Loopnet, Good, Bad, Necessary??

Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes

Anyone had any experiences buying or selling a property with Loopnet? If you listed your property, would you do it again. In other words, did you think it was necessary? Anyone know how to get a discount on Loopnet to get your listing in front of all readers, not just the paid members of Loopnet? Thanks. :D

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Will BarnardPro Member

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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes

15y

I also like loopnet but only for commercial properties. It can be expensive to place ads, but a necessary evil to get maximum exposure for your commercial deals.

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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y
Don't want to get Hancock all excited again.

50% Factor (NOT RULE) LOL :)
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Vikram C.
Real Estate Investor · Phoenix, AZ · Member since 2009 · 1k+ posts · 1k+ votes
15y
I agree with Joel. I think you have priced it quite reasonably.
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Jeff TumbarelloPro Member
Real Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
15y
In Nov. 2010. I sold an outdoor storage facility in Bonits Springs off a video based craigslist ad. I find the telemarketing part of loopnet to be annoying. Here in SWFl, Costar in gaining ground on loopnet. The CCIM's have an internal mail list that probably provides the best exposure
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Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
15y
Originally posted by Jeff Tumbarello:
In Nov. 2010. I sold an outdoor storage facility in Bonits Springs off a video based craigslist ad. I find the telemarketing part of loopnet to be annoying. Here in SWFl, Costar in gaining ground on loopnet. The CCIM's have an internal mail list that probably provides the best exposure

Interesting. I've been called at least a dozen times in the past 6 months by CoStar, but not at all by Loopnet.

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Bryan Hancock
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
Originally posted by Joel Owens:
Don't want to get Hancock all excited again.
50% Factor (NOT RULE) LOL :)

I appreciate that Joel...All I am hoping to do is for people to think about it as a guideline. It is a great guideline, but the worshiping should stop :D
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OP
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
bryan, you've made your case all over these forums on the 50% rule..please don't hijack my thread to do it again!! haha, just playin bryan...

seriously, thank you everyone for your comments...i appreciate all the feedback...i do have pretty good records, but unforunately, they only go back to when i bought the building..i'm glad ya'll think i've priced well, as i agree...i'm not looking to get greedy...i'd love to sell this building to someone who will profit off of it for years to come, or sell in a few years and make some money as well--that's the basis of good business relationships!! thanks again guys..i think it's absolutely necessary for my agent to list on loopnet for ALL readers to see it...
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OP
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
went ahead and put it on loopnet...my agent paid to get it on, so anyone can see it..in the next day or 2, i was going to put some proforma and cap rate info on, but a strong offer came thru today
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Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
15y
Originally posted by BryanA:
went ahead and put it on loopnet...my agent paid to get it on, so anyone can see it..in the next day or 2, i was going to put some proforma and cap rate info on, but a strong offer came thru today

How did the prospective buyer find it?
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OP
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
mls thru a buyer's agent...happened so quick i'm thinking i priced it too low...live and learn
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y
Nah you priced it right.

"Pigs get fat-Hogs get slaughtered"

Move on to the next deal...........

Congrats IF it closes!
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OP
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
thanks joel, but i could go either way on this...it was one of the better performing ones...i wouldn't mind if it fell thru lol
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y
You can do what the banks do and wait a few days after it has been fully marketed.

You should get many offers some bottom feeders and some over the top with questionable financing and many in the middle.

Had this happen on a 50 unit I listed for a seller.2 real low cash offers then a really high one with questionable finance then 4 others that fell in the middle within 20k of each other.

That's when you get an average of what the market will pay with the bottom and top kicked out. Then when you have the average you work each one with terms to see who will give the most as price is pretty much set.

We had many offers and are closing cash next week.
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Kevin Perk
Rental Property Investor · Memphis, TN · Member since 2011 · 111 posts · 40 votes
15y
My 2 cents,

I look at Loopnet (non-pay) at least once a week, and have bought properties from listings I have seen on Loopnet. So as a buyer, it is a service I utilize.
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OP
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
kp, thanks for the input...i did decide it was necessary to keep buyers like yourself happy!

wow joel..you got 2 votes from jon on the same post..i've never seen that before...he must've really liked your post haha
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Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
15y
Originally posted by BryanA:

wow joel..you got 2 votes from jon on the same post..i've never seen that before...he must've really liked your post haha

The ACORN voting option comes with the pro BP account.
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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y
Bryan - Are you jealous??

Don't hate the player -hate the game! LOL :)
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Trevor Rutherford
Wholesaler · Dayton, OH · Member since 2013 · 172 posts · 16 votes
9y
@Joel Owens When listing a commercial property, (with a cash flowing business attached) ect. Is there a certain equation commercial brokers use in order to arrive at decent asking price.
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
9y
Trevor if you go to bizbuysell.com it is Loopnet's business only website to sell businesses. You can search by your area to see what businesses are asking. They go by multiples. So if a business profits 100,000 annually after expenses would be a multiple of 3 for 300,000 asking price. Buyers like to get for a multiple of 1 to 1.5 or 100,000 to 150,000.
Getting a business loan can be a pita so getting the seller to hold the note with some down a favorable terms can be a good thing. If they have a 10 year note then maybe 3 years in with 40,000 left on the note they settle for 25,000 to pay off the note today. You then get the business at an even cheaper price. It's all how motivated the seller is.
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Rob Sanchez
Member since 2019 · 1 post · 0 votes
7y
Why Loopnet is Obsolete

Loopnet does not allow anyone to see all the property listings. You have to register and pay a fee to see many listings and is therefore restricting possible buyers from seeing your property. If I am trying to sell a property I will go to Loopnet and pay a membership fee to list the property I am selling/leasing. If I am paying to list my property on Loopnet then anyone anywhere should be able to find and SEE my property. By requiring the buyer to join Loopnet and ALSO pay a membership fee Loopnet has just diminished my market size and effectively lost a possible sale for me. THIS IS NOT A GOOD SERVICE. Craiglists allows anyone to list commercial properties for FREE and they allow anyone to view your property for FREE. In addition, Loopnet will delete your listing if in 30 days if you have not gone into their web site and confirm that nothing has changed with the listing. Not even the MLS requires constant updates. Yes they will email you before they delete your Loopnet listing, but the email title will not include the word LOOPNET, the email title for me was "Your Listing Has Been Removed" no keyword like LOOPNET or the property address. I had no idea my listing was removed, yet they still charged me $105 that month. I found it in my spam because the title was so generic it could have been from a scammer. No phone call to say, "Hey we are about to delete your important listing because you have not updated the information in 30 days." Why does Loopnet care if my info is not up to date? They do not care they just want people visiting their web site. And get this... when you go back onto your Loopnet account to un-delete your commercial property listing you have to start all over again, they do not keep any of the pictures, the detailed description, or any of the very vey detailed info they require when you first listed the property ALL OF IT IS GONE! There goes 30 mins to an hour of your time trying to find the right pictures again and re-create all that info. Even on Craigslist.org they keep old and very old listings that are deleted from the public eyes, but you can see it and just update/edit and re-publish it within seconds. SOLUTION: Craigslist or Zillow need to develop a commercial real estate branch to compete with Loopnet. Loopnet is what taxi cabs were 5 years ago before Uber, obsolete!
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