Last week I wrote about a disturbing trend of posts I was seeing on various portals regarding LoopNet’s recent price increases. My objective was not to lead a revolt — but simply to let the brokerage community know you are not alone. Others are also frustrated with the lack of competitive alternatives in the property data industry. At the same time, I thought just maybe my message would get to LoopNet (and by matter of affiliation, CoStar.) And, just maybe they would tune into what their customers are saying, before their customers tune them out.
My LoopNet Experience | The LoopNet Story
In this article:
- Reactions from LoopNet Competitors and More
- How People Reacted to My LoopNet Post
- LoopNet Alternatives You Can Look Into
Reactions from LoopNet Competitors and More
While I certainly expected some feedback, the amount of feedback received far exceeded my expectations. The comments shared on my post (and with me privately) came from: frustrated brokers, clients, peers, the general brokerage community, possible LoopNet competitors, and yes — even CoStar.
How People Reacted to My LoopNet Post
Once again, the brokerage reaction was strong – in both directions. Sample posts include:
- It’s a good business model. Don’t knock it!
- I use it because I have to. We get fewer leads from LoopNet every year.
- Nobody who relies on any Internet service to conduct business can control outcomes, which is truly what our clients deserve.
- Yes, seriously. LoopNet’s info in our region is so old and inaccurate it’s laughable. I can count on one finger the amount of times that I received an inquiry on listings that I posted…and that was before and after CoStar bought them.
- Our industrial division lists a ton of property, and our projected LoopNet costs for the industrial group have tripled with the new pricing. They now count a property that is for sale and lease as TWO listings, among other things.
LoopNet Alternatives You Can Look Into
Which brings us to the competitors (or at least wannabe competitors) that have offered readers an alternative. Note, I am not endorsing any of these, and know little about them — I am simply sharing the posts.
- NAR has a free software system real property resource, but commercial brokers don’t use it.
- Yes we are mad as hell and I don’t see how that business model is sustainable. We are switching to CREXI
- The investor deck for ApartmentBuildings.com will be completed this week. We will be raising capital starting next week
- Shameless plug: QuantumListing.com
- Realnexmarketplace.com. Free list and search. Incredible advanced marketing, dashboards, CRM and deal room integrations.
And finally, there was a response from CoStar — which I won’t share with you (at least not yet). We are talking this week, I am looking forward to it.
Should you be using LoopNet? Here’s a video on the topic by US Prime Lending:
There is no doubt that CoStar and LoopNet provide a service to the commercial real estate brokerage community. The value of their services are measured by what folks are willing to pay. As of now, they remain the king of the road — albeit, a road with seemingly only 1 lane.
To join other dedicated commercial real estate brokers and agents, you can visit our private Facebook group, CRE Mastery.
Please leave us a comment below and tell us how you feel.
Editor’s Note: This article was originally published on May 18, 2018 and has been updated for quality and relevancy