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 reacted. Oh boy, did they ever.
The feedback posted online by brokers reminded me of the 1977 Academy Award nominated film, Network. Played by Peter Finch (who won the Academy Award for Best Actor), anchorman Howard Beale delivered one of the most iconic scenes in movie history. If you haven’t seen it, click here to watch the short clip.
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 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.
Is LoopNet listening to their customers, or merely care about their shareholders? Like Howard Beale, commercial real estate brokers are starting to say “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.
Please leave us a comment and tell us how you feel about LoopNet’s recent action.
To join other dedicated commercial real estate brokers and agents, you can visit our exclusive Facebook group, CRE Mastery, and request to join.