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Loopnet Raises It’s Prices and All You Can Do Is Bitch.

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Yes, Just Bitch.

Everyone and I mean everyone saw this coming.

I called this 3 days after the ” world rocking” merger.

I quote myself. ” All brokers are going to give their data away for free to one company, and they are going to sell it back to us at what price? My guess is just about any price that they want.” 1:00-1:10 on the video.

So why complain?

Get your checkbooks out and pay up!

You have no other choice.

There is only one platform to market commercial real estate in the entire world.

Better yet there is only one way to market property online. SO PAY UP and…..

Yes, Just Bitch.

Wait let’s really show them we mean business.

Let’s start a petition. Yes, a petition I said.

Click here.!

WOW, while I applaud anyone with a point of view and a voice to rally.

What in the FUCK is a petition going to do?

I said  “What in the FUCK!

Are you going to send it to your senator and get a law passed?

Law 1034-53a. No vendor shall charge me whatever the hell they want.

Apple does. Microsoft does. GM does. Titleist does. (ProVs cost $$$)

Come on there has to be some kind of law right?

Antitrust commercial real estate save my sorry ass law.

I mean it’s a law…right?

But But But But.

If I don’t put my property on the only site in the entire world that markets commercial real estate property the owner won’t see it….online…on the interwebs and they won’t think I am doing my job. You know marketing property on the online interwebs….so they can see it…being marketed….online….on the interwebs.

A simple scenario.

I own a phone a Samsung Galaxy S out the ass phone. I’ve had it for 2-3 years and I use probably 10% of what it can really do. I noticed that Apple just launched it’s new  iPhone 6. People slept outside in line for days for the chance to get one. A friend of mine paid his son to be one of those idiots and got the amazing magical iPhone 6 the day it came out. I saw him a couple of days later and he showed it to me like a proud papa. I took a look at it and then held my phone up next to it. It was basically the same size. I asked him what special features it had that made him pay his son to sleep in line to get it. He mentioned that it made actual phone calls, let him check football scores and the Golf Channel. I said that mine did the same thing. He said that his was white and that made it cool. I said that mine was black and didn’t care what color it was.

I will probably never own an IPhone 6.

When I wake up in the morning do I care what Apple does?

Do I care what they think?

Do I notice that the world is still rotating even though I do not own a iPhone 6?

Will they get any of my money for any product they make ever?

Hell YES! The MacBook is a gift from GOD!

Does Apple care if I am their customer?

Probably. Maybe?

What if Apple stopped existing tomorrow?

What choices would I have?

Let me see:

1. Forget they even existed.

2. Use another product.

3. Find a company that wants my business.

4. Get value for money.

5. Have balls and….have balls!

6. Embrace the alternative.

7. Get my head out of my ass.

8. It’s 2014/2015/2020

9. Give myself credit embracing what next.

10. Look at the picture above and realise that it’s a metaphor for a business relationship that only works for one side and that’s not how I do business.

What makes Loopnet different?

Is their service and product so valuable that your business will collapse without it?

Is their relationship with you as a customer so bonded and loyal that you can’t imagine any alternative?

Do you think that your value proposition hinges on a platform that only you ( not your customers or clients) place a value on?

Only you can answer those questions.

In the meantime……..

Loopnet Raises It’s Prices and All You Can Do Is Bitch.

 

Comments thoughts opinions and points of view are always appreciated.

 

photo credit: <a href=”https://www.flickr.com/photos/purplemattfish/3471705459/”>purplemattfish</a> via <a href=”http://photopin.com”>photopin</a> <a href=”http://creativecommons.org/licenses/by-nc-nd/2.0/”>cc</a>

 

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  • Debbie Colangelo

    Thanks for posting, Duke! While LoopNet’s subscribers may only be able to bitch about the price increase, at least it’s caught the attention of some close to the issue. Since I posted the story about the petition (http://www.cre-sources.com/loopnet-or-loopnot-brokers-crying-foul-over-loopnet-pricing-increases/, I’ve gained 4 new blog subscribers from CoStar! Perhaps so they could laugh all the way to the bank, but… they took note. And I thank the brave few who had the balls to speak out and put their names down in support of what they believe in. Perhaps if more folks grew a pair and did the same, it would have an impact. Incidentally, for those on the west coast of Florida, Xceligent will be discussing its roll out in the state at an upcoming event hosted by CCIM’s West Coast District on October 14: http://flccim.com/ccim-west-coast-district-monthly-networking-social-october-2014/. Maybe there is an “Apple” alternative not too far away…

    • spotCRE

      Debbie – There is an “Apple” alternative. Started from scratch just this month.

    • Guest

      There are 10 alternatives that are technically superior as well as better designed than anything #loopstar puts out.

    • Lowell Peabody

      Perhaps the 4 new Costar subscribers are from the legal department.. 🙂

      • Duke Long

        Lowell,
        Slaying me :):)

    • Rich. Edwards

      Hi Debbie, when do you think Xceligent will be coming to Miami.
      Btw: I love your site, http://www.cre-sources.com

      • Debbie Colangelo

        Thanks, Rich! I don’t know for sure, but they actually unveiled their roll-out in the Greater Tampa/Sarasota area tonight at a CCIM West Coast District event, so I have to believe it’s not too far off.

  • spotCRE

    Amen Duke! We will comment later.

  • Lowell Peabody

    It is brokerage/our information that drives the Loopnet site, but it is the site where prospects can find information (in theory at least) Brokers pay for advertising, site signs, brochures, fliers, mailings, (still?) all to be in front of prospects/suspects and get leads. How is Loopnet different? Loopnet is advertising and a place for property visibility in the market. How much is that worth? They are not in business to be altruistic to the CRE community. Loopnet was founded to make money like any number of us in starting and running a business. Is Loopnet being enabled by brokers or is it enabling brokers to effectively market properties? I don’t like the price increase either, but until there is a viable alternative/competition, Loopnet is a cost of doing business and our protests are just “whistling in the wind”. Competition, in my opinion, must address visibilty. It should be easy for prospects, leads to find a site, and/or simply find properties (finding the site is absolutely not enough). In the meantime Loopnet subscribers who really are upset can vote with their feet which is a lot more of a statement than a petition. IMHO

    • Duke Long

      Lowell,
      I will see you in Boston. We will talk! 🙂

    • CREOutsider

      If LoopNet is enabling brokers to effectively market, they’re doing a crummy job of it. You’re just marketing to other agents – not actual users who have to pay…though they’re getting agents to “fix” that little problem by pushing the Premium Listing subscription.

      • Lowell Peabody

        I couldn’t agree more that they are doing a poor job at the marketing part. As I said, in theory prospects/leads can find property information there, in reality, as you point out, few outside of brokers even know what Loopnet is or does. Personally I think their model is now old and tired. Look at what’s happening in CRM and social media and then consider this applied to property information. Might be a “be careful what you wish for” moment though. Clearly lots to be seen and done… Unfortunately in the meantime we are left with marketing on a “hope and a prayer” through LoopNet.

  • Chase Pursley

    Duke, you called it. CRE people (I would say “Pros” but “Pros” are actually competent). Being grumpy, inflexible and simply unwilling to change with the times (aka, lazy) costs actual real money. There are 10+ alternatives that are technically superior, better designed and lower priced than anything #loopstar puts out.

  • Brian Story

    There are other websites out there, like commercial connected for example. If you don’t like loopnet (Which none of us do tbh) then help support alternatives.

  • Commercial Connected

    http://www.CommercialConnected.com was built by brokers and technology pros to give CRE professionals a better platform to market their listings & connect with users on the other side of the transaction. Our prices can’t be beat (totally free) & we have no tiered memberships. Don’t see what you’re looking for today? Our matching feature helps you find off market opportunities and get connected with new opportunities instantly as they hit the market. We continue to grow, for now learn more on our Youtube channel https://www.youtube.com/watch?v=JuSFnbi5xy8

    • Linda

      Nice!

  • aaronbates78

    Same thing has been happening in Australia for a while. Net result – the customers (agents) pushed back and new alternative sites are being developed at cheaper overall cost and with better features. Sounds like loopnet better use that additional revenue to improve their customer offering and therefore their relevance, and not just to increase investor distributions.

  • Dave Lewand

    Our biggest concern at creGROW (recent CRE websites: http://www.cregrow.com/category/clients/) is providing our clients with the best possible CRE property display – via custom WordPress content management system OR third party property listings feed.

    The “800-lb gorillas” (I’ll count both LoopStar and Xceligent in that category) still show seemingly no interest in allowing CRE companies to showcase their own properties on their own websites in a mobile-friendly way. CRE leaders such as C&W and Colliers re-launch dynamic, mobile-friendly corporate websites only to have them fall apart on mobile once a site user reaches the LoopLink-powered property section!

    On the positive side, there are plenty of cities, regions and CRE broker associations that have managed to create their own Commercial Information Exchanges (CIEs) full of solid, regularly updated property info that feeds successfully into CRE company websites in a mobile-friendly way. As example, Michigan, CPIX, and the local firms that utilze a Catylist-driven, mobile-friendly feed into their websites!

    More positive: a Chicago-based shout out to CommercialConnected – one of a few teams outside of Catylist with the interest and mobile-friendly knowledge to integrate CRE properties into corporate websites in a mobile-friendly way.

    We look forward to working with these teams on additional, mobile-friendly CRE websites – and we challenge the 800-lb gorillas to up their game!

    • Tod

      LoopNet does have a responsive version of LoopLink. They also have some new interesting search templates like map view search. Ask for version 10.0.

      • Dave Lewand

        Mobile-Friendly LoopLink? Doesn’t sound familiar but I’d love to see an example. Tod – can you forward a link from a CRE website that has integrated this new(?), mobile-friendly version? Thanks.

  • How MUCH did they raise their prices? Tell me more, please.

  • Cav

    We can all bitch or use Commercial Connected!

  • The challenge for Loopnet competitors is gaining traffic. Loopnet spends $3,500 per day on pay per click. They average 500,000+ visitors per day, Exceligent is approx. 500 visitors per day ( SEMRush data). Unfortunately Loopnet wants to charge both sides, so most buyers/tenants chose the free option and don’t see your listings. Do you remember when residential agents had a monopoly on data called the MLS? Those days are over, but commercial brokers could create a membership owned site available to licensed brokers, control the data and invest in building traffic. The listings of course should be free to view to maximize exposure of your listings/ad budget. What do you think is it too late to control your data? Can you get better traffic with Google ad words on a local level vs Loopnet?

    • Duke Long

      Mark,
      Broker sharing for the better of alli n commercial real estate. What a concept!

  • spotCRE

    While a petition sounds nice in theory, it’s not going to make a company lower their prices.
    It’s about time people stood up to LoopNet and stopped paying their ridiculous fees, and started using viable alternatives that offer the same or better services at a fraction of the price.
    Like commercialconnected we’re a start-up in the commercial listings field. I don’t want to write an ad here so I write just to inform you there much more alternatives as you suppose.

  • Vicky Salizar

    Our company has been targeted by CoStar in the past. We’re not a big company, but with 40+ brokers, the fee increases add up very quickly, particularly when CoStar has changed its pricing model and decided to raise prices across the board on its LoopNet offering.

    Anybody who is getting harassed by CoStar is encouraged to read the FTC order (specifically parts of section III) governing the acquisition of LoopNet. It can be accessed here: http://www.ftc.gov/sites/default/files/documents/cases/2012/04/120426costardo.pdf. In addition, there is a court appointed monitor to ensure that CoStar is complying with the FTC’s order and his name is Guy Dorey. You can email him here: guy@dorey.com. Oddly enough his company was acquired by CoStar which raises questions about his impartiality as the monitor, but nonetheless, he is worth filing complaints with.

    It’s important that both the monitor AND the FTC are made aware of any violations. I personally think a petition is useless; what they need is a class action suit filed against them.

  • Hayim

    Interesting conversation. Thank you for initiating it. There are other listing sites available. For example, http://www.propertyline.com has existed for many years. It is based in Las Vegas, so in this market, LoopNet is actually the add on service. What is perhaps most exciting is that Property Line has been acquired and is being expanded with a CRM, financial analysis and transaction management service(s). Read up on RealNex. Here is a video, which is actually already dated. They acquired another software that is included in their bundled pricing https://www.youtube.com/watch?v=cYr-OK7Ijyc&feature=youtu.be
    I refuse to bitch. My preference is to support a viable competing service and the let market answer LoopNet.

  • tbromfield

    I am curious! What is that picture of at the top? A retake of yester-year Dustin Hoffman movie …getting his teeth extracted by dentist/torturing dude? Does not look fun! That is for sure!

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