Help us direct you to the right place to sign up
How to do Market Research with CompStak Exchange
In our previous video, we talked about how brokers can prospect and find new clients with CompStak Exchange.
This time, let’s see how to do market research to prepare for a pitch to a prospective client.
Let’s say you found a tenant whose lease expires soon.
Take the case of a law firm in Los Angeles. Once you pull their lease comp, you’ll realize that their lease expires in November 2022. They will need to decide to renew or start looking at other options.
This page gives you confirmed details on other essentials aspects that will make you confident enough to call them and say:
“Hey I see your lease at 350 South Grand Avenue is expiring and I know how much you’re currently paying. I have had some luck in your building with another law firm. Will you take the meeting to see how I can help you?”
If they agree to meet you, you WILL need to showcase your market expertise to win the client.
Here, CompStak Exchange will help you with that as well.
Let’s go to the property report and compare this building with others.
You will find information on the property such as number of floors, the landlord, and the building class.
You can also view all the leases and the sales comps.
All this info will come in handy during your meeting with your prospective client, but one feature that will truly demonstrate your market expertise is the property’s competitive set.
This is a list of buildings that CompStak’s algorithm has identified as the most similar ones to the property that you’re researching.
For each building, you can see the starting rent, year built, year renovated, and the number of floors.
Now you’ll notice that the 350 South Grand Street building has a higher starting rent than the other buildings. So, if your prospective client wants to stay at the same building, chances are, that the rent is going to be higher than that of the other ones.
And there’s more insightful analytics you can include in your pitch—for example, rent trends.
From here, you can see that the competitive set is trending higher than Downtime Los Angeles. You can copy this into your excel spreadsheet.
You have a submarket rent distribution, as well as recent submarket leases.
Finally, you can also build stacking plans and use them for your pitch.
Now you know how CompStak Exchange will help you do market research and win your next client.