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CoStar Real Estate Manager

CoStar Real Estate Manager

Overview

What is CoStar Real Estate Manager?

CoStar offers a platform for real estate management needs.

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Recent Reviews

TrustRadius Insights

CoStar has proven to be an invaluable tool for organizations looking to address the challenges of implementing new lease accounting …
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Pricing

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What is CoStar Real Estate Manager?

CoStar offers a platform for real estate management needs.

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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What is VTS?

VTS is an asset management and leasing platform built to provide real-time portfolio analytics to landlords and brokerage firms. VTS allows brokers and landlords to manage deal activity, a desktop or mobile device.

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Product Details

What is CoStar Real Estate Manager?

CoStar offers a platform for real estate management needs.

CoStar Real Estate Manager Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

(13)

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

CoStar has proven to be an invaluable tool for organizations looking to address the challenges of implementing new lease accounting standards. Users have found that the software provides lease management and proper accounting capabilities, allowing for compliance with lease standards. With CoStar, users have better control and tracking of all applicable leases in their organizations, enabling them to retrieve lease amortization schedules in their desired reporting format. The software has also streamlined the management of leases and interfacing of invoices with ERP systems, resulting in improved lease management and accounting processes.

The centralized nature of CoStar has been praised by users, as it allows them to store all lease records, including payments, maintenance history, and reminders, in one place. Not only does this eliminate the need for manual calculations of lease amortization schedules, but it also facilitates troubleshooting issues such as discount rates. CoStar also assists in calculating various lease liability balances and automatically adjusts for changes in lease clauses. Additionally, the software provides notifications for lease renewals and aids in audit disclosures, ensuring compliance with ASC 842 accounting and lease cycle management.

Beyond its accounting capabilities, CoStar offers a wide range of functionalities that cater to real estate professionals. It is used for portfolio management, lease administration, document management, planning, scheduling, reconciling maintenance requests, and analyzing real estate data. The intuitive design of the software makes it suitable for the needs of accounting departments while providing valuable market knowledge to users. CoStar has been particularly beneficial when conducting initial due diligence in rural areas or unfamiliar locations by quickly reviewing properties and minimizing research time.

While there are mixed experiences with CoStar, with some users expressing concerns about accuracy, customer service, and pricing, many have found the software to be indispensable in their day-to-day operations. Brokers appreciate being able to keep track of building information, store marketing documents, analyze data, and efficiently conduct surveys and tours for clients. Overall, CoStar has proven its worth as a comprehensive solution for lease management, accounting compliance, and real estate analysis.

User-Friendly and Intuitive Interface: Many users have praised the CoStar tool for its user-friendly and intuitive interface. Several reviewers found the tool to be easy to use, navigate, and manage from an admin standpoint. The simple layout and exciting search capabilities further enhance the user experience.

Reliable Internal Controls and Advanced Features: Reviewers have commended CoStar for its proper design with reliable internal controls and advanced features. This makes the tool highly customizable according to specific business needs, providing a sense of reliability and confidence in its functionality.

Centralized Records for Organization: The centralized records feature in CoStar has been appreciated by users as it helps keep organizations organized and on track. With this feature, multiple teams can stay on the same page, ensuring smooth collaboration and efficient workflow management.

High Pricing: Many users have expressed dissatisfaction with CoStar's pricing, finding it more expensive compared to similar products in the industry. Some users have even mentioned that the cost of CoStar is a major setback, leading some companies to cancel their subscriptions and switch to other services.

Inaccurate Information: Some users have mentioned concerns about the accuracy and timeliness of the information provided by CoStar. They note that not all information is up to date, and sometimes brokers do not update listings or purposely leave off information. Users have also found conflicting information on the same property across different pages, which can be frustrating.

Difficult Navigation: Users find the software difficult to navigate without proper training and had to spend time exploring the software to find desired information. The user interface of the software seems to be a common complaint as well. Users mention that it is difficult to use and takes a long time to learn how to navigate properly.

Based on user reviews, here are the common recommendations for CoStar:

  1. Implement a designated person in the office to regularly check and update the account. This ensures effective utilization of the software and maintains accurate and up-to-date data.

  2. Utilize customer support for further verification and assistance. The professional guidance provided by CoStar's customer support helps address any issues or questions users may have, enhancing their overall experience.

  3. Request a trial of CoStar to ensure that the cost of the product is beneficial for specific needs. This allows potential customers to evaluate the features and functionality before making a commitment, enabling an informed decision-making process.

In conclusion, users find CoStar easy to use and appreciate its top-notch data and services. While it is considered an industry standard and a necessity, some users express a desire for CoStar to listen more to industry feedback and make desired changes accordingly.

Reviews

(1-2 of 2)
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Zachary Tuohey | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User
There is literally not one good thing that I can say about CoStar. They charge my card $450/month because I signed a one-year contract. They provide very little data and properties and most of the time it is inaccurate. Their customer service is atrocious. They overpromise, underdeliver. STAY away from using Costar!
  • Nothing
  • Charging my card
  • Nothing
  • Everything
I do not recommend
  • they're useless
  • negative impact
There is literally not one good thing that I can say about CoStar. They charge my card $450/month because I signed a one-year contract. They provide very little data and properties and most of the time it is inaccurate. Their customer service is atrocious. They overpromise, underdeliver. STAY away from using Costar!
March 09, 2018

Experienced broker

Amanda Kraft | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
CoStar is used across our entire company as a research and multiple listing tool (MLS). It allows us to keep track of building information regardless of who the listing agents/owner/managers are. We can store marketing documents for public distribution and confidential back-end data for our own in-house analysis.
  • For my role within the company, I find CoStars database of historical information very helpful. Previous users, owners, financing lien holders, tax information and county data are things I look for on a daily basis.
  • In our market (Portland, OR), not enough users implement the tools that could make CoStar so much better. For example, I specialize in medical but brokers and owners don't take the time to mark medical as an approved use in their buildings so I have to search much longer and cross-reference the data by contacting the brokers directly.
  • I find it really annoying that when I download documents CoStar doesn't use smart technology to automatically name my files. It is especially irritating since every piece of marketing we post to CoStar has a relevant file name yet when we download the same file we have to rename it.
Gen-Y and younger will have no problem learning how to use CoStar but its not very intuitive for the older generations (they have to hunt and peck for what they are looking for and have no idea how to manipulate the reporting features).
  • Since CoStar has linked with LoopNet we have had fewer bad data calls. By which I mean old data from LoopNet that was available to the general public is now more regularly updated through CoStar so we have less confusion with our clients.
One of our landlords requested we try VTS but we didn't continue because it was such a small portfolio it too more time to update the database than we wanted to spend.
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