HAR’s Commercial Information Exchange (CIE) Commercial Gateway continues to improve its database of confirmed sales and related transaction data. Currently, members of Commercial Gateway can search more than 8,000 researched sales transactions and by using the member “price point” system, obtain access to more than 2,500 confirmed sales prices.
How the Price Point System Works (5-for-1)
Commercial brokers may confirm the sale price for any transaction in which their firm was involved. For each sale price confirmed, the broker’s firm will be credited five price points. Each price point may be redeemed later for access to the confirmed sale price of another transaction.
Once a firm has used a price point to gain access to a sale price, every member of that firm will continue to have access to that information. The firm will not have to use additional points to access the same data. In other words, the more data you enter into the system, the more data you receive.
Commercial appraisers may also confirm the sale price for any transaction in which their firm has confirmed the price. For each sale price they confirm with Commercial Gateway, the appraisal firm will be credited with five price points. The points awarded to an appraisal office work in the same manner as those awarded to a commercial real estate firm. However, appraisal firms’ confirmed sale prices are classified as secondary under the pricing information category within the database rather than confirmed, which is limited to either brokers or actual participants in the transaction.
More Transaction Search Tools
Along with the price point system, Commercial Gateway also provides members both a Grantor/Grantee Search and a Commercial Transaction Report feature to research sales records. The Grantor/Grantee Search allows members to retrieve public records such as Warranty Deeds and Deeds of Trust simply by entering the name of the Grantor or Grantee into the search screen. The Grantor/Grantee Search also allows members to search public records by instrument type and print the records found within a five-county surrounding area with records dating back to the 1960s.
The Commercial Transaction Report feature also displays public records, but retrieves property details from the tax roll such as frontage description, land value, improved value and total value from Harris County back to 2005. The Commercial Transaction Report feature allows members to search by Parcel Identification Number (PIN) as well as by the document number filed with the county. Members also have the option of printing records found.These added search tools make Commercial Gateway one of the most useful Commercial Information Exchanges available. These features are currently available on Commercial Gateway at no additional charge.
For more information, call the Commercial Gateway Help Desk at 713-629-1900, ext. 363.