COSTAR: behind the curtain
Over the past decade Costar’s has integrated itself throughout the entire CRE/Development Industry. Buying up companies - Establishing itself as mainstays and industry experts, and leading the charge in data & integration.
Being an industry outsider, red flags were immediately drawn when I learned about Costar, and my teams gripes with it.
In 2011 two of the biggest competing platforms for data and leasing comps merged, CoStar & Loopnet. Both are still around today - and I wanted to discover for myself how each platform worked and how each works for us. There’s a lot of different options for hosting listings and keeping our marketing consistent. We wanted to find out where the strengths lied for each platform.
CoStar’s strength is with commercial customers. CoStar relies on the work of 900 researchers to compile data on high-value properties in urban areas, giving access to information and listings that help make deals make sense. With the ability to see comp reports, and access to OM’s, agent information and more, Costar data comes at a pretty premium price point. It makes sense that dedicated teams are working around the clock with one goal in mind; establishing a gold standard on the information shared between all parties, and increasing efficiency for tenant rep - and big sale brokers. CoStar arguably has the most comprehensive database of properties, listings, and comps. How good that data is depends on your market. Since their merge with Loopnet - input from agents means a better CoStar product.
If CoStar premium is too expensive - Loopnet by itself is a great option. More geared toward the everyman, LoopNet allows users to post their own property information and has listings that span small towns and farms throughout the country.
For hosting listings we use a few different platforms. They are great marketing tools and drive impressions, but the question is one better then the others? That lead me to ask what the definition of better is - in this case it’s a specific type of lead. Which platform is better for getting impressions from owners. Loopnet allows anyone to search for properties and listings. We also experiment with Crexi, though there are many options found in research like the Commercial Information Exchange (CIE), REALTOR® Association of Greater Miami & the Beaches, Emerald Coast Association of REALTORS®, Florida Gulfcoast Commercial Association of REALTORS®