The results of the first Apto National Broker Buzz Poll are in, and the results are loud and clear. Brokers are buzzing about the shutdown of Xceligent, and they are concerned that CoStar — the dominant player in commercial property availability information — will raise prices as a result.
Highlights of the survey are below. Thanks to those members of the commercial real estate brokerage community who participated in the poll.
- 90% of U.S. CRE brokers say their firm subscribes to a listing service to see available properties for sale or lease.
- 74% say that in their opinion the shutdown of Xceligent is a “big deal” for the commercial real estate market.
- 75% say that they are “very concerned” or “concerned” that CoStar will raise prices higher following the shutdown of Xceligent.
- 80% say that the commercial real estate market needs another property listing service.
Xceligent went out of business in late 2017. The company was a significant player in the commercial property information space. CoStar has long dominated the market; their position was reinforced when the company acquired LoopNet.
The Apto National Broker Buzz Poll also revealed that most industry participants don’t know they can syndicate commercial property listings from Apto to Apto integration partners including OfficeSpace.com and Real Capital Markets. Similarly, the survey showed most industry participants don’t know they can export listing data from Apto to third parties including CoStar.
Apto is not a listing service but a tech platform for commercial real estate brokers to track and manage information on contacts, properties and listings, and deal flow.
Apto will be conducting periodic national and local polls of CRE brokers, including Apto customers and non-customers.