What Is a CIE Database In Real Estate?
What Is a CIE In Real Estate?
A CIE is a database of commercial property listings designed to facilitate the sharing of information among agents and brokers. As a result, agents and brokers can better match available properties to prospective buyers. Operated by the local real estate association, the CIE or Commercial Information Exchange serves as an MLS for commercial property.
How Does It Work?
A CIE works a lot like an MLS. Hence, it provides a platform and technology for agents and brokers to post the commercial property listings controlled by their firm to a database of listings in the region.
Agents and brokers use it to generate commercial market statistics for the region, search for available properties on behalf of clients. And moreover, monitor recent commercial property transactions.
How Can I Access My Local Commercial Information Exchange?
Access to a CIE is typically limited to licensed members of the controlling real estate association. However, members of the public can search it’s listings online using commercial listing portals.
What Is the Difference Between a CIE and an MLS?
The difference between a CIE and an MLS concerns compensation. Under an MLS, the listing agent must include an offer of compensation. That way, the selling agent knows what is to be paid when the property successfully closes. Moreover, Commercial Information Exchange rules state that compensation should be negotiated individually outside the CIE.
Now you know what a Commercial Information Exchange is. For more real estate definitions, check out Real Estate Listing Data Explained: What are MLS, IDX, RETS, RESO, VOW, and DDF?