What is a Commercial Information Exchange?
A Commercial Information Exchange or "CIE" is like a Multiple Listing Service built specifically for Commercial Real Estate. It's an online database of all the information and tools a commercial real estate pro needs to be successful.
A CIE enables a local community of brokers, developers, appraisers, and investors to share information and work together more efficiently. It removes barriers, allowing big companies and small companies alike to focus their time and money on serving their clients.
Why Join a Commercial Information Exchange?
Here are a few compelling reasons to participate in a local, community-operated CIE:
- Join for the Data – First and foremost, a CIE is a repository of information: commercial property listings, recent sale & lease comparables, tax records, tenant lists, demographics and market statistics, and more. The data is pooled by local members with local oversight, and in many cases also locally verified making it the most accurate and comprehensive.
- Join for the Tools – A CIE is also a marketing toolbox. Create a website or online profile for you and your company, broadcast your property listings to dozens of sites, generate flyers, brochures, and proposals in seconds, or reach thousands of owners, investors, and other professionals with an email blast.
- Join for the Community/Networking – You never know where your next deal will come from, a CIE allows you to stay in touch with others in your market and stay aware of local trends and events. Use it for networking, prospecting, lead generation, discussions, and trend monitoring.
In a nutshell, a CIE helps commercial professionals to get their jobs done better, faster, and easier.
Why is a CIE better than a service like LoopNet or CoStar?
- It's Local – Most commercial deals are done locally, and no two markets are alike. Your CIE can tie into local sources of information, tax records, tenant data, and more. It's put together and administered by people that know your specific market. It's a grass-roots, community effort.
- You're in Control – CIEs are managed locally by associations or brokerages in your market, looking out for YOUR best interests. Your community sets the rules, owns the data, and has absolute control over how the service works and what it provides.
- It's Affordable – When a local community comes together to share data, the members benefit by keeping costs low and under control. A CIE exists to benefit its members, not to generate stockholder profits.
Further reading: The LoopNet/CoStar merger is Why CIEs Matter
Why is a CIE better than a Multiple Listing Service (MLS)?
Your local board of REALTORS® likely maintains an MLS system to exchange information about residential properties in your market. Brokers sometimes add commercial properties to the MLS as well, but since the MLS is designed for homes, it provides only rudimentary support. A CIE is built specifically for commercial real estate and specifically for those that are serious about commercial deals. It provides information and tools specific to the complex commercial property types: industrial, office, retail, etc.
What's Different about RICIE?
RICIE is powered by Catylist. With over 30 local REALTOR® associations on board, they are the largest and most successful CIE/CMLS provider in the country. Find out why more associations choose Catylist than any other vendor.