CompStak Joins theBrokerList as Marketplace Partner, Offers Free Crowdsourced Lease Comps
CHICAGO, April 29, 2014— CompStak, a free, crowdsourced database where commercial real estate brokers exchange lease comparisons, has joined Chicago-based theBrokerList as its newest Marketplace partner.
Lease comparisons, known in the industry as “comps,” are complete records of lease transactions for properties similar to each other in the same region. Comps are critical for brokers to establish financial projections for their clients, yet are often closely-guarded information.
On the crowdsourcing platform built by CompStak, brokers in 11 U.S. markets post lease comps anonymously in exchange for the right to view others’ comps.
While CompStak members usually trade comps one-for-one, members of theBrokerList who are commercial brokers will receive 10 complimentary lease comps when they sign up.
“We’re thrilled to have CompStak join our Marketplace partners,” says theBrokerList Founder and CEO Linda Day Harrison. “Their mission of bringing brokers together for the greater good of the industry is identical to ours.”
Danny Shachar, CompStak Director of Operations and Marketing, explains the inspiration for the company’s business model. “Trading lease comps was very inefficient. It was difficult to get the comps you needed in your database. Our founders said, ‘Why not build a central database that would be free for brokers, researchers and appraisers?’”
According to Shachar, CompStak members number in the hundreds in each of their 11 markets—New York, Chicago, Washington DC, Los Angeles, San Francisco, the Bay Area, San Diego, Dallas/Fort Worth, Houston, Minneapolis/St.Paul and Atlanta—with many regional databases containing more than 15,000 comps.
Harrison says, “Imagine if you could get every commercial broker in your region together in one room to trade lease comps—accurate, plentiful, and free.
“We’d love to see every member of theBrokerList contribute comps to their regional CompStak database, providing all of us with the data we so desperately need when advising our clients.”
About theBrokerList: Founded in 2011, theBrokerList is the commercial real estate community’s first free online platform for finding brokers, deals, services and vendors. Founder Linda Day Harrison, a career commercial broker in Chicago, saw the need for an online community where brokers could connect with each other and with vital services and tools to make them more productive. She also made it theBrokerList’s mission to bring awareness and attention to the commercial real estate field, which is too often lumped in with residential realty. With more than 1900 members, theBrokerList continues to grow rapidly, offering members pages where they can publicize their listings, property types needed and completed transactions. The website’s marketplace lists carefully screened vendors, and its blog is a forum where members and visitors can read some of the latest ideas in commercial real estate.
About CompStak: New York commercial broker Michael Mandel founded CompStak in 2012, with Chief Technology Officer Vadim Belobrovka, to create transparency in commercial real estate by gathering information that is hard to find, difficult to compile or otherwise unavailable. Their marketplace for the exchange of lease comps is currently active in 11 U.S. cities. In Manhattan, CompStak covers nearly 100% of all commercial office deals completed in the past three years and over 50% of commercial deals completed in the past 10 years. In San Francisco and the Bay Area, Los Angeles, Washington, DC, Chicago, Minneapolis/St. Paul, and Dallas/Fort Worth, CompStak covers nearly 80% of all commercial deals completed in the past year. Their data is used by institutional owners to compare properties, hedge funds to make investments, and provides meaningful data for brokers, investors, appraisers, asset managers, economists and more.
theBrokerList: Linda Day Harrison 312-212-3611 email@example.com
CompStak: Danny Shachar 646-926-6707 Danny@CompStak.com