How does costar get its data?
The amount of information it gets is incredible. Where does it come from? Some of the data seems pretty private.
[{"id": "crbx6y2", "text": "They just came in to do their sales presentation. They said they have a team of analysts who basically call all the brokers for information, they come in to the buildings to read directories or use your building websites to see who you tenants are.\n\nThey also data mine the land registry office or tax office depending on what you may call it. I've seen some off market deals where the family who owns it was just consolidating holdings and i could see a transfer of the building for $80 Million that was 1. not public and 2. they'd shit if they knew my company knew.\n\nhope that helps", "replies": [{"id": "crc1u00", "text": "Why would brokers divulge that private information though?", "replies": [{"id": "crc2kbz", "text": "I've seen some buildings that would show leasing activity but not define the rent on the deal closed. Lots of vacant spaces are usually marketed with an asking rent so you have an idea for the building already. You can pull  broker/owner marketing sheets right off of CoStar.\n\nThey told me that yes a lot of them talk because it's in everyones best interest, (aka you have to pay to see it and so does everyone else, if they don't add value everyone would stop using it.)", "replies": [], "depth": 3}, {"id": "crcwt8y", "text": "I don't. They try to get free info from me so they can charge a ton of money for that same info. I don't take their calls. ", "replies": [], "depth": 3}, {"id": "crd7ahs", "text": "As far as information on available space - it is an excellent tool for agency brokers to market their product.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "crbxvyk", "text": "CoStar is a glorified call center.  The data you referenced below may have been pulled from either the tax records or county clerk.", "replies": [], "depth": 1}, {"id": "crccxm4", "text": "I worked for CoStar for 6 months after college as a research associate. I was a glorified telemarketer. \n\nCostar got the information a few ways:\n\n1. Each researcher had a portfolio of brokers who they are responsible for contacting once a month and updating their information. (Listings, lease comps, sales comps, any deals they have heard about, etc.) basically I would just try and build a relationship with these brokers so they would tell me everything they knew. Any broker who subscribed it was easy to get info from. Brokers who didn't subscribe would: A. Tell you to stop calling, nothing you could do about that except keep calling. I honestly felt bad calling people who I knew didn't want to talk to me. B. Tell me what was going on with their listings. C. Trade info, they would say tell me who owns these 4 properties, and then they would tell me all of their data.\n\n2. Sales comps were gathered from brokers, sec fillings, county websites, a few websites we subscribed to as a company generated a lot leads. Then we just call owners of the buildings, brokers, anyone who might know something. \n\n3. Loopnet (which they own), brokerage websites, etc. They have software that gives the researchers daily updates of anything that changes on their brokers websites basically and they as a researcher you go and pull that information from the website and put it into costar. \n\n4. Field researchers, each market has them. There job is to drive around all day looking for sale and lease signs take photos and send the leads back to the researchers to follow up on. \n\nI had cbre in my portfolio and they had a lady in the office who would call me/ email me daily to update listings for every broker in that office. A lot of it was just relationship building for costar. ", "replies": [{"id": "crcgs1c", "text": "hey! I assume you worked in DC? would it be a bad idea for me to work there as a research associate in the day while I do my masters in RE at night? I know that very few would make a career out of this, but the way I look at it, Its just a day job that Im hoping would be a launchpad for other jobs in CRE. And, since my masters program is the night, I have to work somewhere in the day, so I could use this job to pad my resume. Also, any tips on how to get this job? what they are looking for/interview tips etc? I plan to move to DC in like June and while school only starts in September, I would like to look for work in CRE as soon as I land in DC, and applying to CO Star would be my first priority. Thanks a lot for your help!", "replies": [{"id": "crcku49", "text": "Hey I've worked for CoStar in the Atlanta office. It was my first job out of college and I interned for a real estate brokerage while I was in school. It's not a terrible gig. It pays well for the lack of actual work you have to do, and you never have to think about it when you're not there. Since the beginning of this year I've seen coworkers leave the company to be a broker at DTZ, an analyst at JLL, an analyst at Stanley Johnson Co, and take research positions at CBRE and a small local brokerage. I don't think having CoStar on their resume helped them all that much, but it doesn't hurt and you can build useful relationships if you have the right personality. As far as interviewing goes, just show that you know how to talk to people, you can handle objections on the phone, and you have a genuine interest in real estate. CoStar has incredibly high turnover especially in DC so it's not that hard to get hired. ", "replies": [{"id": "crcn93d", "text": "&gt; an analyst at JLL, an analyst at Stanley Johnson Co\n\noh wow, I would love to end up at these places, and infact thats a big reason why I plan to do my masters in RE finance, so that I would be a competitive applicant when I apply to these places. And, if u dont mind me asking do u know if your coworkers at these places ended up getting a higher salary than at CoStar, or do u have no idea.  And yeah, I may not make a career out of the CoStar gig, but at the very least I see myself there for a year and then probably try to get an internship under a analyst at a development firm/reit, as thats more relevant to what I want to do after I graduate. And thanks for all your advice, appreciate it!", "replies": [], "depth": 4}], "depth": 3}, {"id": "crcm66m", "text": "I actually worked out of San Diego. The job is extremely boring and not challenging at all. The pay is not the best, $40,000, a year starting in San Diego for all researchers. It's paid hourly though, so 8 hours a day. They do let you work overtime if there is a bunch of stuff going on or its end of a quarter for market reports. The interview was easy, mock phone call with a \"broker\" pretending like you're trying to get info from them about properties. A few scenarios questions, \"how would you handle an objection from a broker not wanting to give you info\" etc. they do have a really high turn over rate everywhere I think. It is not a place to build a career, I got out of there as soon as possible and I'm in corporate finance now... They do have free snacks (nature valley bars, chobani yogurt, fresh fruit, avocados, juice, sweet and salty bars) which was the best part of the job really. If you like calling people all day and basically being told to call back later (aka don't call me anymore) then you will love the job! ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cre1r1z", "text": "They call you 2-3 times a day when they are looking for information and they know you have it.  When you don't return their calls, they email you.  When you don't return their emails, they move on to the next person in your organization that might give them info.", "replies": [], "depth": 1}]