so we developed a new approach for  collecting, verifying, and compiling this information. Our approach uses:

  • Proprietary technology to scrape every publicly available data source about the area. We don’t stop there—this information is then verified and physically validated.
  • Constant verification by certified experts. They match data across sources, checking the available information against reality. Sometimes that includes a simple visit to the address in question. 
  • Cutting-edge technology including proprietary robotics and A.I. that allows us to monitor for changes like property upgrades.
  • Monthly updates so that our users and partners have the most current information available.

We are currently testing our processes and approach in Boise, Idaho—but we’re dedicated to growing and bringing these insights to every market in the United States. 

How Is Data Used in Commercial Real Estate?

When thinking about your database solution it’s important to consider what data you need and how it will be used. In commercial real estate, there are three types of data that real estate professionals use to make decisions and do their job. These are property level data, transaction data, and demographic data. 

  • Property Level Data

Property level data encompasses all of the information that is unique to the specific location. That includes details like: type of asset (industrial, retail, office, mixed-use, etc.), location, square footage, lot size, occupancy, and more. Developers, realtors, lenders, and others use this data to understand the neighborhood’s current offerings and potential opportunities.

  • Transaction Data

The ownership history and value are important transaction data points for CRE professionals. Information in this category encompasses current ownership, loan data, rent rolls, and sales history of each property. This type of data is useful when making financial decisions, particularly for investors, banks, and lenders. 

  • Demographic Data

This type of data is more of a zoomed out view—demographic information allows you to look at the local supply of certain types of spaces like warehouses, apartments, or offices, as well as the demand for each space. Other information in this category would be things like average rents in the area, permitting information, or socioeconomic information like average household age and income. Demographic data is used to understand the big picture of the commercial real estate market in your area. 

When making your own database (or using a solution like Canyon Data), it’s important to consider all three types and make sure they are included. 

Where Can I Find Free Commercial Real Estate Data?

A simple internet search of “free CRE database” will bring up plenty of options. However, good data is critical for CRE professionals to be able to do their jobs. Like most things in life, commercial real estate research tools are subject to the old adage “you get what you pay for.” When evaluating a source of commercial real estate data, you should look for these qualities: 

  • Completeness – Missing data is a big problem. Without all the information, you can’t properly understand the market (or, if applicable, guide your clients and provide them with the full picture). 
  • Verified accuracy – Having all the details is important, and so is making sure those details are true. You or your clients are making financial decisions based on this data, making accuracy even more vital.
  • Local expertise – Any database that is only scraping data without physical feet on the ground does not have a true understanding of the local market.
  • Actionable data – The more you know about a property, the better you or your clients can understand the value. If a database only provides a few data points or has a narrow range, you won’t be able to provide actionable information for your clients.

As you may have guessed, free CRE databases won’t give you all of these qualities. In fact, many paid CRE databases don’t even accomplish that! At Canyon Data, we prioritize these four points in our CRE database solution.

Is There a Commercial Real Estate Database That Fulfills My Needs? Yes. Canyon Data.

So, you’re frustrated with the commercial real estate platforms that are out there? We were, too! That’s why we created Canyon Data. We use a unique combination of robotics, artificial intelligence, human collaboration, and local researchers to collect and verify our database. Our information is more extensive—and more accurate—than any other offering and held in one easy-to-access platform. Are you ready to expand your potential? Can you imagine the possibilities of having greater and more actionable insights? Subscribe today or contact us with any questions.

What is the Best Site for Commercial Real Estate? Canyon Data Meets Advanced Needs with Advanced Technology

Here at Canyon Data, our mission is to fill the gaps and solve the incomplete data problem in the CRE industry. Our data-driven insights will give you the information you need to determine the significance of a potential CRE investment. A subscription with Canyon Data provides the data to conduct an in-depth analysis of the benefits and risks involved with a particular property. Gain unprecedented insights with a Canyon Data subscription today. Get a Subscription