Find the property history of any commercial asset nationwide. Uncover the data relevant to you.
Whether you are buying a property, mediating the sale or servicing a property, searching the history of a commercial property will help you develop a more detailed understanding of that property. The more information you have on a property, the more informed decisions you can make on that property.
Fortunately, you no longer have to spend valuable time taking trips to your local county recorder, clerk, or assessor’s office. You can now search for the history on any commercial property nationwide with speed and ease.
Property History by Address
The most common property history search is searching for the history of a known property. Parties involved in the transaction or selling of services perform this search to further their understanding of a target property. A detailed understanding of a property assists with prospecting and due diligence. When searching the history of a property, there is a range of records that are relevant. These are not limited to but include;
- Property Sales History
- Property Tax History
- Property Ownership History
- Property Debt History
Property Sales History
Property sales history records show the transaction history of a commercial asset. Comprehensive records will show the parties involved in the transaction, the value of the sale and the date of sale.
Uncovering sales history of a property is valuable in several capacities;
Sales records of properties enable the creation of sales comparables. Comparables (also referred to as comps) are a critical part of estimating the current market value of a commercial asset, popular among real estate professionals and investors. Comparable sales are generated from the comparison of data points from similar properties. They contrast criteria from recently sold properties in a neighborhood, such as sale price, age of building, size and square footage.
Searching the sales history of similar properties can uncover potential buyers. Sales records will show buyers making purchases for a focus asset class or geography. If the buyer is developing a portfolio, sales records will highlight this. Likewise, sales records show recent sellers. These sellers could now have the capacity and intent to become buyers with cash on hand. If prospecting for commercial buyers, property sales history stands as a useful tool.
Understanding the Current Owner’s Intent
The sales history of a property shows what the current owner paid for the property and when they purchased the property. What the owner paid for the property is a factor to consider when inferring what the owner expects now. How long the owner has held the property for can signal whether they would sell the property. If approaching the property owner, this information equips you to tailor your pitch.
Uncovering Abnormal Transactions
A sales history search will uncover unusual transactional patterns of a property. Sales history outlines if a property has transacted several times in a short period. It also shows if there has been an abnormal number of transactions through the property’s history. Either of these could be a red flag for you when assessing the property. If anything, it prompts further due diligence.
Property Tax History
Property tax history shows the annual tax rate, annual tax commitments, and the property’s assessed value. This information is useful when calculating the NOI or cap rate of a property. The annual tax commitment is a significant expense to include in these calculations. A property’s assessed value can aid in estimating the current value of a property.
Property Ownership History
A property’s ownership history shows the change in ownership throughout a property’s history. It outlines the previous property owners, the dates of ownership change and details on the current owner. Understanding the ownership history of a property is important, it helps with the following;
Prospect Target Owners
Searching the ownership history of a property uncovers information on the current owner. It shows how long the current owner has held the property and what they paid for the property. When prospecting property owners, apply both of these filters to find relevant owners. Find owners more likely to sell by filtering for how long they have held the property. Filter owners based on property type and geography to find more relevant prospects.
Contacting the Current Owner
Ownership Records contain the contact information of the current owner. Go beyond the owning entity, find the person behind the LLC. Find the property owner’s phone number, email and mailing address to make contact. Contacting the owner direct ensures you save time in coming to a decision.
Uncovering Unusual Ownership Patterns
A property’s ownership history will uncover anomalies of ownership. Ownership history outlines if a property has transacted several times in a short period. It also shows if there has been an abnormal number of transactions through the property’s history. Either of these could be a red flag for you when assessing the property. If anything, it prompts further due diligence.
Understanding the Intent of the Current Owner
Ownership history outlines how long the owner has held the property for and the price they paid. The length of time they held the property can indicate their likeliness of selling. The price they paid for the property is a consideration when determining their current expectations. When approaching the owner, understanding the intent will ensure you tailor your approach.
Property Debt History
Search for a property’s debt history to find the most recent debt positions on a property.
Search balance sheet loans for the following debt details;
- Debt Origination Date
- Mortgage Maturity Date
- Total Loan Value
Search debt details for an individual property or prospect properties based on any of these debt features. When prospecting, apply search filters by date or value ranges. Search for properties with a mortgage value between a certain value range. Search a date range to filter for properties with an origination date or a maturity date within those dates. Search the same ranges for no origination date or maturity date.
Property History Report
Combine the above information to generate a property history report. Sales, debt, tax history enable you to develop a full picture of any one commercial asset. Combine historic records with current building level data to customize your report. Find the following building level data;
- When a building was built
- Building lot size and overall lot size
- Number of commercial and residential units
- Zoning Code
- Depth and Frontage