What are everyone’s thoughts on Loopnet? I have used it fairly extensively in the past but have found it to have mostly stale listings (i.e. picked over). It seems to me that the way to go to find good properties is by getting to know brokers who potentially might have pocket listings.
How has everyone found their deals? I’m getting ready to look for 4-5 tenant strip malls in the Charlotte, NC area and am planning on ignoring Loopnet for the most part.
Work smarter and not harder,. Do a search on MLS search with your criteria. It is not what you know, it is who you know! Like Anthony Robbins said it best, find some one that is doing it, and do the same habit to get the same result.
I use Loopnet to get comparative date, like demographics, in contract activities or what is selling, contact names of RE agents in a particular location. Those agents will usually have other listings not shown in Loopnet.
Question:: how does an investor look up properties on MLS in a particular area? Is it free like Loopnet? Reason I asked is because, the only way I have been able to use MLS is through a portal of some major realty groups website. But then it is limited to their area.
And MLSs are controlled by the local realtor associations. You may be able to access listings in your area through various websites, but these sites are not the MLS. You won’t find the bredth of information on the properties that you would find on the MLS. You have to be a realtor to access the MLS (at least in North Carolina). It’s somewhat of a monopoly.
I invest in residential property but also have my realtor designation, solely for the purpose of accessing the MLS. It gets a little tricky when you’re an investor and a realtor, as you have to disclose that to a potential seller.
This isn’t an original thought, but it bears merit: Call the brokers in the market you’re looking at and have a chat with them about what you want. This serves two purposes - 1. You define your criteria to the Broker. 2. You get a feel for what the Broker knows (or doesn’t) about their market.
As an example I spoke with six Brokers about a week ago in two different markets, and came away with a real good feeling of who knew their market and who was just in the business.
Develop a relationship with those Brokers you want to deal with, and give them a call from time to time. As for Loopnet, the quality of the properties differs from market to market. If nothing else, Loopnet is a great place from which to build your contact list. Start calling and see who knows their stuff; be prepared to ask questions.
Again, these aren’t original thoughts, but they have been helpful to me.
I used to think Loopnet was alittle washed over but I recently found a warehouse on there, and called the listing and I now have a contract with a guy and made a pretty good connection for a joint venture on another project…
I have has success with loopnet for selling and buying.
However, when looking for a deal to buy, I agree with the previous post-refine your list and stay on top of things. The good deals are inundated with responses, so be prepared to lock up the property immediately for DD (I dont like ding this, but on loopnet it seems the best way). If youre looking for a very specific area, local pros a much better resource IMHO.
As for selling, you cant beat loopnet for exposure. Its a solid addition to any marketing campaign when selling.