Best alternative to CoStar
For those who use CoStar know the value that the platform provides. There is plenty that comes with the price tag. In my search for other platforms to compare against CoStar for market analysis, comps, and prospecting I have struggled to find something that is comparable without it being similar in price.
Has anyone found a more cost-effective alternative that can match CoStar? Even if it is a combination of a few different programs.
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I would say, though it is not an MLS, Compstak data is without a shadow of a doubt the closest. In terms of comps and understanding both sales & lease deals, as well as what space might be available by tracking lease expirations, it is absolutely the best choice out there. I find their competitive set tool which finds comparable buildings based on actual data, quite helpful too in terms of vetting deals and providing proof of concept. Would encourage anyone who hasn't signed up yet to check it out. Compstak is awesome
Michael- I have thought about putting together a competition version of Costar. They have a monopoly and are allowed to charge any price for data. %80 of commercial property is typically represented by %20 of the brokers- Just call those direct and you have data on %80 of the market. Offer free services or models of sharing that data to other brokers at a price that do not equate to highway robbery. Also connect the local MLS to the commercial version of this on an easy to use platform. Once you start to make a dent in CoStar's membership they will either buy you out or sue you. Hopefully the first one.
I have a full time employee that does database management and property searches. Most people might not have the ability to pay 5 to 6 figures a year for that.
With Costar it is about residuals. 15 years in the business I do not like contracts and residuals. They have the control and incubate the user. I like to control the data and the deals but my business model is not as mainstream as large companies.
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#2 Multi-Family and Apartment Investing Contributor
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REIS is close, but not quite there
While it is not as good as CoStar, I find Yardi Matrix reports to be really helpful. You can get free monthly national reports and seasonal for cities. Brokers also can provide Yardi Reports for specific properties and areas.
I would say, though it is not an MLS, Compstak data is without a shadow of a doubt the closest. In terms of comps and understanding both sales & lease deals, as well as what space might be available by tracking lease expirations, it is absolutely the best choice out there. I find their competitive set tool which finds comparable buildings based on actual data, quite helpful too in terms of vetting deals and providing proof of concept. Would encourage anyone who hasn't signed up yet to check it out. Compstak is awesome
I don't think there is an alternative to CoStar. They are quickly turning into a monopoly. I've seen other people mention CompStak but I think its just a matter of time before CoStar finds a reason to buy them or to go after them through litigation. CoStar now owns Loopnet, Apartments.com, Lands of America, Smith Travel Research, BizBuySell, and other sites. Besides private websites controlled by the brokerage houses themselves and the MLS, there isn't much left.
@Michael Glaspie
Reonomy?
@Javier D.
Reonomy is a decent comp, but not as good. Though it is over 50% cheaper
I have been using Reonomy for the past month and have found it very useful for identifying off market properties.
Real page is the one.... They have Co star data + rent data + you can create a valuation on the fly before you can walk into a property . Its expensive like no other . I used a little while to test things out. I loved it.
Second best alternative is Co Star. Had for almost a year
Cheaper options if Reonomy and their contact info isnt that great at all. Data lags a bit as well.
Yardi isnt that good as Co star but similar.
There is another Startup from Austin similar to Reonomy but they provide data on API basis. reached out to them and lets see what they say.
On the flip side, you can find data scattered around if you just look at the right place you can put all of them together for very low cost. Just my 2 cents.
The best for contact info is reonomy I have found. Also, I think just calling the big national flags in your area and developing a relationship with them will be the best outcome. CoStar is great but there are many ways to get the contact info you need.
in my market, the price came in about the same although Reonomy isn't market-based but is limited with contact search, Reonomy has loan maturity data which co-star is lacking which is a big upside. costar has leasing data and is also more accurate.
As an alternative to the Costar brokerage app, you may try AscendixRE. It is a combination of a CRM, deal flow tool, and broker commission tracking.
This post is 5 years old but still curious! Is there an alternative to loopnet / costar as a commercial inventory broker tool?
