co star ruined Loopnet. As an investor I used loopnet daily to look for deals. I used it as a comparative when considering apartments. Now Loopnet is a shell of what it was. Many investors like me are too small spending around 750k a year on investments to justify spending the crazy high subscriptions rates. I think the void that is now present opens opportunities for another reasonable vendor.
Loopnet has a lot of crap on it now. Lot's of junk properties with overpriced crap that brokers and sellers put on it as a last resort. They are hoping some newbie buyer who does not know how to properly evaluate properties will snatch them up.
Occasionally you will run into a quality property on there but very rare compared to 3 to 4 years ago. Most deals today are done with pocket listings or off market. I have quality buyers I work with so I get presented deals often. Any kind of flaky buyer they want oddball strategies and out of touch with markets forget it. Those types do not get the time of day.
I have a full time office person in my building where we have our own database of developers,direct owners, other brokerages, and property management companies to source off market properties from. We continue to build the database over many years.
Hey @Joel Owens Ive seen that mentioned that Loopnet is where overpriced properties go to die....etc
But as a commercial broker, if you're really trying to get top dollar for a commerical property, why not put it on loopnet, costar, MLS and all mediums to get the most views possible? Wouldn't that be the best?
I've bought commercial properties off of Loopnet
If you're an agent/broker selling a property wouldn't more exposure be better in general?
Some brokerages have internal lists of experienced buyers and also brokers with good and credible buyers.
You put it on Loopnet you get a lot of green buyers many not even knowing what they are looking at.
The good stuff goes out to internal buyers and then also goes to brokers like me who have high quality buyers.
I don't list low quality assets so Loopnet is not essential for selling.
what's areyour thoughts on costar @Joel Owens is it worth t as a landlord to just pay for month-6month ad. For mom and pop C building
Any mom and pop landlords listing their commercial leases directly on Costar or Loopnet?
Too much. They are charging me almost $300 per month but all I get are current listings, no closed sale data, no tenant data, no lease data. They are a total rip off. They provide zero value to my business and zero service. They will tell you whatever they think you want to hear to get you to sign, then they will browbeat you with the contract. There are better less expensive solutions.
Yeah it's a money pit. Other ways to get way better returns for the money and time invested.
What are the better, less expensive solutions to Costar?
I do have a Costar subscription, just wondering what else is out there?
how much does it cost
I just signed on for AZ market for $479 a month, 12 month contract! Need some investors! Yes, I am a Broker.
Well, all of these comments are excellent feedback. BP should be looking at these comments and start thinking in this market. Imagine brokers get a free membership or some sort of ROI if their posted property sale through BP.
Come on, these companies know they have us in a tight corner, as a community, we have to start thinking outside the box.
I spoke with CoStar today. Their new minimum monthly fee for investor/owners is $850/month. It goes no cheaper than $850/mo.
Call your CoStar local guy since they have some latitude on rates depending on how bad they want you, Price can go from $200 to close to $600 or more per month per broker (again, I am NOT a COSTAR employee, CALL THEM FOR RATES). What changes rates are:
1) How many sign-ons are you buying. It only works on ONE computer per sign-on since they need a cert. If you want everyone in the brokerage, it'll be less per broker
2) How big a territory - Local up to National comps?
3) Are you willing to pay for a upgrade on LoopNet, apartments.com, etc.?
4) What modules? I'd get just basic transaction reporting, but think they have analytics at an extra charge.
I will say that they are prob the best (not perfect) for reporting sales comps. You want rent comps, might be better to just call on your own case-by-case.
I think it costs you about $49.95/month