Why do you list your deals with CoStar?
The days of information being secret and closely guarded are gone. It’s not always been like this, I guess. There was a time when my colleagues and I dreaded the CoStar monthly phone call, and somewhat resented giving our information away. Over time, however, we realised that providing deals information to CoStar was an easy way of telling our peers and others that we had been busy and successful in disposing of client’s property. This must increase the practice’s profile in the areas we target.
How does it work for you?
If investors are looking to buy a property in a particular area, or undertake some preliminary research, then our deals information would lead them to recognise we have a presence and are active in that area. As a result, our practice should be one that they would consider liaising with or even using themselves. This has a direct effect on our new business.
What would you say to agents who don’t list?
By not listing transactions on CoStar an agent is missing an opportunity to promote their business. By perhaps listing availability and then not updating deals they can even give the impression that they actually aren’t doing too many deals, which is clearly not the impression they want to give.