Using CoStar to find commercial tenants - Is it worth the cost?

Question

Hello all!

I've been working in CRE brokerage in Nashville for almost 3 years now and I'm looking to grow my pipeline even more by utilizing a prospecting software.

Is CoStar worth the crazy amount they charge? (Having a demo done tomorrow to find out the current pricing, I did this last year and turned it down because it was too much) And are they accurate enough when it comes to prospecting for it to be worth it?

I tried using ProspectNow but during the demo I asked him to show me a couple of my own listings to see how accurate his tenant data was but it was very unimpressive.

Any advice would be much appreciated!

Joel Owens · Answer

See if they will give you a 30 day trial for a set fee.

DO NOT SIGN ANY LONG TERM CONTRACTS.

If someone's product is good you will want to continue it. If someone has to trap you into a long term deal that is almost impossible to get out of then what does that say about the merits of a product?

Kind of like gyms used to get you to commit to a contract. It was about numbers and they didn't care if you went to the gym or not. Today most gyms are month to month. If they do not keep meeting expectations that revenue stream for them will be gone. Pay to perform is the way it should be. Contracts without an out clause trap you into long term agreements where standards can be lowered because they have you no matter what.

Using CoStar to find commercial tenants - Is it worth the cost?

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