Commercial Information Exchange

Last updated

A Commercial Information Exchange (CIE) is an Internet-based commercial property listing service in the United States that is operated by a local association to serve the local market. [1]

A CIE is the commercial real estate equivalent of the residential Multiple Listing Service. [2] [3] CIEs help commercial real estate professionals (brokers, property owners, developers, investors, tenants, etc.) share information about commercial property, recent sale or lease transactions, market statistics, and contacts. [4]

CIEs tend to exist in larger markets with a more developed, more organized commercial real estate industry. There are less than 100 CIEs in the United States. [5] [6]

CIEs vary in scope, serving cities, states, or larger regions. They also vary in function, depending on the depth and breadth of data in a particular market. For example, the Louisiana Commercial Database contains primarily commercial for sale or lease in the state of Louisiana while the Commercial Alliance of Las Vegas' CIE includes active listings, off-market properties, and completed transactions in the greater Las Vegas, Nevada area. [7]

Differences from Residential Multiple Listing Service

There are two key differences between a Commercial Information Exchange and a Multiple Listing Service. CIE participants need not have an exclusive right to sell or lease a property in order to list it on a CIE, and CIE listings need not include details on compensation for cooperating parties. [8]

Related Research Articles

This aims to be a complete list of the articles on real estate.

A multiple listing service is a suite of services that real estate brokers use to establish contractual offers of compensation and accumulate and disseminate information to enable appraisals. A multiple listing service's database and software is used by real estate brokers in real estate, representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to work with a seller's broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.

A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confused with that of an agent—one who acts on behalf of a principal party in a deal.

The National Association of Realtors ('NAR), whose member brokers are known as Realtors, is a North American trade association for those who work in the real estate industry. It has over 1.3 million members, including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago.

A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. In North America, some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry. NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations.

Pinnacle Entertainment

Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.

For sale by owner process of selling real estate without representation by a real estate agent

For Sale By Owner, or FSBO, is the process of selling real estate without the representation of a broker or agent. Homeowners may employ the services of marketing or online listing companies or market their own property. Typically, they represent themselves with the help of a lawyer or solicitor throughout the sale, as in most areas, there are detailed legal requirements pertaining to sellers and disclosures they must make.

Penn National Gaming, Inc. is an American operator of casinos and racetracks, based in Wyomissing, Pennsylvania. It operates 43 facilities in the United States and Canada, many of them under the Hollywood Casino brand. The company also controls a 36% stake in Barstool Sports. Penn formed a corporate spin-off in November 2013 called Gaming and Leisure Properties.

A Virtual Office Website (VOW) is a web site that is used to conduct business activities. One example is a VOW used as a real estate property search site allowing the public to conduct searches of approved multiple listing service properties in a given area under certain conditions. Also see Virtual company.

Commercial property Buildings or land intended to generate a profit, either from capital gain or rental income

The term commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

Rent-to-own

Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, real property, and engagement rings, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.

Real estate investing involves the purchase, ownership, management, rental and/or sale of real estate for profit. Improvement of realty property as part of a real estate investment strategy is generally considered to be a sub-specialty of real estate investing called real estate development. Real estate is an asset form with limited liquidity relative to other investments, it is also capital intensive and is highly cash flow dependent. If these factors are not well understood and managed by the investor, real estate becomes a risky investment.

A real estate trend is any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change. This phenomenon can be a result of the economy, a change in mortgage rates, consumer speculations, or other fundamental and non-fundamental reasons.

Real estate licenses, authorizations issued by state governments, give agents and brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries.

Days on market is a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends.

The term international real estate describes a relatively new phenomenon, beginning in the 1980s and keeping pace with globalization. The term encompasses real property development, sales and leasing transactions across national borders. International real estate could be viewed as one of the most dynamic branches of real estate although it is, by definition, influenced by fluctuating market value in various sectors between countries, as can be evidenced by the 2008 global credit crisis.

Forestar Group Inc. is a real estate, oil and gas, and other natural resources company based in Austin, Texas. The company owns directly or through ventures almost 120,000 acres (49,000 ha) of real estate located in ten states and 13 markets, approximately 590,000 acres of oil and gas mineral interests and approximately 358,000 net acres of leasehold oil and gas interests.

In United States real estate business, normally the landlord, rather than the tenant, is responsible for real estate taxes, maintenance, and insurance. In a, "net lease" the tenant or lessee is responsible for paying, in addition to base rent, some or all of the recoverable expenses related to real-estate ownership. As the rent collected under a net lease is net of expenses, the base rent tends to be lower than rent charged under a gross lease.

NeighborCity is a residential real estate information and service company that rates real-estate agents in the United States, offering a way for buyers and sellers of homes to compare and evaluate agents. It is based in San Francisco.

Vici Properties is a real estate investment trust (REIT) specializing in casino properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation. It owns 27 casinos, hotels and racetracks and 4 golf courses throughout the United States.

References

  1. "NAR CIE Definition". Archived from the original on 2009-01-20. Retrieved 2008-12-30.
  2. Commercial Information Exchanges Info
  3. "What Is a CIE Database In Real Estate?". Realtyna.com. Realtyna. Retrieved 12 July 2018.
  4. CIRE Magazine: Industry Conference Highlights Technology's Role in Brokerage Evolution
  5. "NAR Directory of Commercial Information Exchanges". Archived from the original on 2009-01-20. Retrieved 2008-12-30.
  6. "List of CIEs in the U.S." Realtyna.com. Realtyna. Retrieved 12 July 2018.
  7. Lesger, Clé (2016-12-05). The Rise of the Amsterdam Market and Information Exchange: Merchants, Commercial Expansion and Change in the Spatial Economy of the Low Countries, c.1550–1630. Routledge. ISBN   978-1-351-88261-3.
  8. NAR CIE/MLS Comparison