ListingLab by CoStar Private Sale Network is a service that enables commercial real estate companies to build custom websites.
The primary goal is to assist firms in creating and managing their own sites, offering accessible tools and an uncomplicated user interface for a set monthly fee.
ListingLab’s tongue-in-cheek tagline is “Smart enough for marketing coordinators, so easy even a broker can use it.” Additionally, CoStar Private Sale Network and its parent company, CoStar Group, offer a wide range of other digital services in the commercial real estate market.
ListingLab was originally created by Reaction Web, a digital design company based in Littleton, Colorado, which was founded in 1997 by Mike Mockus and Paul Dynan to help commercial real estate firms embrace the digital age with online transaction management tools. ListingLab was launched in 2008 as a self-service website builder to complement Reaction Web’s portfolio of tech solutions.
In 2010, Reaction Web was acquired by LoopNet, which was primarily a property portal for commercial real estate listings at the time, and ListingLab became a division of the combined company. When CoStar Group acquired LoopNet in 2012, Reaction Web was rebranded as CoStar Private Sale Network, and retained its suite of services, including ListingLab.
ListingLab is designed primarily for commercial real estate brokers and brokerages, but also can be used by commercial real estate firms involved in investment, management, and development.
Commercial real estate brokers and brokerages who are using or have used ListingLab include CBRE, Cushman & Wakefield, Marcus & Millichap, Avison Young, JLL, Hanley Investment Group, Studley Industrial, Madison Partners, Safeway Realty Holdings. Other commercial real estate clients include Capital Real Estate, FORT Properties, and Centers Dynamic.
Other CoStar Private Sale Network services include custom website design, blast email marketing, property marketing and transaction management, and commercial real estate hosting and domains.
For a flat monthly fee, ListingLab offers a self-service custom website builder that includes bespoke addresses for listings, secure portals for paperwork, and reporting. To build a site, users can choose a template from over 20 different options and customize it with their copy, images, and photo tours. Documents such as marketing flyers, offering memoranda, contact details, vCards, and more can be uploaded for easy access.
The secure portal offers a private area to create, manage, and process confidentiality agreements, due-diligence paperwork, and deal documentation. ListingLab offers different options for signature and receipt, including online e-sign versions as well as hard copies that can be printed, signed, and faxed. Access to the portal and document approval can be configured to use different processes, with automation available.
ListingLab provides reports on the visit history of contacts and registrants, including what they have downloaded and signed. Registration prompts can be set up on the homepage for access to the entire site or just on certain sections for specific access.
Initial ListingLab signup for testing is free and available at any time, with payment due only when a user chooses to go live with the site. ListingLab says website creation can take as little as 15 minutes.
The upfront costs for using the ListingLab platform are $25 per property per month. This includes a website with unique listing addresses and secure tools for investor registration, contact tracking, managing confidentiality agreements, and processing due diligence paperwork for deal closure and documentation.
Additionally, there is an offer for new users to try the service for free. Once registered, users can create and explore their ListingLab site before deciding to use it. If they choose to go live with the site, they would start paying the $25 monthly fee, with the ability to cancel at any time.
ListingLab was a groundbreaker and innovator in the field when it launched in 2008, setting the pace for technological advances in the commercial real estate industry. Today, there are several custom website building services available in the market. Additionally, there are a range of alternate paths that commercial real estate brokers, managers, investors, and developers could take to create and manage their websites.
As an alternative, they could choose to work with a web design agency that specializes in commercial real estate sites. The benefit would be a dedicated team working on their account, with the team’s responsiveness and industry expertise at their fingertips. However, this would be a more expensive route to take, and may not be as comprehensive or integrated as they need in terms of services such as data analytics, digital marketing, secure document management, and other logistics.
Another option would be to hire in-house web developers and designers on a contract or permanent basis. This can grant more flexibility, control, and speed over all digital endeavors. However, this route represents a longer-term investment, so must be carefully planned with the rest of the digital marketing strategy, particularly as it can be much more costly and time consuming.
Lastly, they could go the DIY route by choosing one of many content management systems on the market today to help build and manage their website. Many offer customizable templates and simple tools to upload and edit content. However, effectively navigating these offerings requires tech savvy, and it may be more difficult to build a sophisticated site with all the desired bells and whistles. Additionally, as with the other options, this approach may create a more fragmented process that causes digital reporting, marketing, and document management to be conducted separately.
All the details about ListingLab’s services can be found online at: www.listinglab.com
For questions or comments, ListingLab by CoStar Private Sale Network can be reached via phone at 303-841-2335 x7 or via email at ListingLab@costarprivatesalenetwork.com.
The login page to create an account on ListingLab is a fairly straightforward web form.
A prospective client can simply enter an email address and select a password for the account. The email address entered will act as that client’s username and will be used to send a confirmation message to activate the account. ListingLab notes that a client can share their username and password internally to grant shared access to the site for those they authorize to use it.
In a nod to the earlier days of the company, the contact address for any account login issues is email@example.com.
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