Has anyone ever heard of or used Loopnet and CoStar for commercial real estate advertising? If so, what are you thoughts on it usefulness?
Has anyone ever heard of or used Loopnet and CoStar for commercial real estate advertising? If so, what are you thoughts on it usefulness?
It depends on the type of property you're working on. Loopnet is pretty inexpensive and active. CoStar is not the cheapest service in the world - but they have a lot more tools to choose from. CoStars advertising is a fairly new feature (within the last year) and I don't think it has the kind of activity that Loopnet has - especially from buyers.
I have had very good deals with Loopnet and I would suggest to use their services but this may be a basis opinion. So if you were trying to get feed back about one that has dealt with their services than yes I woul have to give them two thumbs up.
It depends on the type of property you are marketing. We have used both Loopnet and Costar. Loopnet has been around much longer than costar and has more activity. Costar offers great support and I believe its better for larger properties. Even though Costar is not cheap, most of the buyers are very professional and you can do some very beneficial networking.
According to my Commercial Broker Loopnet significantly increased their fees and a lot of people in the industry are pulling out. So it remains to be seen if Loopnet will still be a good resource in the future.
I just closed last week on a new lease that I never would have gotten without CoStar. I own an office building in Battle Creek, MI, the new tenant was coming from Detroit and working with a Chicago broker. When I asked the broker how she found me, she replied " CoStar of course!" .