Hello to the commercial real estate community! - by Scott Bussey

December 14, 2018 - Appraisal & Consulting
Scott Bussey

Conn-Comp is working on its second major redesign in two years that will greatly deliver new value to our customers at no additional cost! We have been very busy speaking with our customers to provide a better product. We are committed to continual improvement! 

1. Mortgage Database: We have been working for two years building out our mortgage database and each sale now has a mortgage entry if a mortgage was associated with the sale. The mortgage fields collected are to be expanded to gather more information pertaining to the exact mortgage note details such as: index, rate spread, etc. 

Currently, the mortgage information is only viewable via pulling up the sale record the mortgage is associated with. However, we are implementing a new search interface that will allow users to pull mortgage information directly and filter by property type, date, geography, lender, etc. making our mortgage database one of the best in the business. Each mortgage will include a link to the sale with which it is associated!

2) Reports: Currently we are working on a report maker that will A) give statistics for a given query or B) give annual statistics for a certain property in a certain geography. 

For example a user may conduct a search looking at all industrial sales in Connecticut since January 1, 2017 over the size of 20,000 s/f and newer than 1980. We are creating our report tool to provide basic statistics such as the average, median, variance measures, standard deviation, etc. of the query results selected. The report statistics can be used within the appraisal process to help support adjustments. 

A user may conduct a search that provides the annual statistics for a given property type for a given fiscal year for a selected geography. The statistics can then be compared year over year to give users a sense of the direction of the market for each property type. As Conn-Comp has more sales than any other source, our data will be most meaningful when discerning the direction of the market. 

We are developing a property history tool that will allow users to pull activity by property. This will allow users to quickly analyze how a given property has sold over time. This can be used to understand the direction of the market, neighborhood, or support paired sale analysis. 

3) Aesthetics and Homepage: The homepage and overall look of the site will be steadily improved and made more user-friendly. We aim to keep the simplicity Conn-Comp currently offers, but in a more coherent and modern package. Many of our existing tools are under development for continued improvement!

4) Commercial Listings Added: And possibly the biggest change to the site will be the addition of listings to the site. The listings will be for all types of commercial real estate for sale and for lease. The listings will be advertised on a listing page within the existing Conn-Comp site. Listing advertising will be provided complimentary to our existing users as our aim is to increase customer satisfaction and value proposition. The listings advertised on Conn-Comp will be instantly viewable to thousands of commercial real estate professionals and will benefit from tens of thousands of page views per month! Conn-Comp will be one of the top places to market commercial real estate! The listings will be powered by our sister site www.uslistings.com. We expect the listings feature on Conn-Comp to be available mid-2019. 

5) Thank You! And thank you to our loyal customers and please know that we are committed to making a product that makes your life easier and is reliable. We are looking forward to several releases to come that will make Conn. Comp a better product!

Scott Bussey is the founder of Conn. Comp. Sales Data, Inc., Andover, Conn.

Comments

Add Comment


More from the New England Real Estate Journal