Founders Grove Insights

Creating Transparency for Lease Comp Data with Michael Mandel, CEO of Compstak

written by Ryan Cox

A former NYC commercial broker, Michael Mandel founded Compstak to fix the inefficiencies of data sharing in the CRE industry. Michael is a regular speaker on the future of commercial real estate, real estate technology, and data transparency. He graduated from Babson College in 2005, where he led the Babson Entrepreneurial Exchange and was a member of the world’s first live-in business incubator, the e-tower.

“We took this offline process of people sharing deal information informally and we moved it online.  Now they still share the information but they earn credits for doing it, we made it a more fair and equitable process”
– Michael Mandel, CEO of Compstak

What’s the Big Idea?

Compstak is the world’s first comprehensive database of commercial lease and sales comparable data. Compstak collects and verifies actual, deal-level transaction records reported directly to Compstak by brokers, appraisers, and researchers on the ground. Compstak combines those records with critical property-level details, leaving you with lease, sales, and property comps that are recent, accurate, and searchable.

The State of Commercial Lease Comps

Traditionally, comparable’s were being traded over the phone and via email.  The information was guarded and driven by market insiders with limited ability to verify accuracy.

A Reward Systems for Comps

Compstak has a network of 16,000 real estate brokers, appraisers and brokerage firm research analysts who share data on Compstak, earn credits for sharing data and use the credits to get data back out of the system.  The primary data is lease comps, sales comps and property level data.

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