Dave Smith of RE/MAX Commercial Midwest in Omaha, NE took on a co-listing agreement for a $2.5 million retail property located in Pueblo, CO and had multiple offers in the first few weeks of posting it on LoopNet. “LoopNet is the first place I think of once the listing agreement is signed,” explains Smith. “The property was posted on LoopNet within 30 minutes of securing the listing agreement.”
The building, currently occupied by Albertsons, was part of a trust located in Dallas, TX. It drew serious interest from a buyer in New York, NY. Letter of intent in hand, Mr. Smith was working on finalizing the deal when he got a call from a broker in Los Angeles, CA representing a buyer in Tel Aviv, Israel: “They made a cash offer and beat everyone to the punch.”
The fact that the final offer was made within 3 weeks of posting on LoopNet was not a surprise to Smith. “I was working with approximately 12 serious potential buyers all sourced from LoopNet,” says Smith. “LoopNet is the way you get business done in the Midwest. I get calls several times a week from potential buyers that have looked at a property I added to LoopNet.”
Smith credits LoopNet’s Premium Membership product with providing the advantage listings need to command attention from serious buyers. “When I see a premium listing, I know someone thinks this property is worth something,” says Smith. Having worked with owners who make premium exposure on LoopNet part of the contract, a premium listing signifies confidence and value to Smith.
Widespread exposure to serious buyers is often the first obstacle to completing a transaction in today’s marketplace. “If it wasn’t for LoopNet, this deal wouldn’t have happened,” states Smith.
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