It seems to me these days that the availability and easy access to listing websites are leaving brokers between a rock and a hard place. The are a number of websites to post listings on including costar.com, loopnet.com, buildingsearch.com, commercialmart.com, cityfeet.com, commrex.com, propertyline.com, iciworld.net and even craigslist.org. Although these sites proliferate the marketing of one's listing it also makes your listing available to the consumer directly. How many times have you been contacted directly by a prospective tenant or investor? The protection of commissions may be on the brink since buyers and sellers, landlords and tenants etc now communicate directly while leaving the broker out. The exception that still exists seems to be CoStar. The only problem with CoStar is that it does not reach as many brokers as does LoopNet. Neither does any of the other sites previously mentioned.
Recently I got a referral for a client that needed an industrial space. Unfortunately for him, he sought professional help a 3 weeks prior to his lease expiration and he did not have the option of renewal. Nevertheless I felt very confident that I would be able to help him secure a new space for his business. After all, I was equipped with all the right tools and knowledge of the market. After a discussion with the client I had the information necessary to find him the most suitable space and immediately set up a search on LoopNet and Costar. I found that LoopNet yielded more results than did CoStar and of course the listings that were on CoStar came up on the LoopNet search results. I proceeded to contact the listing brokers and to my surprise almost every single person I spoke to knew who the client was!!! I contacted the client back to find out that he had been searching for a space on his own for a month prior to being referred to me. He had activated a LoopNet account and was doing all the work on his own.
Well I'm not sure which direction we are headed as the internet becomes more integral in our profession and how it will affect brokers everywhere. I'm interested to know what your thoughts are.
Ral Ndubaku
Commercial Brokers International
Disclaimer: I am not a representative of any of the listing sites mentioned above. I simply used them as reference as part of my commentary.
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