#1 most frequent
United States of America
92.5%603 installations of 652
What is LoopNet?
LoopNet is an online multiple listing service (MLS) supporting commercial real estate search, advertising, and lead generation for brokerages.
Categories & Use Cases
Who Buys & Uses LoopNet
#2 most frequent
Canada
2.3%15 installations of 652
#3 most frequent
United Kingdom of Great Britain and Northern Ireland
0.8%5 installations of 652
LoopNet saves time and effort in property research
Pros
- Accurate Owner information
- Contact info for owners and or management companies associated with the property
- Ownership history
Cons
- Some of the information is outdated
- Some contact info is lacking - missing a phone number
- Better emailing features
Return on Investment
- Time saved in researching owners has helped our sales and ops teams greatly.
- The ability to research properties from the computer in lieu of in-person is very helpful.
- One person can research as many properties as a team of people in the field in a much quicker time frame.
Other Software Used
Microsoft Office 365, QuickBooks Desktop Enterprise, Microsoft Teams
Do NOT advertise on LoopNet
Pros
- Market exposure
- Lead generation
Cons
- Quality control is poor
- The demeanor of those that work there is arrogant and indifferent
Return on Investment
- The impact has been negative (as in worse than not having an effect), due to their inability to list simple details (that are commonly available through well known sources).
- What's even worse is that I am one of the data sources from which they source the information they advertise. But they are unwilling to take input from me (the one who hired them in the first place).
The Pros and Cons of LOOPNET (really you are dealing w CoStar)
Pros
- Immediate alerts can be set up for new listings that meet your criteria
- You can map an area you are interested in searching
- The report writing has some decent functionality
- You can email prospects about your listing
Cons
- They are trying to force you to use costar, so now they added 3 extra steps for you to run a report. They say running avails surveys is like RESEARCHING DATA, which falls under Co-Star.
- They raised rates 40% recently, with no improvement. The actually reduced functionality and efficiency.
- They hide alot of listings that are on CoSTar.
- They used to do SEO stuff for your listing, so when you type in the property address on Google your listing would show up. Now they hide, suppress your listing. I can't find my listings using GOOGLE. You are paying for exposure to potential clients/tenants/buyers, but you don't actually get that exposure until you pay extra.
- Ever since COSTar took over loopnet it has been a continual downhill experience.
Return on Investment
- I can reach tenants, who email me loopnet inquiries on my listings.
LoopNet is the necessary evil taking over the world
Pros
- Ultimately LoopNet is a listing service for brokers and a research service for the public. It shows up first on almost every Google search related to commercial property leasing or sales. This is its largest value.
- LoopNet does a very good job of being known. Most members of the public seem to be familiar with LoopNet and many people looking for space or to buy a building will search LoopNet.
- LoopNet has the most accurate data of any commercial MLS. It cannot be completely trusted, but it is definitely better than its competitors.
Cons
- LoopNet needs to do a better job of sifting through to delete old and stale listings. These listings are inaccurate and clutter a report to lower its credibility.
- I am not a fan of the reporting. As a broker, I can make sense of the reports but the public is not always as savvy.
Return on Investment
- We pay the CoStar group (including LoopNet) a lot of money. I pay a per month listing fee to have my listings show up higher on their search list. This has seemed to pay off very well.
- LoopNet has allowed me to gain access to a market of companies that are not local or do not have a physical address. These companies would have previously been off of my radar, but with LoopNet, some of them have reached out looking for space and I have grown my business this way.
Alternatives Considered
CoStar Real Estate Manager
Other Software Used
Insightly, Airtable, CoStar Real Estate Manager, QuickBooks Self-Employed, Evernote
LoopNet is a Good Tool for the Arsenal
Pros
- LoopNet provides easily printable reports for my clients.
- LoopNet clearly markets my listings.
- LoopNet provides a fairly detailed representation of on the market properties.
Cons
- There are often glitches on the sight from the searching to report pulling process
- The alert function for saved searches is very rarely functional
- The database search is often glitchy if you put in a high price limit, and no low price limit
Return on Investment
- LoopNet has been fairly neutral since the merge with COSTAR