Appraisal Institute Selects PropertyFirst to Develop and Host First-Ever Online Database of Appraiser-Verified Commercial Real Estate Sales, Lease and Expense Information.Business/Real Estate Editors CHICAGO & LOS ANGELES--(BUSINESS WIRE)--Sept. 20, 2000 Facilitating More Efficient Pricing, Benchmarking and Decision-Making by Real Estate Professionals Nationwide The Appraisal Institute The Appraisal Institute (Institute), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers.[1] It was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the and PropertyFirst.com, Inc. today announced an exclusive 11-year arrangement under which PropertyFirst.com will develop and host the Appraisal Institute Commercial Database, the first-ever online databank of appraiser-verified commercial real estate information. Set to launch early in the first quarter of 2001, the foundation of this new service will be appraiser-verified sale, lease and operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. data for commercial properties across the country. Appraisal Institute members will provide content for the national database, utilizing Appraisal Institute-approved methods and standards. The data will be available to all commercial real estate investment, finance and leasing professionals via the Internet. The geographic reach and scope of the Appraisal Institute Commercial Database will move the market from a patchwork approach of gathering and sharing comparable information to a streamlined, efficient system with data verified by the leading sources of appraisal information. No other service provides appraiser-verified data on a national level, combining comparable sales, actual leases and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . "Bits and pieces of market data are available everywhere, but what's missing is a comprehensive single source of high quality, up-to-date, verified commercial property data," said Woodward S. Hanson, MAI MAI Mail (File Name Extension) MAI Multilateral Agreement on Investment MAI Maius (Latin: May) MAI Ministerul Administratiei si Internelor (Romanian) , president of the Appraisal Institute. "Our members have the best quality information available anywhere. It's our responsibility to demonstrate leadership by developing the Appraisal Institute Commercial Database to fill the current void." "With this national database, our members will be even better equipped to develop valuation reports, trending analytics and other products consistent with their skill set, and the commercial real estate community overall will benefit from timely, firsthand first·hand adj. Received from the original source: firsthand information. first access to the best quality information available anywhere." Hanson said the Appraisal Institute's 40-member board of directors unanimously selected PropertyFirst.com as the platform and developer of the new database. "With their expertise in commercial real estate, software development and database management, PropertyFirst.com was a natural to execute this important project for us," Hanson said. "They appreciate the value of high quality information, shared widely, and of using technology to enable the real estate community to operate more efficiently and productively." "The Appraisal Institute Commercial Database will transform the market for commercial real estate data," said John Stanfill, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of PropertyFirst.com. "At long last, verified commercial property sales and lease information and other critical data will be available to the real estate industry and be easily accessible online. Commercial property pricing will become even more efficient, investment and leasing decisions will be better and faster, and everyone who needs it will have fast access to the best data. This is another way the Internet will bring increased efficiency to the commercial real estate industry." Stanfill said industry studies have shown that commercial real estate professionals often spend up to 40% of their time in data research and collection efforts. Appraisal Institute Commercial Database users -- appraisers, lenders, brokers, owners, investors, tenants, economists, investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and others -- will be able to significantly reduce their data acquisition time and costs as a result of this service. This allows them to devote more time to their core business functions. PropertyFirst.com estimates that about $300 billion of commercial property is sold in the U.S. annually, with $250 billion of loans initiated every year. Over 300,000 individual commercial properties are listed for sale in the U.S. annually, and there are over 1,000,000 commercial spaces for lease in the U.S. currently. About the Appraisal Institute Throughout its 65-year history, the Appraisal Institute, based in Chicago, has been the leader in residential and commercial appraisal education, research, publishing and professional membership designation programs. Its 19,000 members are identified by their experience and knowledge of real estate valuation and counseling, and adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. a strictly enforced code of professional ethics professional ethics, n the rules governing the conduct, transactions, and relationships within a profession and among its publics. professional ethics liability, n 1. and standards of professional appraisal practice. The Appraisal Institute is a recognized leader in valuation technology and has established a national database for residential properties (www.airdport.com). The Appraisal Institute is participating in the creation of a national management company providing valuation and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" in both residential and commercial markets. About PropertyFirst.com PropertyFirst.com provides a web-based platform and services for commercial real estate professionals, including owners, brokers, investors, lenders, property managers and corporate space users. PropertyFirst.com is dedicated to using technology and its high-level commercial real estate industry knowledge to lower real estate transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , increase industry efficiencies, heighten height·en v. height·ened, height·en·ing, height·ens v.tr. 1. To raise or increase the quantity or degree of; intensify. 2. To make high or higher; raise. v.intr. transaction volume, build relationships and otherwise help its clients operate more efficiently. The company, based in Alhambra, Calif., in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County, has strategic alliances with leading commercial real estate services firms such as MortgageRamp.com, CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , Cushman & Wakefield and Transwestern Commercial Services. |
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