If you work in commercial real estate (CRE), odds are you use commercial real estate data on a daily basis. Commercial real estate data encompasses more than just commercial property for sale or storefronts seeking tenants. CRE data includes any information relevant to all real estate professionals, including:
- Brokers
- Appraisers
- Property Owners
- Developers
- Consultants
- Lenders
- Investors
- Attorneys
- Contractors
- Property Managers
- Underwriters
- Asset Managers
In fact, there are more than 3.6 million people working in commercial real estate as a whole, with far more than that affected by the industry when you start to consider everyone who benefits from CRE, like consumers and tenants. With that many people involved, data-based decision making is paramount. Otherwise, commercial real estate becomes one big guessing game.
Naturally then, many professionals (like yourself) rely on commercial real estate databases to provide all the useful information they need to make informed decisions. Here’s the catch though, not all databases are created equal.
Even though you might already subscribe to one or multiple databases, unless you are using Canyon Data, you are missing out on key insights and pieces of information. We know what you might be thinking, “I already have a database, why would I use Canyon Data?” That’s what we’re going to answer in the following blog.
What Database Do Real Estate Agents Use In CRE?
Most CRE agents end up using one of six commercial real estate databases. They include a couple of major players such as, CoStar, ProspectNow, Internal Brokerage Data Bases, and Reonomy. While each of these databases provide some value to agents, the truth is they are riddled with shortcomings. Some cost upwards of $3000 or more per month, while others lack mobile apps, engaging customer support, and features that are standardly part of a quality user experience. All of those things aside though, the biggest issue with every single CRE database is their data.
That’s right, the databases that agents and other CRE professionals currently trust are providing bad data. At Canyon Data, we’ve estimated that somewhere between 40-50% of the CRE data out there is inaccurate. For example, many databases fall into at least one of the following shortcomings:
- Using old or outdated data that doesn’t reflect the most up-to-date information such as recent developments or market changes
- Providing incomplete data that is missing key points, sometimes because only partial data is available from one source, meaning you would have to use multiple sources to get a complete picture
- Lacking specific information relevant to one location or geographic area instead of offering generalizations and averages that don’t take into account contextual nuances
Imagine trying to determine where to develop a new property or how much rental income a unit can bring in with data that is inaccurate and incomplete. It will be incredibly difficult, and basically you’d be making a guess. Ultimately, for all the reliance on CRE data and the good it can theoretically provide, if the data is bad, all of that “good” turns to harm. That’s why it’s so important to get it right. With that in mind, let’s turn from the problem to the solution.
What Is The Best Website To Find Commercial Real Estate Data?
Like we said at the beginning, if you’re not using Canyon Data to help guide your decision making, you’re missing out on key information. We provide data that is simply not available from any other single source or site. We use a unique combination of robotics, artificial intelligence, human collaboration, and local researchers to provide and capture data sets that are more extensive than anyone else’s. What’s more, all of our data is available in one easy-to-access location.
We focus on five main areas to ensure that our data is the most up-to-date, accurate, and usable.
- Intelligent and premiere insights that go beyond classic commercial real estate data analytics
- Local people providing local information to cut through the noise
- Unparalleled information from capturing to delivery
- Data you can trust through relentless verification
- Unprecedented efficiency providing everything you need and more in one location at an affordable price
So, to answer your question from earlier about why you need Canyon Data… because the data says so.
To see everything we provide that you are missing out on right now, check out our comparison chart. Still have questions? Contact us for more information. Ready to get started? Subscribe today!