Commercial property sales records are looked at for a variety of reasons. But whatever the reason may be, the process to find those records is the same for everyone.
That sentiment did not represent something positive, but instead represented a shared pain point of many in the commercial real estate industry.
Until recently, property records in general were mainly only accessible by visiting the county clerk’s office, making them annoying to find. But not anymore.
In this article, we’re going to show you how to search for property sales records in ways that do not take an abundance of time or effort.
Commercial Property Sales Records
Brokers, investors, and service providers are among those that get the greatest se of the wide-ranging informational value of sales records.
With commercial property sales records, you can:
- Understand the current value of a commercial property.
- Find properties that are likely to sell in the near future.
- Find new property owners.
- Find real estate comps.
- Identify red flags in a property’s transaction history.
Traditionally, what may have held you from capitalizing on these benefits would have been the time needed to find sales records, or the variety of sources needed to do so.
Reonomy and local public records search websites make searching through property sales records quick, customizable, and more efficient than ever before.
Using more efficient tools to navigate these records online can transform the way you bring in new business and the frequency in which you close deals.
In this article, we’re going to take you through the ways that you can search and find commercial property sales records using Reonomy and public records search platforms, as well as the value that you can derive from those records. Below is a brief look ahead:
How to Find Commercial Property Sales Records
How to Derive Insights from Property Sales Records
- Current Property Value →
- Properties Likely to Sell →
- Recently Sold Properties →
- Identifying Red Flags →
- Real Estate Comps →
How to Find Commercial Property Sales Records
It’s one thing to know that property sales record search tools exist, but without knowing where or how to utilize those tools, you’ll never be privy to the true benefits of sales records.
To harness those wide-ranging benefits, you can search commercial properties in any market nationwide with Reonomy.
Find Property Sales Records with Reonomy
While public records searches typically require you to search for properties within a single county or district of some kind, Reonomy lets you search any market in the nation, with a multitude of property-level, owner, and financial filters.
You can use Reonomy to search for commercial properties based on their location, asset type, and distinct sales characteristics.
The first way to identify properties with Reonomy is to search by location. You can run a location search by state, city, county, zip code, street name, or by an exact street address.
To do so, in Reonomy’s web platform, visit the “Location” tab, add the geographical boundaries you’d like to search within, and your list of results will update accordingly:
If you’re looking to identify properties of a specific asset type, you can do so by visiting the “Asset Type” tab of Reonomy’s web platform.
Here, you can add filters for a variety of asset types, and can search with varying levels of granularity (i.e. you can search “All Vacant Land,” or you can search “Recreational Vacant Land”).
You can also pair your location and asset type filters with very specific sales history characteristics to find your properties of interest.
Filters allow you to search for properties based on their most recent sale date, most recent sale price, whether that property was part of a multi-parcel sale, and more.
As you add each round of filters, your list of results will continue to update.
Using “Sales” filters allows you to hone in on properties and property owners with very specific traits, allowing you to glean different informational insights based on your needs (more on that later).
Viewing Sales Records on Reonomy
Once you’ve searched and identified a property of interest, you can very easily dive in and view property sales records.
In your list view of results, simply click into the profile page of a property. There, you can visit the “Sales” tab to see its transactional history.
You’ll see a list of transactions along with the details of those transactions. Details include the recorded transaction date, the buyer, seller, sale price, execution date, and much more.
In just a few clicks, Reonomy let’s you search for, find, and analyze the sales records of commercial properties in any market in the nation.
Search Public Property Records Online
Another way to find the sales records of an individual property is to visit the web search portal of the local county or district clerk’s office where that property is located.
While more prominent examples include ACRIS and HCAD, there are online search platforms for counties, cities, and states all across the country. You can search Google with, “[your county] property sales records,” to first find out if there’s a local website search platform, if so, what it’s called.
With different sites, you can search on the state, city, or county-level. Let’s look at some examples.
NJ Property Sales Records
By using New Jersey’s “Open Public Records Search System,” you can search for commercial and residential properties in any county in the state based on a number of different qualifications.
You can first add filters for county, then district—with district referring to the city or township that a property lies within.
On this site, you’re best off using an “Advanced Search.” You can add filters for county, district, city, sale date, zone, class (asset type), sale price, year built, and much more.
Once you run your search, you’ll be given a list of property deeds that have traits in-line with the filters you originally added.
From there, you can click the “More Info” button next to any individual deed, and you’ll be taken to a page that includes the details of that deed, including dates, parties involved, and other relevant building-level information.
Broward County Property Sales Records
Most public property records websites are on the county-level. Broward County serves as a nice example of that.
On broward.org, there is an “Official Records Search” portal that allows you to search through both commercial and residential deeds in all of Broward County, Florida.
On the site, you can run a records search by name, document type, sale amount, date recorded, parcel ID, and much more.
Once you run your search and generate a list of results, you can click into any individual transaction to see a bit more detail, as well as an image of the actual deed itself.
NYC Property Sales Records
Lastly, we’ll look at an example of how you can search property records on a state-level.
ACRIS is the commercial property information database for all of New York City, and is perhaps the most user-friendly of the public records examples mentioned.
Using ACRIS, you can “Search by Document Type.” Within the search page, you can select from a few different options related to property deeds. You can then select a borough or county and date range, and run your search.
You’ll be given a list of results that fit the filters you’ve added, along with options to click further and see more details on the deed, or see an image of the deed itself.
Document detail pages include the parties involved, parcels, sale price, and much more.
If there is not an online search platform for the county, city, or state you’d like to search within, without Reonomy, your best option will likely still be to travel down to the county clerk’s office to gain access to property sales records in person.
How to Derive Insights from Property Sales Records
As mentioned earlier, once you’ve located the sales records on any given property, there are a number of different insights that you can gain from them.
Let’s recap each of the aforementioned pieces of value and discuss, with a little more context, how sales records can be used to glean certain insights on a property, its owner, and its surrounding market.
Current Property Value
To understand the current value of a commercial property, you can take its most recent sale amount and compare that to other properties of similar characteristics that have been sold more recently.
By looking at what similar properties in the same market have sold for more recently, you can better understand how a property has appreciated or depreciated over time.
Properties Likely to Sell
With access to property sales records, investors and brokers can easily see if a property is likely to sell. Simply look at the most recent sale date. Properties that have not been sold in a long period of time are more likely willing to sell, even if they’re off the market.
For service providers and other professionals looking to connect with new property owners, another great use of sales records is to see if a property has been recently sold.
By searching property sales records for recent sale dates, you can easily find brand new commercial property owners.
Identifying Red Flags
Simply put, by looking at the previous transactions tied to a commercial property, you’ll be able to see any abnormalities that exist.
Perhaps a sale amount of a property does not line up with its market value. Maybe it’s been sold several times in a short time span.
Whatever the case, for those looking to purchase or provide mortgages and other services to properties, transaction red flags may deter you from ever pursuing them.
Property sales records are also the basis of all real estate comps.
Because of the combined benefits above, plus how in-tune sales amounts are with local markets across the country, property sales records are the driving force behind building accurate real estate comps.
Property sales records can help you understand much more than just a single property. They can help you learn about full markets, property owners, asset type trends, and much more related to commercial real estate.
For brokers, investors, lenders, service providers, and on, it’s important to know exactly how and where to access property sales records to stay ahead of the competition. Reonomy is here to help.