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Where Are All The LoopNet Killers? And Why Waste Your Time.

wastingtime

Where Are All The LoopNet Killers? And Why Waste Your Time.

I get pitched and pitched a bunch. I see everything. Any and all the #CRE/RETech that you could imagine.

But without fail, at least once a week I get pitched “The Next LoopNet Killer.”

I listen, I opine, I suggest, I try and help. It’s part of what I do.

Time and time again I hear…..

“We are better than because…”

“We have a better UX it’s more intuitive.”

“We have the brokers on our side.”

“We have a different pricing model.”

“There needs to be more competition.”

Fair points don’t you think?

Let me throw a little “____” your way.

They are bringing in an estimated $300 million + in revenue a year. Source- CREoutsider

Give them credit they are the only ones chasing the broker dollars and getting it.

That seems like a pretty big number and worth going after right?

Then why is there no serious money chasing it? VC, Institutional or otherwise?

Because it’s not worth it.

Not worth the time effort or money of some incredibly smart people.

What are they focusing on and paying attention too?

How about…

TEN-X

Cadre

VTS

HomeLink

Rentlyitics

Breather

PropStack

WeWork

Fangdd

Opendoor

Compass

How much money has been put into the companies above?

Are they chasing LoopNet?

Hell NO!

So why are you?

Wait a minute. It’s YOUR idea. You have figured out a better way.

The hell you have.

It was their idea to start with…a thousand tech years ago. (Props to you Dennis)

Side rant: I had a whole section on what you could should and may be able to do to compete with or try and take LoopNet down. I’m deleting it right now. Why keep the pathetic flagellation (look it up) going?

Leave LoopNet alone.

Let the market bury them.

Let them bury themselves.

Focus on more important products, tools, business models, and ideas.

Let the people who spend their money on a certain service keep spending.

It has to last forever. Everything does especially in this day and age.

Look again at the list of companies above.

Incredibly smart people couldn’t get their checkbooks out fast enough to fund those ideas.

And not one of them is remotely close to what LoopNet is or does.

That should give you hope and solace.

So why do I still have to ask…..

Where Are All The LoopNet Killers? And Why Waste Your Time.

 

+1 #CREWriter top tip. Put LoopNet in a title and get mega hits just because.

+1+1 Seven out of the top ten most funded RE/CRE startups are where? China!

 

 

 

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  • Bankman3000

    And this article is precisely why there is a lack of innovation and oppressive monopolies. There is always a better idea out there and I hope *YOUNG*, smart minds keep working on the problem. Don’t listen to the usually OLD naysayers who have been so beaten up by life for so long they can’t imagine a life any different. Loopnet is built on public information and grunt work. The only thing that keeps Loopnet alive is the fear, greed and stupidity of individual brokers who think hoarding knowledge will make them more successful. Once these dinosaurs become extinct life will become that much better. The best things in life are built on giving. Give, give, give! Set the captives free!

    • insidestraight

      I’m and OLD guy, but I happen to agree with you. I think Loopnet (and Argus) and other companies that make shit software that’s too expensive should not be blindly accepted as status quo. But your comment brings to mind this joke: There are hundreds of cows grazing in the valley below a father and son bull. The young bull says, “Hey Dad, let’s run down there and fuck some of those cows!” The old bull says, “No, let’s walk down and fuck them all.”

      It’s not that OLD people are beaten up by life. Experience means learning to pick and chose the right opportunities. Want to go off wild and half cocked you might get lucky. Or like Wayne Gretzky said, “Skate to where the puck’s going to be, not where it’s been”

  • Jonathan Arnold

    The loopnet killer would need to incorporate an aspect of each of the top CRE tech companies that have come out over the past 5 years. It is possible and I thought one of the companies that have come out would start doing this by now but it seems they have stopped the innovation process. Maybe too much of the data would have to be free.

  • Nicholas Ilagan

    Duke, genuine questions here. I am assuming that you are referring to ILS websites. If that is the case, I have to ask why the change of heart? Didn’t you invest in 42Floors?

    • dukelong

      Better teams better companies.