CoreLogic Launches Commercial Real Estate Evaluation Service
7,500 Real Estate Brokers and Contract Appraisers to Provide Commercial Valuations
Submitted by: RE Technology
Information, analytics, and business services provider CoreLogic introduced a new commercial property evaluation service on Wednesday that utilizes more than 7,500 real estate brokers and contract appraisers to provide commercial valuations for lenders, investors, and special servicers.
According to the California-based company, the system allows users to quickly determine the current market rent for properties more cost effectively than formal commercial real estate appraisals.
Evaluations are performed using the income approach and sales comparison approaches to value, providing an overview of local rental market conditions. The commercial evaluation panel was chosen based on the valuators’ local market knowledge and their experience evaluating and marketing specific property types.
The new service can deliver a valuation in 10 business days on average, and users can order and track valuations online 24/7. All reports are reviewed by an internal quality control panel made up of commercial real estate valuation experts.
“Banks, insurance companies, and whole loan and asset-backed investors currently have more than $3 trillion worth of exposure to commercial real estate,” said David Williams, VP of CoreLogic’s broker price opinion (BPO) operations.
Williams went on to explain, “This past December, approximately 9.2 percent of the properties backing commercial mortgage bonds were more than 30 days delinquent. Similarly, many more properties are now underwater and cannot be refinanced. Having an updated, realistic assessment of the value of these properties and their net income stream is essential to reducing risk and determining market-based investment and work-out strategies.”
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