Commercial IQ Blog

Catylist Summer Software Improvements

Notes from the latest round of upgrades:

Search for Off-Market Properties

A growing number of our CIE clients are choosing to give their communities an affordable alternative for research data and statistics by building out local databases with not only active sale/lease listings and comparables, but also records for every property in their market. If you’re a Full Access member of one of our research-enabled commercial information exchanges, you can now search the database of off-market properties alongside active listings.  You’ll see an “Off-Market” option along-side “For Sale” and “For Lease” when searching.  Off-Market properties can be compared, emailed, mapped, and used in reports just like listings.  Note: Property records must be considered “verified” to be searchable.

Chicago CDB Property Search

Improved Lease Searching

Lease searches will now return individual records for each matching space instead of a single record for each building with matching space. This will make the results (and subsequent printable reports) more accurate and eliminate much of the “why was this returned?” confusion. We’ve also improved the display of multiple suites within a building.

Better Profile Pages

Having an impressive online resume is a good way to get new business.  We spent some time cleaning up the profile pages on our sites (agent and company). You should notice lots of little improvements to both the search and display sections.  Here’s a good example: http://www.commercialiq.com/agent/17913

SiteLink Upgrades

SiteLink is our very affordable service that builds a listing search engine into your company website, which is extremely convenient if your listings are already in one of our CIE databases.  We’ve made several significant changes:

  1. We’ve integrated much of the new search technology into the sites.  Results are returned in List View, with a Map View option.  There’s a expandable filters-section at the top that can be used to manipulate the results.
  2. The front pages have also been given a make-over: There’s now a quick email form which should help generate leads for each SiteLink company.  Also, if a company has one or more agents with transactions being featured on their professional profiles, the most recent will now display on the front page.
  3. Users can now email listings to interested parties and generate property reports directly from the SiteLink site.

Our EDCLink service for economic development communities and MediaLink service for local publications that wish to display commercial property have also been similarly upgraded. Here are a few examples:

CIE Manager improvements

It can be hard work managing a database of users, companies, listings, properties, transactions, etc. and we’ve made numerous changes to our tools to make life easier for CIE and company administrators.

  1. The speed for listing searches should be greatly improved.
  2. Search pages for users, companies, listings, transactions, and properties have been overhauled.  You can now jump to any record quickly using the Catylist ID, and we’ve created a list of common search links to save you time.
  3. We’ve also added a feature to the listing searches allowing you to search for listings that are missing a particular value — useful to see all listings without Ceiling Height, for example.  We’d picked a few important fields for now, but can expand this easily by request.
  4. CIE administrators can now edit company admin usernames and passwords.

Marketing Tools, News Updates

A key part of the value of Commercial IQ and our local CIEs is the tight integration with various marketing tools, which were just given an overhaul. We also added a comprehensive list of online distribution sites where members can automatically send their listings.

We added a section to the front page of Commercial IQ that tracks recent activity on the site: national industry news, Catylist updates, listings, and posted wants.  We’ll be expanding on this idea in the near future, and integrating it in some fashion into our CIEs. 

Miscellaneous

  • Loading Docks, Loading Doors, and Ceiling Height have been added to the expanded summary view in search results, and to the summary report.  This was highly request by ChicagoCDB and several other industrial-specialists.
  • The default zoom on re-geocode pages is now closer, so users don’t have to zoom in several times to see where to click.
  • We’ve patched several changes to the map view and polygon functionality lately.  It should be working better.
  • The real estate services directory on our local CIEs should now be much more intuitive.

Thanks!

As always, thanks for your excellent feedback and suggestions.

Designing the Perfect Map Marker

When we started developing our new property search interface, the design of the graphical marker used on the map stood out as a critical piece of the search experience. Not only do map markers provide geographic context, they are also an interactive link to deeper sets of information. In this sense, digital map markers serve dual roles: they convey information about a broad set of properties and they serve as a gateway for users who wish to access more in-depth information.

What Makes a Good Map Marker?

Map markers are information graphics and so should be created according to principles of Information Design. Specifically, the design of a map marker should focus on:

  1. Pin-pointing a property’s exact location on the map
  2. Maximizing data density while eliminating “Chartjunk”
  3. Presenting an easily-clickable target for the user

This balance between conveying information and enabling interactivity straddles a fine line. When our search plots 500 map markers on a single map, it is important that the information we have chosen to convey is communicated clearly and directly relevant to the search being performed, but not so complicated that browsing through the results becomes unwieldy.

Comparing Commercial Real Estate Markers

As you can see below, Commercial IQ’s set of map markers was designed to both pinpoint a property’s exact location and communicate extra property-type specific information via an icon on the map marker’s “handle”. This icon allows searchers to quickly distinguish a key difference - property type - between hundreds of different properties on a map without having to perform any additional interaction. Even if a user is only searching one property type, having the property type icon on the map marker reinforces the direction of the user’s search and increases user confidence within the interface.

Commercial IQ's Map Markers
Commercial IQ’s Map Markers
Commercial IQ's Map Search
Commercial IQ’s Map Search

Marker MashupOf course, our map marker is far from perfect. For example, there isn’t any visual cue when the user moves their mouse over the marker beyond the cursor changing shape, and despite our best efforts the meaning of the property type icons is not immediately clear to everyone. That said, we think it hold up pretty well against the designs of our competitors. In the spirit of fun, we’ve taken the time to review the markers on some other commercial real estate search sites. Let us know what you think!


LoopNet

LoopNet's Map Search
LoopNet’s Map Search

LoopNet is the largest commercial real estate listing site on the web. Their map marker, which looks like an improved version of Microsoft’s Live Maps marker, is attractively designed and does a good job of pinpointing a listing’s exact location. It also has a good hover state, reinforcing when the user may click and when they may not. The numbering on the markers is however, in our opinion, a unnecessary waste of user brain-power, as there is no inherent value in knowning which property is #1 in the list, which is #2, and so forth. The numbers are a presentation abstraction, and therefore don’t belong in an information user interface. Why not use that space to convey other, meaningful information about the properties displayed?

CoStar

CoStar's Map Search
CoStar’s Map Search

CoStar is another large commercial real estate listing service. Their map marker also has strengths and weaknesses. We applaud them for taking advantage of the marker body and using it to convey additional information about their listings, in this case property type via a simple and intuitive letter on the marker. Our biggest complaint about the marker is it shape. The circular design does a poor job at conveying the primary information a map marker needs to communicate - the exact location of the marked property. This is especially apparant when a user is zoomed farther out, as in the screenshot above. Why not add a tip or point to the marker, to better show the property’s location? For example, if a circle covers an intersection, how are we supposed to know which corner that property occupies?

Building Search

Building Search's Map Search
Building Search’s Map Search

Building Search aims for the site selection and procurement market. Their map marker shape is the default Google Maps shape, which does an excellent job at pinpointing a property’s location, though we sometimes find it difficult to click consistently due to its narrow profile. In addition, they go the extra distance and differentiate property type via color. Like with CoStar, we applaud this attempt at providing users another level of detail on the map beyond location, though we find differentiation by color alone to be a confusing. Some of the colors are very similar, and when we use the map we find our eyes constantly jumping back and forth between the map and the color key next to it. Why not simplify this representation with a letter or icon that are more inherently tied to the information being communicated?

Xceligent

Xceligent's Map Search
Xceligent’s Map Search

Xceligent provides research technology to local markets. Their map marker does an great job at pin-pointing (literally) the exact location of a property. Like with LoopNet’s marker, however, we take issue with the use of numbers on the marker handle, since the numbers have no inherent connection to the property they represent. They are a presentation abstraction, not a piece of information inherently tied to the property the represent itself.

Conclusion

For such a small and ubiquitous internet device, map markers are deceptively difficult to get right. This difficulty isn’t just confined to the Commercial Real Estate Industry either: browse around this blog post written by Trulia (a leading residential real estate site) back in 2006. Ultimately, the successful design of a graphical map marker depends on maximizing communicated information while maintaining usability and clarity of presentation.

Building a better source for Commercial Real Estate news

Trying to keep up with current industry news is tough, even with handy tools like feed readers.

We’ve wanted to add news streams with current commercial real estate headlines to our sites for quite a while, but were having trouble deciding which source was best (most relevant, most current, etc).  Eventually, we realized that being forced to choose between fragmented news sources was an industry-wide frustration.

Why can’t we just see ALL the news?

There really isn’t one best source.  Each publication or blog is good at a particular type of reporting, or specializes in a certain type of story or industry segment.  What we really needed was a way to pull ALL of the news together. Luckily, with the help of recent syndication technologies, we were able to do this in a matter of hours.

Quick Introduction to Yahoo Pipes

Yahoo released a very powerful service last year that allows you to mash-up content from various sites, filter or manipulate it, then repackage it.  It gave us an easy way to take news feeds from all the major sources and combine them into a single feed.  It’s really an amazing application and very useful for anyone who monitors lots of feeds, even if you’re not technically-inclined.

The finished product

So after a little post-processing to handle feed idiosyncrasies, remove duplicates, etc. we have a glorious aggregated news feed:

http://www.commercialiq.com/news/

Each story links to the original source for the full version, so we’re really just acting as a comprehensive search engine for CRE news.  Also notice that you can subscribe directly to this consolidated feed — much better than having to subscribe individually to 15+ sources!

Next steps

Now that we have all the news together, the next logical step is to allow readers to choose which bits they care about. We’ll be working on various customization options (location and keyword filters, etc) in the near future.

Let us know what you think, or if you have any other sources you’d like to see us add to the list.

Data Portability and Commercial Real Estate

We hear it everyday: “I hate having to enter my data into multiple websites”.  It seems like such an easy problem to solve, but when it comes to data, why is it so hard to share?

Information is the key currency of the commercial real estate industry.  Having the right data is essential to success, but compiling and maintaining it is extremely costly.  As a vendor, possessing the data gives you power over those who need it and that’s easy to monetize.  So it makes sense that companies like LoopNet and CoStar take ownership of the data and don’t share.  It’s good for business, but forcing practitioners to waste time moving and re-entering data hurts the industry.

Since our master plan is to organize local communities, we don’t struggle with this issue as much.  For a market to be truly successful, information needs to flow in and out of local listing services, company websites, economic development websites, publications, contact databases, analytics engines, etc.  Sharing data strengthens a community, and we’d like to see more people come together.  To that end, we’ve spent a lot of time giving users as many options as possible to publish and extract their data.

What we’d really love to see though, is a data standard — a common format that would let data flow from place to place without all the usual headaches.  A few years ago, we were part of an OSCRE (Open Standards Consortium for Real Estate) work group whose goal was to create a data standard for commercial real estate.  The idea was to come up with a standard XML definition that made sense to the various disciplines (brokers, appraisers, etc.), and the benefits are pretty compelling:

  • Minimize data entry of property for sale or lease into multiple marketing sites (From multiple times to single entry);
  • Cutting costs of data management. With a single data export, all marketing channels will be able to be kept current.
  • Improve data quality. Providing data definitions will contribute to better data quality and easier data interpretation.
  • Improve the ease of data management. Providing data in a consistent format will allow data originators and receivers to more readily manage data from different sources.
  • Re-purpose data for other activities. Data formatted for OSCRE CIE purposes can be used for other business activities, saving time and resources formatting the data and interpreting the results.

After making some great strides forward early on, bureaucracy started to drag on the progress.  A rough standard was published in some form last year, but doesn’t seem to be available now and we haven’t heard a mention of it since.

Data Portability isn’t going away, and I fully believe it’s only a matter of time until the industry gets it’s act together.  But how long must we wait?

Update:  It looks like I might have just been out of the loop.  I saw this story today:

OSCRE Rocks CIO Roundtable at Realcomm 2008: The Interoperability Showcase

“If you doubt the work of OSCRE (Open Standards Consortium of Real Estate) or, even worse, have never heard of it, you should have been at the CIO Roundtable at the Realcomm Conference in San Diego on June 9. Interoperability was “alive-and-well” when more than 200 real estate IT executives watched live demonstrations of 3 of OSCRE’s 7 Standards for the real estate industry conducted by the members of OSCRE.”

That’s good news!  I’ll update this post again if I can get a copy of the specification.

Knoxville Renews through 2012

“The Knoxville Area Association of REALTORS® is pleased to renew its agreement with Catylist.  Our 500+ commercial members love that Catylist went the extra mile to turn this great CIE into a true commercial MLS.  Catylist continues to enhance the site to enable our members to have marketing capabilities unavailable through any other CIE because of its ongoing support that utilizes the latest technology at an affordable price.”

Helen Carter, RCE, CAE, e-PRO
Executive Vice President
Knoxville Area Association of REALTORS®

Visit their Commercial Information Exchange at: http://www.kaarcie.com.

Read on for the full release… Read More »

So what is this RSS Feed thing?

You’ve seen the little orange icons everywhere, but what’s the deal with this “web feed” stuff?

You probably subscribe to a couple magazines and newspapers, delivered right to your door. It would be very inconvenient to drive around to multiple places to pick them up. RSS is a technology that allows you to subscribe to websites. Instead of having to visit each website to see if there is anything new you can subscribe using the RSS feed published on almost any website.

Here are a few examples:

  1. Each day, you read the Wall Street Journal’s Business section, so you subscribe to their news feed to get the latest articles.
  2. You love basketball and want to receive news updates for the NBA via ESPN.
  3. You think Catylist is a great company, and you want to keep up with changes and events via their blog.
  4. You’re currently searching for office space for a client in Chicago. After running your search on Commercial IQ, you click the orange Feed icon in the upper right to have matching listings delivered to you as they’re posted.
  5. To keep up with what’s happening in the commercial real estate industry, you use Yahoo Pipes to build a feed by aggregating and filtering news from several sources (Ok, this one is a little more advanced).

Subscribing to each of these allows you to open one application to read all of the new information posted on all the websites you care about. It’s incredibly convenient and efficient, and you’ll know you’re never missing out on news. Here’s a video with some additional explanation.

Get a Feed Reader

To get started, you’ll need to choose a Feed Reader. Here are the most popular options:

  • Google Reader - This one runs in your browser, so you don’t have to install another application on your Desktop.
  • NetNewsWire - The most popular choice for Macs
  • FeedDemon - One of many decent options for Windows

Once you’re reader is up and running, keep an eye out for the orange icon on your favorite sites. Welcome to the future!

Tech Tips to Boost Your Commercial Sales

Dustin gave an interview over at Real Estate Cyber Radio: Download Podcast

Targeted Marketing for Commercial Agents

  1. In the past, commercial practitioners did not do much targeted marketing; now recipients of commercial real estate marketing are expressing a strong desire to get information that matches their preferences, so the shift is toward targeted marketing.
  2. CRM databases are coming into popular use, more affordable market research is available, and more sophisticated software programs allow people to build big databases and refine them to do targeted marketing based on anticipated needs.

Commercial Listings

  1. Gellman is aware of 25 national commercial listing services plus a myriad of local solutions; the biggest national ones are Catylist, Loopnet and CoStar; other classified systems include CityFeet and Property Line.
  2. People want to use all of these as well as smaller ones such as OfficeSpace.com and BuildingSearch.com; the opportunities are numerous.
  3. Good brokers do not choose—they use all the commercial services by building a set of processes to participate as efficiently as possible.
  4. The basic process is to first say where you want your information to go, then how much information should go, at what time, and who is responsible for getting it posted; a repeatable process makes posting information online efficient.
  5. Offices that lack the resources to handle a commercial listing process in-house should outsource the process.
  6. Catylist is creating a bridge between its database and as many different partners as possible—10 major listing services so far; do not overlook the other 15 because each one has a slightly different target audience.

Advice for Single Practitioners

  1. Use listing services to level the playing field and even to gain a competitive advantage over larger companies; understand the differences of each listing service in terms of audience, cost structure and how to participate with minimal time and expenditure.
  2. Communicate to your clients that you use the commercial listing services for broad marketing distribution—it is a competitive advantage.
  3. Highlight your use of technology to impress property owners in listing presentations; have a marketing plan in place and communicate it clearly to prospects.

How to Develop a Marketing Plan

  1. The first step should be the production of materials; digitize property information into spreadsheets, word documents, audio and/or video.
  2. Next identify all the different places where the information can be distributed—e.g., online, or through mail, blogs or audiocasts.
  3. Finally, identify the target audience—that is, the most likely purchasers or tenants—and how they can best be reached.

Technology for Small Offices

  1. To stay within budget, brokers should understand what they are buying, so education (by reading or taking classes) is a necessary prerequisite.
  2. The first vital tech tool is a very good web site—clearly segmented and showing who you cater to and why you are good at it; preferably, the web site should be interactive.
  3. On the web site, clients should be able to see listings, leave contact info and preferences, sign up for a newsletter and report a problem; the broker should be able to keep track of clients’ needs.
  4. Commercial agents have lagged residential agents in embracing technology by three to five years, but initial commercial resistance is changing.
  5. The second imperative tech tool is email marketing, which has two dimensions—property marketing and corporate marketing; both should be preference-based.
  6. Corporate email marketing should be employed to keep in touch with clients and others on your proprietary database on a regular basis.
  7. Make use of industry databases as a supplement to your internal contacts; Catylist’s program called Cmail is an industry database of 100,000+ people qualified to receive email on investment properties.

CRM Database

  1. Another important tech requirement is a customer relationship management (CRM) database to organization and keep track of what you do for clients; SalesForce.com is the industry-specific CRM for commercial real estate.
  2. As a web-based solution, SalesForce.com requires an Internet connection and runs a little slower than a CRM resident on your desktop; on the upside, it makes sharing easier and preserves your information if something happens to your computer.

Overview of Catylist Commercial Tools and Services

  1. One of the company’s core products is its national listing service Commercial IQ, which aggregates local listing services from about 36 markets nationwide.
  2. Commerical IQ offers a toolbox of tech marketing tools, including commercial real estate web sites, a print engine to generate materials and demographic resources; an interface is being built to automatically enter all data submitted to the listing services into the other tech tools.
  3. Catylist’s local commercial multiple listing service (or CIE) remains the mainstay product; it covers about one-third of the nation now and is expanding; each local exchange offers a complete range of marketing tools.

Catylist’s Competition Edge

  1. The three main commercial exchange players—Catylist, CCIM’s A Site to Do Business and the new NAR commercial exchange—are all different; Catylist’s edge is that it leads with technology and the integration of all its products.
  2. Catylist offers the ultimate value to commercial practitioners in saving time and effort and increasing service to clients.

World’s Most Powerful Search Engine for Commercial Real Estate

After months of research, development, and usability testing, we’ve finally released what we believe is an amazing leap forward in search engine technology for commercial real estate.

Screenshot
Screenshot

Here are a few of the features:

  • See both your search criteria and results on the same page
  • Refine results in real time by adding custom search filters
  • Quickly scan large numbers of results using the compact list view option
  • Toggle between a List and a Map of your results
  • Intelligent location options let you select your geography using a keyword, using the map, or by drawing a polygon
  • Dig into the full property details without leaving the search
  • Sort forwards and backwards using a wide variety of parameters
  • Save your search criteria for later, or run saved searches all from within the search page

Try it out

Read on for the press release…

Read More »

New Listing Presentations, Demographics and Market Statistics

We’ve just released some enhancements!

Listing Overview

Screenshot

We’ve updated the Listing Overview page to provide added context:

  • View contextual Demographics and Market statistics right on the listing page (for Full Access Users)
  • See the property in fullscreen Google Street View (where available) with links to Microsoft Bird’s Eye aerials
  • We now show all details and attachments upfront (no more “View All Details” button)
  • Link Directly to your listing. Copy & Paste link into your emails to clients and prospects
  • Links to our new “Property History” page, which displays all listings and comps for a particular address

Demographic Statistics

Screenshot

Our newly integrated demographics information allows you to perform quick and reliable market analysis. Our information is provided by SRC, an industry leading demographics company. Demographics greatly enhance your marketing presentations and provide you and your clients with an array of contextual information.

  • Automatically embedded on Listing and Comparables pages
  • Can be exported as PDF or Excel files

Market Statistics

Screenshot

What’s the average lease rate per sq. ft. for office space in your market area? How many square feet of shopping center space is currently available in your market? The addition of our new Market Statistics* will help you to quickly answer these types of questions and will provide you with a snapshot of current market conditions.

  • Automatically embedded on Listing and Comparables pages
  • Statistics are available for any location with more than 100 listings
  • Can be exported as PDF or Excel files

*All market statistics are compiled using available listing information in the Catylist database for any given market area based on broker loaded data.

Marketing Report

Screenshot

The marketing report is an excellent communication tool for you to share online activity information with your clients. The new report, linked from the promote page, includes:

  • A list of marketing channels that the listing is being marketed on
  • Channel-by-channel viewing statistics
  • If desired, a custom message from the listing agent to the client

And finally, Quick-Edit is now full-screen, and supports suites.

Nations Largest MLS selects Catylist

We’re very pleased to welcome the newest member of our CIE family!  CIE360 is a new listing service for the East Coast region managed by MRIS, who also operates the nation’s largest residential MLS.  They have a great group working on this, so expect big things from them in the near future.

Read on for the press release…

Read More »