We access CoStar and Loopnet every day as part of our Quality Control procedures to make sure our valuation reports are as comprehensive as they can be. We rely on data provided by CoStar and Loopnet to provide an accurate valuation report.
However, data alone does not a good valuation report make. Data has to be put together as” information” to become useful. For example, multiple data points about comparable properties, sales prices and trends can be combined to inform our clients on both how and why a certain valuation is supported by the current market data.
Mirroring the description of information as “organized or structured data”, knowledge can be described as:
- The synthesis of multiple sources of information over time
- The organization and processing to convey understanding, experience [and] accumulated learning
- The mix of contextual information, values, experience and rules
In organizations, knowledge becomes embedded not only in documents and repositories but also in organizational routines, processes, practices and norms of the organization.
To be the best possible valuations provider, we first start with the most comprehensive data source. CoStar conducts ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Each year CoStar field and analytic researchers:
- Log more than 5.1 million data changes per day
- Make more than 10,000 calls a day to brokers, owners, developers, and other commercial real estate professionals
- Canvass more than half a million properties nationwide annually
- Take more than 1 million photographs for database annually
But that is only the starting point. Our agent network is truly the key. Agents distill, discern and describe the property, the neighborhood and the local market transforming data into accurate and insightful information about the value of the commercial property that is the subject of the report. And as an organization processing hundreds of valuation reports monthly, our knowledge grows with every transaction and report we complete.