The Commercial Information Exchange, CIE, an exciting new venture for brokers and their clients, is bringing St. Louis and its commercial real estate markets into the forefront of technology and competition.
Information that is up-to-date, complete, precise and easily accessible is necessary to compete today. In commercial real estate markets that means a real-time connection to a detailed list of available properties, recent sale and rental data, and references to knowledgeable sources.
The CIE system complements the RCGA’s system, which offers a computerized inventory of property, including commercial and industrial buildings, greenspace, and office space. This database, which has been in use since 1995, is compiled from information provided by the Greater St. Louis Economic Development Network and area Realtors.
With the new CIE system, information on retail, industrial, office, and multi-family buildings and land for use and investment is available on the Commercial Information Exchange (CIE). CIE, a service of the Commercial Division of the St. Louis Association of Realtors, provides one-stop, current commercial real estate data for brokers, appraisers, economic development agencies and other government officials. More than 300 brokers and their firms now use the existing dial-up system to list properties that are available and to search for properties that meet client needs.
Next month, CIE will be on the Internet, with a public web site for people interested in St. Louis commercial real estate and a private, more detailed web site for subscriber members. Ultimately, CIE replaces a paper system that involves mass mailings of listing sheets that often found their way into difficult-to-use file cabinets or cardboard boxes.
Ronnie Bryant, senior vice president, Economic Development Division of the RCGA says, “The CIE is the only system of its kind in the country. Integration of the RCGA and the CIE systems will help make our region more competitive and better able to respond to requests from businesses while serving the needs of the Realtors and their clients.”
Co-chairs of the CIE Committee, Eric Friedman, president, Friedman Group, and Edgar Schuttenberg, vice president and director of research and information services, Grubb & Ellis/Krombach Partners, received the Commercial Realtors Award of Merit in 1998 for work on the CIE system. “Even though it took lots of hours of meetings, talking to people and collecting of data, “Schuttenberg says, “the advantage of CIE will be its immediacy of information—CIE tells clients and brokers what is happening now.”
According to Kathie Sammons, director of information services, Follman Properties, brokers both search for properties and use the messaging component of the system often. A broker can post information on CIE and that information is broadcast by e-mail immediately to 300 subscribers. “CIE definitely fills a need,” Sammon says. “It makes it easy to get a list of available properties and make follow-up phone calls.” R. A. Harrington, senior vice president, Corporate Advisory Group, CB Richard Ellis, concurs. “The CIE Information System allows us to provide clients with the best available property information possible.”
CIE subscribers must be members of the Commercial Division of the St. Louis Realtors Association. Unlike for-profit public information systems operating elsewhere in the United States where the data can be sold to anyone, the Realtors control the information, assuring more privacy and accuracy for their clients.
While most subscribers are brokers, REITS or large investors, the Commercial Division is working to provide a mechanism for everyone who wants to be involved. Friedman is excited about the second-generation system available in March and, with Internet access, expects more people to join. “CIE is the ultimate one point of entry system and way to get information on what is available in the marketplace and to provide clients with the best communication tool. We have brought all the elements together,” Friedman says, “in an easy-to-use, point-and-click format with Internet access.”
In the updated system, brokers will enter data one time and can chose to send the information directly to the RCGA database, Missouri and Illinois economic development databases and any Internet site. Property photos, floor plans and plot maps can be downloaded into e-mail, presentations and other documents.
An intranet and an extranet are also being developed to further support Realtors and their clients. In addition to immediate property listing and client search requirements, the intranet will provide Realtor news, discussions groups and digital contracts. The extranet will allow transactional information and files to be shared with all parties involved—clients, attorneys, accountants, lenders, title companies, surveyors and other team members.
The system is a partnership of CIE, Mid America Regional Information Systems and Rapattoni Corporation. With CIE, commercial real estate markets and economic development agencies in the St. Louis region are well connected to the growing world of e-commerce. It was designed to assist brokers to complete transactions smoothly, thereby providing superior service to clients. CIE also helps everyone work better by making St. Louis and its real estate markets more competitive.
