Benchmark

In real estate, a benchmark refers to a standard or reference point used for comparison, evaluation, or measurement. It can be a physical feature, such as a known elevation point or a specific property characteristic, against which other properties or measurements are assessed. Benchmarks are essential for determining property values, assessing market trends, and making informed decisions in real estate transactions. They provide a basis for evaluating the performance, quality, or value of properties relative to established standards or norms within the industry.