Small Shop- PERE / Sponsors:Question!
Question for the small shop PERE & Sponsor groups (Multifamily focused also open to industrial product insight)
When conducting market surveys/ analyses to see if rents are able to be pushed & if the investment is worth investing in.
Where do you all get the market data for rent comps, occupancy, etc..?
Seems like Costar can be slightly inaccurate and being at a smaller shop we typically try to be cost conscious - so we don’t have other software.
Typically we just use apartments.com or the property’s website.
Is this normal? Any other open sources?
(Would also be interested in hearing where industrial gets there open source info)
Ah, the quest for the holy grail of accurate market data without breaking the bank! Based on the most helpful WSO content, here's how the smaller shops might approach this treasure hunt:
Direct Research: It's quite common for smaller shops to roll up their sleeves and do the grunt work themselves. This means visiting apartments.com, property websites, and even making calls to get the lay of the land. It's the old-school method but can yield some pretty fresh intel.
Networking: Never underestimate the power of a good chat. Networking with local brokers, property managers, and even other investors can provide insights that no database can. Plus, it's free, except for maybe the cost of a coffee or a beer.
Local Publications: Keep an eye on local business journals and real estate sections of newspapers. They often have the latest deal info and can give you a sense of where the market's at.
Public Records: For the more adventurous, public records can be a gold mine. They're a bit like a jungle, though – it takes some effort to navigate and find what you're looking for.
Industry Reports: Look out for annual reports from big names like PwC/ULI. They're not exactly open-source, but they can be worth their weight in gold for broader market trends.
For industrial data, the approach is similar, but you might want to also check out trade publications and reports specific to the industrial sector. Remember, the goal is to gather enough pieces of the puzzle to see the bigger picture without spending a treasure chest to do it. Keep in mind, though, that while these methods can save doubloons, they also take time and effort, which is its own kind of currency.
Sources: Where do you get your RE news and information?, Lunch & Learn -Ins and Outs of Multifamily, Investment Sales or REPE?, Life in Acquisitions (Analyst/Associate), https://www.wallstreetoasis.com/forum/real-estate/how-do-cre-data-companies-costar-yardi-axio-etc-collect-their-data?customgpt=1
My firm relies heavily on CoStar and then local brokers.
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