They provide a base to work off of. For the most part pertinent info such as SF Leased, Lease Commencement, Parties in Transaction, Ceiling Height, Dock Doors, etc. are listed for your review. This comes in handy when cold calling (allows you to relay recent activity in the market).
These comps are never the best source of information to provide to a prospect or client. Co-Star is great for sourcing opportunity, but all lease comps should be confirmed with the broker listed on the transaction. This will ensure you provide your client with accurate and concise information.
Make sure you check the information provided. It is crucial that you confirm lease comp information before quoting it to prospects or clients.
- More efficient cold calls due to readily available information
- Greater knowledge of market activity
- Quicker responses to client/prospect requests
- Ease of access
- Ease of use
- Easy to convert to report format which makes for quicker presentation turnaround
- Reliable source of information