July 22, 2011
LoopNet was well on its way to supplanting CoStar in relevancy before the offer to acquire LoopNet was made by CoStar. By becoming the “go to” place on the internet to post and sell/lease real estate, LoopNet had become too large to ignore and thus solved one of the largest hurdles for any company trying to compete in this space – getting brokers to consistently input their listings and data, and keep it updated.
In its march into CoStar’s territory, LoopNet has continued to add features, including a Polygon Search, as well as reporting templates which mirror many of those on CoStar. The Polygon search feature allows users to define their own search area, one of the tools that until recently set CoStar apart from LoopNet.
CoStar has always had extensive reporting templates, both for search as well as demographics and analytics, but LoopNet has quietly been adding to its reporting capabilities as well, including a fairly extensive amount of templates (screenshot below). One of the most useful features is the ability to create custom surveys, grab a custom link which you can then share with your clients streamlining the process of creating and sharing surveys.
Many customers are apprehensive about the result of the CoStar/LoopNet merger, but the hope here is that the team at LoopNet will continue to add useful features to its lineup.
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