The need for enhanced information on commercial property is even greater than on residential homes.
On commercial real estate, raw public records omit a great deal.
Tax assessors tell you who owns a commercial building – but not who’s actually there.
SMR adds data on over 7 million tenants from our own proprietary database of companies, schools, and institutions.
More than one-third of tax assessor records fail to report the square footage of a
We use a statistical model to estimate square footage when none is reported.
Piercing the corporate veil: Who’s really behind a building owner like XYZ LLC? Who would
Tax assessors can’t tell you. But most of our commercial property records have a human contact name – typically the actual property owner or the most senior officer of a company that owns the property.
More than one-third of the time, tax assessors merely say a property is “commercial” or “tax exempt” or some other useless, generalized
And sometimes, the assessor’s use description is outdated or just wrong.
We go to great lengths to be specific on property use. More than half the time, we can replace “commercial” with a real use – a restaurant, a medical building, a bowling alley, or something else that tells you what’s really going on.
No one yet has come up with a fool-proof way to estimate property values based on “comps.” Too many commercial buildings are too different from
each other, and there often are no comparable recent sales.
However, tax assessors sometimes set their own market value for a property. When they do, we use it.
Often, tax assessors only disclose an “assessed value” for a property, and that can be far below market value. In these cases, we use a statistical model to plus-up the assessed value (when warranted) to an estimated market value.
People think of buildings by name: The 7-11 down the street, or the Hilton Hotel downtown. Public records omit all of that.
The tax assessor merely tells you there is an office building at 350 5th Ave. in New York. It’s actually the Empire State Building.
SMR adds building names for more than 2 million properties.
● We provide Google Maps URLs so you can click to see a property.
● We provide a method to group multiple real estate parcels that are part of the same overall property.
● We have an owner-occupancy flag and a corporate owner indicator.
● We have models predictive of commercial credit risk and insurance claims risk.
See more at our commercial property website: www.commbuildings.com