Who has Loopnet Platinum?

Question

Who is currently using Loopnet Platinum?  Does the data from the pre-foreclosures come with all the information to handle a direct mail campaign?  I'm just trying to figure out if the Platinum membership would replace purchasing data from Listsource for my multi-family direct mail campaigns.  Any other thoughts on the benefits of the Platinum vs. the Premium would be appreciated as well.  The sales data is obviously worthwhile however I can get that from my broker.  Thanks for the help!

Chris Winterhalter · Answer

@Brian W.

So I used Loopnet Platinum for around 6 months before returning to the Premium account.  Here is my review of the additional features for the Platinum user.

• Sales Comps - The sales comp feature is rather worthless...it's no match to pulling straight from CoStar.  I really don't need this as I can get the broker to do it for me based on my comp parameters.
• Owner & Mortgage History - I can still get this information from time to time on my Loopnet Premium account...the information isn't always accurate especially the mortgage information.  The mortgage information is never going to be very accurate with commercial (except for the initial loan or refi's) because commercial loans are not reported.  Once again I found that I can pull the owner history from the County website and then verify through my broker's CoStar account or my title company.
• Historical Sale & Lease Listing - This can be somewhat accurate and was an okay feature however due to the system glitch it still comes up from time to time on the Premium account.  Overall this information is much more reliable from CoStar which I get from my broker.
• Tenant History - Doesn't really apply on my end.
• Market Trends & Analysis - I didn't really explore this feature much however from what I could tell it didn't really have any real value.
• Unlimited REOs & Pre-foreclosures - The "new" unlisted pre-foreclosure & REO listings that they advertise are a joke.  It's only added to this list if someone posts the deal and clicks the checkbox for these two items.  I never saw a deal or really anything for that matter listed under this feature.  The loopnet customer service people also had really no clue on the additional feature.

It definitely seems like CoStar is just maintaining Loopnet at this point vs. working on growing that side of the business.  Overall Loopnet Platinum is NOT worth the money.  Save your $50-60/month taking a broker out to lunch. It will be much more beneficial.  Loopnet Premium still has value however more so in maintaining relationships with active brokers, keeping your finger on the pulse of the market, and by catching that rare foreclosure property (that gets 50 offers).

Joel Owens · Answer

Co-star and LoopNet serve 2 very different functions. LoopNet is not going away.

Too many free members using LoopNet both brokers and private sellers. Costar is mainly for brokers and agents only. Costar isn't going to be able to sell super expensive packages to the public and smaller brokerages and agents because they can't afford it. Costar can try and push it all it wants but it will not succeed.

I am a Loopnet premium member. LoopNet charges by the amount of listings a broker/agent has on there so many will just get the 4 listing package or 10 and then cycle listings in and out from their website onto LoopNet.

Brian W. · Answer

Thanks Chris. I am considering trying the premium. I do not see any options for the Platinum.

Brian W. · Answer

Chris, any updates?

Chris Winterhalter · Answer

Okay here is the update...

I called Loopnet to ask them about the "New" unlisted REO's and Pre-foreclosure listing feature for the Platinum users.  Loopnet used to have territory sales members who were somewhat knowledgeable about the site.  They also were able to offer discounts and incentives.  The sales rep I talked to over the phone didn't seem very interested in selling me Loopnet.  He seemed more interested in talking about how CoStar would fit my needs better (which maybe that's the case).  With that being said the "New" unlisted REO's and Pre-foreclosure listings have to be inputted by a seller/broker/receiver etc and does not replace buying the actual data to handle a mailing.  Essentially they just added a check box for the sellers that states this is a distressed sale. That data would then be accessible to the Platinum members and potentially all members depending on what the seller paid for.  The comps data and mortgage history is a nice feature but I usually get this from my broker.  I signed up for a quarter at Platinum.  If I decide the features are not worth it I'll downgrade to Premium.  I'll try to update the post in a few months if anything changes.

Jon Klaus · Answer

I use Premium.  Can't you subscribe to Platinum for a short time to evaluate?  I think they have 24 hour options for some levels.  Let us know what you think of  it if you proceed.

Jack Rosenfeld · Answer

How much longer will Loopnet be around?  Co-Star has been trying to phase them out completely.  Co-Star is very aggressive with their sales and marketing team trying to upsell their site and put down Loopnet, even though they own it.  The cost of Co-Star is out of my price range for now, but I will consider it once I get one or two more buildings in my portfolio.  (Sorry for not answering your question).

Who has Loopnet Platinum?

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