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2009 Broker Demo Rev 1
- 1. Helping Commercial Real Estate Firms Maximize Profitability CoStar Group October 12, 2009 Erik Cooper Account Executive CoStar Group, Inc.
- 4. The Process Field Research CoStar Group
- 6. Regularly Inspecting Every Property in a Market
- 7. The Most Comprehensive Data Starts with Field Research
- 8. New Field Research Vehicles
- 9. U.S. Field Research Operations
- 10. The Broadest and Most Comprehensive Datasets
- 11. Out With The Old – In With The New. Developer Lender Appraiser Brokerage Firms Owner Govt REIT Brokerage Firms Vendor Brokerage Firms Brokerage Firms Before CoStar With CoStar Lenders Developers Appraisers Owners Govt REITS Vendors Brokerage Firms CoStar
- 13. 2003
- 14. Q1 2007 2008
- 18. The Leading Provider of Information Services to the Commercial Real Estate Industry CoStar Group
Hinweis der Redaktion
- I’d like to start with a brief 5-7 minute Power Point, that will quickly describe who we are and how we gather the data. It usually answers most of the questions that you’d have, so doing it this way will save more time to be in the product itself. Of course the goal today is to help you see how CoStar can help you save time, save money & make money. Or phrased another way: as an investment and not an expense, for this is why we have enjoyed the high praise from of our clients through their 95% renewal rate year after year, virtually unheard of in a subscription based business. [First stroke at the price objection tree].
- I’d like to talk about why firms like (ABC, XYZ, etc like you) have entrusted us to provide their mission-critical information. We invented this business nearly 20 years ago. And now we have been in this marketplace for X years in (local market). We’re a Technology & Research-driven company. We have the largest research organization ever assembled for this type of information. Being Debt free & a well capitalized company that is profitable, we’ll be here tomorrow to support your information needs for the long term. [Credibility & Who we are]
- Intensive 4-week CoStar University program Annual CCIM Training Ongoing Call Monitoring & Mentoring 45-day Update Cycle 7,200+ calls each day Sophisticated internal software systems Extensive Field Research Most importantly, a subscription with CoStar also gives you a team of researchers too as an extension of your firm. They are broken down by market and you will get to know who handles the properties that you have interest in. That researcher can assist you finding information if it is not a field that we normally cover in the database. Especially if you want to remain anonymous to the building contact. [Credibility]
- We give a ten times return on a dollar invested in CoStar
- Click on the final image to launch the field research video clip. It will open in a windows media player window. When the video is done, click the X in the right corner to close the window and return to the powerpoint.
- This is the monitoring system of our U.S. Field Research Operations. Geared to uncover new information and verify current information for our clients that cannot be quality controlled through phone research alone: Has that building really broken ground or is the owner just pushing dirt around the site, has the building really delivered & ready for move in or has construction just begun by having the footings finally poured , etc. This is Critical to the operation as over 4 million SF “ of available space” per week is added just in the existing markets alone solely through field research. Only way to have entire inventory for our clients. We learned many years ago that a large percentage of properties, and hence opportunities are missing without it, which has the added detriment of throwing off all statistics for a marketplace if only a sample set were to be taken. The 150+ field research vehicles are comprised of modern, fully equipped with patented technology Toyota Prius hybrids (about 50 are legacy dodge sprinters). Essentially it is a is a mobile office. The driver is equipped with a 10 mega pixel camera and a special tripod for taking 360 degree photos for shopping centers, etc. These photos are in addition to aerials & plat mats we use so that our clients can get a real view, not only of what the property looks like, but the location & means of entrance/exit as well. In short, these vehicles are driving the entire U.S. by overlaying the markets with a 2 mile X 2 mile grid and driving every commercially zoned street. This technology allows the field researcher to gather the information real time and download it via wi-fi to their research team who can call on it to insure the accuracy. If something doesn’t add up, they can still reach the truck before they leave the grid assignment to re-verify in the event the building contact contradicts something originally seen in the field. They are also doing a full report on the condition of any building that sells, searching for obvious deferred maintenance issues, or anything else they can uncover that could have effected the sales price. [Credibility]
- When the field research is complete, this next slide indicates what happens in every marketplace we go in….As you can see CoStar has more properties in a market than all other sources combined. This slide uses data from Richmond, VA but they are all similar in this regard. That’s right, even the assessors office isn’t aware of all the properties they could be collecting taxes on! You will see in the product that we gather far more information than anyone would realistically care to see. Most use only 25-50%. However, we do this to keep the prices down. For by combining all this data into a single product [or small group of products], this gives us only one product to support and greatly reduces the need for product specialists, trainers, accounting personnel to handle multiple subscription types etc. Therefore, through the “economies of scale” we can sell the basic product to many industries and therefore keep the prices as low as possible by selling to a much wider audience . This has undoubtably played a major role in the super high renewal rate. [Credibility] & [Cost Objection]
- Prior to our being founded in 1987, there was no consistency in, terms, definitions, timeliness, accuracy, gathering methods, etc in a marketplace. Professionals gathered and distributed information in whatever way they felt could get to those they new and worked deals with. With a firm focused solely on gathering and collecting information and using the latest in customized technology to do so, it made all the industries subscribing firms more productive instantaneously, because they could now use that 40-50% of their data collecting time doing deals and finding leads. As the centralized clearinghouse for data collecting, it’s so much cheaper to hire a third party provider than to have even 1 or 2 people on staff at $45K after benefits and taxes, plus they could only gather a fraction of what we do using the latest technology and an army of researchers trained to be consistent in converting the information so it’s always apples to apples . This is what our clients mean when they tell us CoStar is an investment rather than a expense because a firm’s cost of the service is easily recouped immediately as professionals productivity goes up with the time saved alone, not to mention all the leads and more deals won utilizing what’s in the information and reports. Nothing slows down a firms earning power faster than the time wasted by the high earners who are forced to spend large amounts of time involved in getting data verified. Firms benefit much more by having their researcher doing more high level analysis to help win business, and keep their brokers doing income generating activity instead of research related activity.
- A lot of information comes from the fact that we offer a suite of products which are fully integrated for customers who choose the complete package. This integration with data silos that speak to one another drastically maintains a high level of data quality. For example, because we document properties that have sold in our Comps product, we have to photograph that property which means that when we visit that property we can gather information on who the tenants are at the time of sale that ultimately get researched for our tenant database….
- This is what I referenced earlier. You can tell our customers are getting a lot of value out of our service. 95% of the firms that sign up today will renew their subscription after the first year. About the only time we lose a customer is when someone dies, goes out of business or merges with another CoStar Customer. We’ve heard stories like: “this is a no brainer. We spend more on our coffee service for the year, and coffee doesn’t make us any more money”. [chop at cost objection]
- And the number one value proposition is that you get me! We do One–on-One training. In fact part of my compensation is based upon how frequently my customers log into the system. So I must train well for this to occur. And this training comes with the subscription for it’s life, so as you grow and hire I’ll come back in or as we add enhancements to the system, I’ll come back in, etc. Tech Support = Our help desk is staffed Monday-Saturday and most holidays from 8:30 am 8 pm ET. We answer with an average wait time of 7 seconds—better than most 911 centers [Credibility]
- … Greatly reduce the occurence of getting “Blindsided” when a client discovers a building and brings it to your attention that you didn’t know about, greatly increasing the likelihood you could lose the business. Have the top wage earners focusing their time on the income producing activity rather than data collection which they’re not experts in. Speed to the deal often wins the deal, and those with the best tools to aid in this regard stay longer. Additonally, use CoStar to see who is doing the deals for recruiting purposes. Outsourcing the data collection to a company that specializes in just that at a fraction of the cost of what it would cost to do so in house, only makes sense. For example: 1 person dedicated to it with salary, bonuses, and modest health benefits would cost at least $45K per person, whereas CoStar costs less in most cases. Reallocate this person(s) to use our reports to help the agents win deals. Our customized reports make your firm look very professional and always up to date with the latest happenings as hundreds of database changes take place each and every night. And the ability to set up “alerts” insures you’ll know about them too. Your clients will be amazed at how fast you get back to them with answers. Not only same day, but while on the phone with them if you like. With relationships being such a large part of any business, Costar lets you quickly see “what else” your business colleague is working on that they may not have thought to mention to you.
- Click on CoStar logo to launch Web site.