LACDB Blog

Important Rule Update and Hurricane Laura Response

IMPORTANT Updates!

Rule 2.7 has been updated to include the exception of Call for Offer and Sealed Bid listings. To support this change two new fields (Sealed Bids and Call For Offers) have been added to the listing input.
If your listing is subject to auction, a sealed bid process, or a call for offers indicate so in the appropriate field.

2.7—Specification of Price: The Participant, acting on behalf of a seller or lessor, shall specify the price at which the property is being marketed unless the property is subject to auction, a sealed bid process, or a call for offers.


Hurricane Laura Response

Needs/Wants
The Needs/Wants section remains open for any individual who is searching for commercial property to post what they are looking for.

Short Term Occupancy Field
A Short Term Occupancy field has been added. This field will allow list agents to indicate if the property is open to a short term lease. Images of the filed's location are attached to this notice


Coworking Space
A new Office Type of “Coworking Space” is being added to allow for better searching of those properties.

Donations
Donations are being accepted by the Louisiana REALTORS® Relief Fund to aid those impacted by Hurricane Laura. Donations can be made at https://la-realtors-relief-fund.square.site/

How to Find Commercial Comps Using RPR

Commercial practitioners need access to commercial property details, history and data to give their clients the best guidance possible. Finding comparable properties gives you an idea of a property’s current market value, which is a vital part of creating a Broker Opinion of Value (BOV) also known as a Broker Price Opinion (BPO), which helps guide a purchase or listing price decision.

However, getting this done on the commercial side of real estate has always been a little tricky. Commercial comparables have typically been pieced together by visiting various public record websites and/or paying a vendor to collect data and have it packaged up for you to extrapolate and organize. Thankfully, things have gotten much more streamlined and RPR makes it easier than ever

Perhaps even more impressive and directly connected to commercial comps, is the 55 million off-market properties that are also available, allowing you to look for similar properties to your subject that have recently sold, or are currently listed across the entire nation. Here’s a step-by-step on how it’s done…

1. Begin by visiting RPR at narrpr.com/commercial

2. Choose the Go to Search button

3. Now select All Properties

4. Enter an area to begin searching for comparable properties:
County
City
Zip Code
Neighborhood

5. Select the Property Types you would like to include in your search results:
Commercial
Healthcare
Hotel/Motel
Multifamily
Industrial
Office
Land
Restaurant/Bar
Retail
Shopping Center
Special Purpose

6. If you are looking for on-market comps or current asking lease rates, consider using the Advanced search to refine by:
Property status
Building size
Lot size
Units
Year built

7. If you are looking for recently sold comps use the advanced search and plug in the time period you want using the “Within” filter.

8. You can capture your comps in a list by clicking “Print this page” and create a PDF to email or create a hard copy for your client.
Tip: Print this page literally prints whats on the page. So if you want to print more than 10 and up to 100 properties you can use the Show results dropdown.

9. View more details about a specific property by selecting its street address, and dive into the details.

Using RPR to gather commercial comp data is a no-brainer. Not just because it’s a rich source of data and property history information, but also because as a REALTOR®, there’s no additional cost to use it.

New LACDB Fields

Two New Fields have been added to LACDB!

When adding or searching for a Retail listing members will now see two new fields "Quick-Service Restaurant" and "Has Drive-Thru."

These fields are active and searchable.
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