Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/64804
Listings CoStarGo Devices: iPad iTunes rating:★★★★ Price: free download, premium subscription required to access all features Eric R. Rehn, CCIM, vice president at Cas- sidy Turley in Walnut Creek, Calif., uses CoStarGo at the beginning of a sales cycle. "It helps keep deals moving along," Rehn says. "It's one of the main reasons I carry my iPad." CoStarGo is free, but its features are only enabled for CoStar subscribers. Users can search CoStar's database for nearby proper- ties or listings in a specifi c location. Results are displayed on a Google map, and study areas can be further defi ned by corridors, polygons, and radii. Selecting a property dis- plays information about its agents, landlords, and principals. Market data — area occu- pancy, absorption, comps — and a fi nancial calculator are also included. Convenience is also part of CoStarGo's appeal. "It's instantly available," Rehn explains. "When landlords ask about dif- ferent projects, I can email them property f liers and show them floor plans right there." CoStarGo's locator button displays nearby properties, a feature that Rehn fi nds useful when visiting sites with clients. "I was with a landlord the other day, and he asked about competition in the area," Rehn says. "A pic- ture is worth a thousand words, and the app gives a quick visual overview of what's avail- able or what we're competing against." In addition to providing quick answers, Rehn says it's important to share third-party data with clients. "It shows you have access to a lot of information, and you're on the lead- ing edge of technology," he adds. Clients also like the app's intuitive inter- face. Some of Rehn's clients have even reached for his iPad to run their own searches. CCIM.com LoopNet Commercial Real Estate Search Devices: iPad, iPhone, Android iTunes rating:★★★★ Android rating:★★★ Price: free download, premium subscription required to access all features "Instant answers result in decisions instead of wavering and possibly not closing the deal," says Robin Kesler, CCIM, commercial director at Re/Max Optima in Oviedo, Fla., who uses both CoStarGo and LoopNet's app to get her answers. For comps, tenant analysis, mortgage terms, and information about a property's physical structure, Kesler uses CoStarGo. To view nearby listings, she typically uses LoopNet's app. "CoStarGo's strength is what happened in the past, while LoopNet shows you what is happening now," Kesler says. Similar to CoStarGo, LoopNet's app allows users to search for rental or sale properties near their current location or in a specifi ed city or state. Results are plotted on a Google map, where users can modify the study area's size or location. Tapping on a property displays its rental rate, broker con- tact information, and description. Despite their convenience, apps aren't ready to replace soſt ware that was designed for a computer. "CoStarGo is terrifi c because it helps solidify a decision while the decision maker is focusing on the property," Kesler says. "But I generally use the Web platform for more in-depth analytics and to access quarterly reports." The Company App: Re/Max Orlando Commercial Real Estate Devices: iPad, iPhone iTunes rating: n/a Price: free download Kesler also has a customized company app for business development. T e Re/ Max Orlando Commercial Real Estate app features her fi rm's listings, its agents, and details about the services they provide. With her company app, Kesler is part of a trend that includes regional and multina- tional fi rms such as Jones Lang LaSalle and CBRE. T ese fi rms' apps are typically modi- fi ed versions of their corporate websites and give users mobile-friendly access to their most popular sections. T e main purpose of Kesler's app — devel- oped by Blyn.cc for more than $1,000 plus hosting fees — is to market the company, but it also has features that agents can use in the fi eld. "It is a great tool for determining the value of the property," Kesler says. "I use it to calculate mortgage payments, NPV, and IRR, and I can also send the client a PDF report of the calculations on the spot." RCA Commercial Real Estate Transactions Search Devices: iPhone iTunes rating:★★★★★ Price: free download, premium subscription required to access all features Real Capital Analytics Commercial Real Estate Transactions Search bills itself as the fi rst global commercial property search app. Although its search and display features are similar to other apps, RCA's app only dis- plays comps from property sales, refi nanc- ings, and transfers. Results are plotted on a Google map, and tapping a property displays transaction details, including transaction type, price, price per unit, capitalization rate, and the parties involved. Although the app is free to download, non-subscribers will only see addresses and property types. Catylist Mobile Devices: Android, BlackBerry, iPad, iPhone iTunes rating: n/a Price: free download Catylist, a commercial information exchange provider and partner of CCIM Institute's subsidiary CCIMTECH, brings its map-based searching to mobile devices May | June | 2012 37 PixAchi/Veer