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LoopNet

Score7 out of 10

9 Reviews and Ratings

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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

Reviews

What users are saying about LoopNet.
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LoopNet saves time and effort in property research

Incentivized
Norm Coyne
Account Manager in Customer Service at Snow and Ice Management (11-50 employees employees)

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  • Some of the information is outdated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

Will Gibson
Principal in Sales at Portage Bay Advisors (1-10 employees employees)

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)

Incentivized
Jamie KimView profile
Executive Director in Corporate at The Phronesis Group (1-10 employees employees)

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

Incentivized
Scott PattersonView profile
Industrial Real Estate Broker and Investment Properties in Sales at Lee & Associates Commercial Real Estate Services (501-1000 employees employees)

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

Incentivized
Corey SandbergView profile
Associate Advisor in Professional Services at Pinnacle Real Estate Advisors (51-200 employees employees)

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