Last week, Xceligent, a provider of commercial real estate data services, filed for Chapter 7 bankruptcy and immediately ceased business operations.
This represents a major disruption in services to commercial REALTORS®. Xceligent was NAR’s exclusive provider of commercial real estate information services and the entity that powered CommercialSearch.com, as well as the vendor of many commercial information exchanges across the country, including here in Texas.
The Texas Association of REALTORS® and the National Association of REALTORS® are closely monitoring this issue. NAR has announced the formation of a presidential advisory group to explore options for ensuring that commercial members have the business support they need. Updates will be posted here as they become available.
The purpose of the presidential advisory group is to define essential commercial real estate data needed by NAR members to conduct business and develop pathways for access. The issues being considered are:
- Current state of data sources
- Commercial data as a commodity
- Gaps in geographical access and coverage
- Few providers, high costs
- Engaging commercial tech tools/start-up companies
- Communication of available resources to members from all three levels of the organization
- Access to data platforms
Here are some commercial resources to keep in mind:
- REALTORS® have exclusive access to RPR Commercial at no additional cost. RPR Commercial has data on more than 35 million off-market proeprties, 320,000 listed properties, and 106,000 leasing opportunities. RPR’s data is not affected by the Xceligent shutdown. Learn more about the top 5 data needs for researching commercial properties through RPR.
- TAR Commercial provides Texas Commercial Market Reports powered by Reis, a longtime industry leader in providing comprehensive and unbiased data used by commercial real estate professionals. Through this partnership, Texas REALTORS® have access to a wealth of information on commercial markets and submarkets throughout Texas, including detailed data on market and submarket trends, supply, absorption, rents, sale prices, vacancies and new construction and more. Click here to access the quarterly reports.