As a commercial real estate coaching organization, we generally have a good pulse on the markets where our clients transact, as well as the obstacles that come along with creating personal, sustainable businesses. When a major distributor of data, LoopNet, made the decision to significantly increase their prices — brokers, mad as hell, reacted. Oh boy, did they ever.
Mad as Hell | The LoopNet Backlash
In this article:
The Network Flashbacks
The feedback posted online by brokers reminded me of the 1977 Academy Award nominated movie, Network. In the story, news anchor, Howard Beale (played by Peter Finch who won the Academy Award for Best Actor), delivered one of the most iconic scenes in movie history. If you haven’t seen it, click here to watch the short clip.
People Are Mad as Hell All Right
Here is a sample of the posts provided just yesterday in our exclusive Facebook group CRE Mastery, a channel where dedicated commercial real estate professionals share, learn, and grow.
- Did anyone else get a 25%+ price increase from LoopNet today?
- 25% – My long running LoopNet login contract was up in January and the increase to keep the same number of premium listings went up 400%.
- About 37% for me.
- Mine increased 40%.
- Second big increase in 18 months.
- CoStar is just pushing all LoopNet people to join The Dark Side.
- They have stopped being a customer-centric company, focusing on Wall Street instead. I wish them luck with that strategy. Not.
- It’s dangerous to let someone be the only game in town.
- LoopNet is dead to me.
Knock, Knock, LoopNet Real Estate
Is LoopNet listening to the voice of their customers, or do they merely care about their shareholders? Like Howard Beale, commercial real estate brokers are starting to yell in protest, “I’m mad as hell, and I am not going to take it anymore!”
By the way, the Academy Award winning film in 1977 – Rocky. So you see, there is always hope.
To join other dedicated commercial real estate brokers and agents, you can visit our exclusive Facebook group, CRE Mastery, and request to join.
Get known, connect instantly, and win more business! In this webinar session, Bo Barron will show you how presence, a great value proposition, and a targeted prospecting campaign can grow your business without chaos! You can watch the webinar here.
Up Next: Think My LoopNet Blog Hit a Nerve? Oh Boy, Did It Ever!
Editor’s Note: This article was originally published on May 10, 2018 and has been updated for quality and relevancy.
I do the marketing for a small commercial real estate company in South Florida. We have 40 properties and one broker. There is no way we can afford to subscribe to Loopnet with the new prices. Not to mention, I do all their work with our updates! If anyone from Costar/Loopnet is reading this, I would recommend some kind of a rewards system for keeping the properties updated. Not only would this reduce the cost for the companies, it would also improve the accuracy and timeliness of the information! Just sayin’………………….
“I’m mad as hell, and I am not going to take it anymore!”-quite right!
Canadian CRE professionals can give me a call to discuss a more customer-centric ( & cost effective) alternative.