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Site Feature: Compshoponline.com

CompShoponline.com is the only corporate resource for confidential, online exchanges of actual real estate lease details – “Comps”.

Obviously, comps already make their way through the market through personal and corporate connections, but they are exchanged through an inefficient process of professionals meandering through the marketplace, one phone call at a time, cashing in favors with friends and competitors, and spending an inordinate amount of time securing (generally) incomplete information. If you are in the information loop, it demands a lot of time and effort. If you are out of the loop, you face a serious competitive disadvantage.

CompShop Members gain access to Comps either through the redemption of Points (Points that Members accumulate by contributing Comps) or through purchase. For every Qualified Comp provided by a Member, that Member may add three (3) new Comps to his or her Library from the CompShop Database. We encourage Members to add Comps as soon as they become known, as Points are awarded only to the Member who first contributes the Comp for a particular transaction.

CompShop comprises both the existing CompShop Database and the CompShop Exchange (i.e. the collective network of its Members). Whenever CompShop’s Database needs a Comp you want, the power of CompShop Exchange kicks in and retrieves it from fellow Members who know the property.

Anonymity is preserved by CompShop through the use of self-selected Screen Names. Throughout the CompShop website (both when contributing or receiving Comps), you will be identified only by your Screen Name and Primary Business Activity. CompShop’s Privacy Policy underscores the importance of protecting the privacy and anonymity of our Members and details our handling of your personally private information.

Need a little more detailed information? Check out the FAQ section of the site.  I love the fact that the transparency wall is starting to break down. Is this the beginning of the next wave of true and accurate lease comp data? Can I say I told you so yet?  Are there any similar services?  Would you or would you not participate and why?  Thoughts?

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  • Lease deals are often confidential and any agent blabbing about the terms of a lease deal won’t have that landlord – or tenant – as a client for long. If you couldn’t get the info direct from the tenant or landlord, why would you expect the agent to give it up?

    And this particular site has no guarantee of reliability – flags for inconsistencies aside. This is not an area where you want to take a chance on unverified information.

    As for agent participation, most agents hate forms and paperwork. They’d search…but rarely submit.

    Yeah…I know…so negative. But unless you want to turn your industry in to the attorney general’s office for some sort of investigation that will force the issue, the best way to get comps is to collect them yourself, work for a brokerage that collects them or pay an outside source that you trust (like an appraiser…not sure I would trust lease comps from LoopNet or CoStar….though whatever they have, I suppose, becomes reality….).

    • Chris,
      I suggest you do a demo…may change your mind!

  • I have to agree with Chris…by law leases are proprietary not for public consumption. You don’t need lease comps anyway. If you don’t know where deals are being made within a 5% range then you shouldn’t be doing business in that market or professing to be an expert in commercial leasing. I laugh when I see so many properties listed on Costar with the asking rents quoted as ‘Negotiable”. All you have to do is talk to few leasing brokers (not many) to get a relatively good idea of where the rents are and what concessions if any are out there. I also agree I wouldn’t trust any broker’s lease info unless I saw the lease myself. There is no upside for a broker to post their lease comps. It doesn’t matter if the poster is being protected by a screen name…that makes it even more suspect. Lease comps are the hardest piece of market info to get, and it should be that way. However, with the accounting changes that are about to be enacted by the FASB which will go into effect in 2013, commercial leasing will have a different look since the lease will no longer be an “off-balance” sheet line item, they will have to be on the books.

    • Bob,
      Points taken..thanks for the comments and opinion.

  • John Boyer

    I checked out the site…I think they need a couple of sample comps to wet your whistle. You don’t know what you are getting into by just reading the verbiage on the site. Plus, the concept of “giving” more to “get” more is new to social media. CRE professionals understand that concept with information and knowledge, but I don’t see this site taking off.

    • John,
      THX for the comments and point of view.

  • Bob

    The points made are extremely good and difficult to rebut, and being the consummate skeptic, I spoke to the owners directly. Conceptually, there is a “gap” in market information right now. With few or no deals being done, reliable comps are virtually non-existent. Of course a good broker can rely on some past empirical data, but as that data ages, so goes its value. As always, it is easy to find the fault in any new ideal, but since there actually is a “need” for updated comps, it would be great to have the pros offer some guidance as well.