Lookout LoopNet, Commercial Real Estate Brokers Are Mad as Hell
Rod Santomassimo -World’s Top CRE Broker Coach
We help commercial real estate brokers and agents build the business and life they desire. In fact, our coaching clients out-earn their CRE peers by 7X.
As a commercial real estate coaching organization, we generally have a good pulse on the markets where our clients transact, as well as the obstacles that come along with creating personal, sustainable businesses. When a major distributor of data, LoopNet, made the decision to significantly increase their prices -- brokers reacted. Oh boy, did they ever.
The feedback posted online by brokers reminded me of the 1977 Academy Award nominated film, Network. Played by Peter Finch (who won the Academy Award for Best Actor), anchorman Howard Beale delivered one of the most iconic scenes in movie history. If you haven’t seen it, click here to watch the short clip.
Here is a sample of the posts provided just yesterday in our exclusive Facebook group CRE Mastery, a channel where dedicated commercial real estate professionals share, learn, and grow.
- Did anyone else get a 25%+ price increase from LoopNet today?
- 25% - My long running contract was up in January and the increase to keep the same number of premium listings went up 400%.
- About 37% for me.
- Mine increased 40%.
- Second big increase in 18 months.
- CoStar is just pushing all LoopNet people to join The Dark Side.
- They have stopped being a customer-centric company, focusing on Wall Street instead. I wish them luck with that strategy. Not.
- It’s dangerous to let someone be the only game in town.
- LoopNet is dead to me.
Is LoopNet listening to their customers, or merely care about their shareholders? Like Howard Beale, commercial real estate brokers are starting to say “I’m mad as hell, and I am not going to take it anymore!”
By the way, the Academy Award winning film in 1977 – Rocky. So you see, there is always hope.
Please leave us a comment and tell us how you feel about LoopNet's recent action.
To join other dedicated commercial real estate brokers and agents, you can visit our exclusive Facebook group, CRE Mastery, and request to join.
Commercial Real Estate Broker & Advisor
6 年I wondered what happened, I had one rate, then upon renewal it was outrageous!! I thought the #Monolopy was out for businesses and price gouging was too! Where are the regulator now?
Founding Managing Partner FL Retail Advisors
6 年It is expensive and there is a high frequency of times where the data is incorrect. It it not worth the $$ but it is something you must have.
CEO - founder of HOMEiZ.COM a Social Network company. Bridging the social gap between professionals and consumers. The Real Estate Social Network. (coming soon)
6 年We built the all in one real estate listing/search portal. Currently, we are in a beta version so you can list any amount of commercial listings for sale or lease for free. Your listings will look very professional! We would love to hear your feedback at: [email protected]. Try it you will love it. Thank you. https://homeiz.com/section/commercial-sale.
Industrial Real Estate Expert, Broker & Owner of Lamm Properties Inc., Tampa Bay Commercial Industrial Real Estate Leasing & Sales
6 年I would agree...Costar/LoopNet are out of control. Can anyone say, "Monopoly"?
Founder Le Chat Digital | Facebook & Instagram Advertiser
6 年Simply creating an atmosphere ripe for disruption. They should be careful because they're getting away with robbery because they're the only mousetrap in town, but eventually, someone will build a better mousetrap.