Loopnet: More Than Just A List Of Commercial Properties For Sale and Lease
Loopnet has arguably become the pseudo commercial real estate MLS. The site allows sellers and lessors of commercial real estate to list their properties, located anywhere in the world, for free. Interested buyers and lessees can then search through those listings for free. Well, not exactly for free.
Without paying for the premium monthly membership (at a current rate of $29.95 per month) you can still search most of the listings that are posted. There are however, a certain percentage of listings that are "premium listings" that of course can only be accessed by premium members. For instance, you might do a search for office buildings for sale in Miami, Florida with a size between 100,000 sq. ft. and 200,000 sq. ft. There may turn out to be 40 such listings, but without a premium membership you will only have access to say 35 of them. This is how they entice you to sign up for their premium service. Is one of those premium listings the property you are looking for? You'll never know until you join!
Searching On Loopnet.com
The search function on the site is an excellent one. You can narrow your search by type of property, country/state/province/county/city, price range, building size, lot size, units and date.
Another search function that I find very helpful is the ability to type in keywords. When you search using keywords, only listings containing those keywords in the description will be returned. For example, if you are only interested in buying vacant property, hoping to be able to get a better price, and then add value to the property by fixing it up and leasing it out, you can type "vacant" into the keyword box. Or perhaps you are only interested in properties where the owner will take back financing. Again, type in "owner will carry" or other variations of that phrase to find properties where the owner is willing to take back financing.
Researching Recent Sales And Comps
Finding recent sales comps for commercial real estate has always been a difficult thing to do. In the past you would have to approach an appraiser and/or commercial real estate agent (a good one) to try and piece together some reliable comps. Now, using Loopnet, you can search for and order recent sales comps right on line.
Searching For Investors And Partners
One of the services on their site is called the "Big Board" where you can post projects for which you are searching for capital and/or investors. It will run you $149.00 for 30 days. In fact, you can post just about anything you would like under headings such as "Looking for Property", "Looking for Capital/Investors, "Services Offered", "Job Opportunities" and "Other/Miscellaneous".
Find out more about their services
Return from Loopnet to Apartment Buildings For Sale
Return from Loopnet to Apartment Building Real Estate Investment For The Rest Of Us home page