LoopNet is the necessary evil taking over the world
August 10, 2018

LoopNet is the necessary evil taking over the world

Scott Patterson | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User

Overall Satisfaction with LoopNet

We currently use LoopNet as a form of publishing our properties on the internet. LoopNet is the internet marketing link between our listings and the public. Since LoopNet has recently been combined in some sort of fashion with COSTAR, it works very well hand in hand. Every broker (~45) in our offices publishes listings on LoopNet. Some do it personally while most have our administrative staff handle the input of data and publishing.

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.
  • 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.
They are brother and sister. We used to have to input listings into both COSTAR and LoopNet and now they go hand in hand. If you use COSTAR, your listings automatically pop up on LoopNet. If an owner puts properties up themselves on LoopNet, they automatically show up on COSTAR. This is a great feature and listing marketing is better since this integration.
I would reluctantly recommend LoopNet to a colleague. It is sort of the current gold standard for a commercial real estate public-facing MLS. Because of this we either use it or miss out on access to the user base. It's kind of a funny question... if I asked you "On a scale of 1-10, how likely are you to recommend Facebook if asked by a colleague?" you would probably say... "Well I don't necessarily recommend it... but you kind of just have to have it."

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