What does the company do well? CoStar COMPS is a database full of information on commercial real estate throughout the United States, United Kingdom, and Canada. You can run comps to find out the price, dates sold and bought, and information on the buyers and sellers of various properties, which helps you determine the sweet spot for pricing of a nearby property.
It’s easy to use, once you go through a bit of training, but it’s includes a lot of features and filters, so it may take a while to learn all you can do with COMPS. The data-rich program is full of contact information, property information, and more than 200 reports you can run.
The interface is easy to navigate, and it should be a familiar style for anyone who has used a Windows product. Of course, this is a cloud-based system, so it will work on any browser.
You can schedule a demo with a CoStar salesperson or find training videos online to give you a better idea of how CoStar COMPS works before you commit.
What does the company not do well? The biggest issue with COMPS is that the data available isn’t always the most recent or accurate. While it does give you easy access to the data, you should still fact-check the information before you move forward with a buyer.
Reporting isn’t perfect, and when you try to export to Excel, some fields remain empty. The data that’s loaded to this program is commercial only, so if you need residential data, you’ll need to look elsewhere.
The cost of CoStar COMPS is pricey, to say the least. CoStar charges each client separately, depending on their needs, but you can expect to pay about $500 per month for this service.
What do you wish you had known about the company before using? The data from CoStar COMPS isn’t always accurate, but as a broker or agent, you should already know the importance of hitting the pavement to get the granular details. At the very least, this is an excellent starting point for data about properties.
Pricing isn’t transparent because it’s different for every CoStar COMPS client. Before you agree to anything, it’s important to understand that you can negotiate with a salesperson. Anything you negotiate should be put in writing, and try to avoid an annual contract, if you can. Choosing to pay extra for a month-to-month agreement could be worth it to get out if you find COMPS isn’t as helpful as you expect.