CHICAGO- The Appraisal Institute and Alhambra, CA-based have signed an 11-year agreement whereby PropertyFirst will develop and host the Appraisal Institute Commercial Database, which the two firms say will be the first on-line offering of appraiser-verified sale, lease and operating expense data for commercial properties across the country.

“Bits and pieces of market data are available everywhere, but what’s missing is a comprehensive single source of high-quality, up-to-date, verified property data,” says Woodward Hanson, president of the Appraisal Institute, which is based here.

PropertyFirst’s president John Stanfill estimates that real estate professionals spend as much as 40% of their time gathering information. He believes that PropertyFirst’s new deal with the Appraisal Institute will transform the way business is done in the real estate industry by saving time and money.

PropertyFirst provides web-based platform and services solutions for the real estate industry. The company has strategic alliances with CB Richard Ellis and Cushman & Wakefield, among others.

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