Add CompStak to the list of new, innovative sites that are shaking up the real estate industry. The site uses a very unique approach to compiling data on leases in the commercial real estate industry. With a crowd sourced approach, CompStak relies on those who have the most accurate data, industry professionals themselves, to track leases. Their data is used by institutional owners to compare properties, hedge funds to make investments, and provides meaningful data for brokers, investors, appraisers, asset managers, economists and more.
I met with Danny Shachar, Director of Operations and Marketing, to get a more in depth look at the company and their future plans.
Michael Beckerman: What does CompStak do?
Danny Shachar: We are the world's first crowd sourced commercial real estate information database. Our community is made of commercial real estate professionals who tell us about completed lease transactions, and in return receive information about other transactions. We cover nearly 100% of the 2012 Manhattan commercial leases, and we just launched in San Francisco.
Michael: Why is this type of service needed in the market?
Danny: Before CompStak, there was no good source of commercial lease comparables. Our data is accurate because we receive it from many sources, and we use a combination of machine learning and analyst reviews to ensure data accuracy.
Michael: How do you get your information?
Danny: Crowd sourcing! We have a dedicated community of commercial brokers, appraisers and researchers. They send us information and receive information in return.
Michael: What markets do you serve? What’s your growth plan?
Danny: Currently, New York City and the San Francisco Bay area. We plan on expanding to cover every major market in the U.S.
Michael: In general, where do you think the commercial real estate data industry is heading?
Danny: More transparency, more cooperation, and more information available to almost every market participant. The commercial real estate markets will become more efficient, as a result, and investors and tenants will be able to make better decisions. The value added for commercial real estate professionals such as brokers, appraisers and researchers will increase, since they will be able to provide their clients with better analysis based on better information.
Michael: What other real estate websites do you think are doing really innovative things in the marketplace?