Listing Commercial Space as Owner without a Listing Broker
Have a 5 tenant commercial standalone building bought out of foreclosure last year and renovated from ground up in a fairly busy outskirts MSA - 20,000 VPD corridor.  Not happy with our current leasing broker and going to let her go soon.  Have another broker that we just started a relationship with in another strip center, but they have yet to prove themselves so not quite ready to pull the trigger on adding them to another project yet.  

So ideally, would like to self-list and see how it goes.  Currently have about 40% rented from the original broker after 8 months of listing.  After a ton of exterior cosmetic etc. it has much better curb appeal and really shouldn't have a problem getting in new tenants.  Have been in CRE for a while, know the game etc. so not interested in brokers talking me out of listing it ourselves for a period because brokers are so invaluable.  I know what brokers are good for and respect the trade, just not a good solution currently.

So my question is - having never listed it before - is it as simple as getting a Costar subscription and taking over the listing or are there other logistical issues to be thinking through in getting this rolling?
[{"id": "hqfuoki", "text": "I list my own, but welcome brokers to bring tenants. They'll want all 6% or more sometimes, but I usually just offer 3, or 4 if it's a good tenant.", "replies": [{"id": "hqfv0jd", "text": "Yep, we will definitely protect procuring brokers and been doing it long enough to max at 3-4 - just wondering more about the listing logistics.", "replies": [{"id": "hqfvffj", "text": "Got it. Yeah I just throw it up on LoopNet and it takes care of itself. You'll get a lot of cranks calling, so I use a voicemail box for the listing contact.", "replies": [{"id": "hqfvquc", "text": "Perfect.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hqfv883", "text": "Is a sign in the window yet? Wonder if you could do some cold-calling before pulling the trigger on costar.", "replies": [{"id": "hqfvlvk", "text": "Current listing broker sign yes.  Haven't let the current broker go yet.  We're not overly concerned about the cost necessarily - if we lose a month of tenancy due to not listing on all available channels, costar would have more than paid for itself.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqg0sg3", "text": "A lot of markets have more than one MLS. Costar is good, but you'll want to see what other listing options are available as well. For example, in Seattle we have NWMLS (mostly residential and smaller multifamily), Costar, CBA (commercial) and a few other small ones.   \n\n\nInstead of paying for costar, you can probably just pay one of the discount \"do it yourself\" brokerage services to have it listed, it'll probably be cheaper.   \n\n\nI would also buy a big sign and stick it out front. Don't cheap out on the sign, go get something printed up with a nice design on it, 4'x4' at least. If people see some cheap \"FSBO\" sign out front they'll assume that they can low-ball you since they don't expect you to know what the property is worth.", "replies": [{"id": "hqg1fa3", "text": "Awesome, great info!", "replies": [], "depth": 2}, {"id": "hqggm83", "text": "Gold.  Whenever I've used \"for lease\" signage, I had my graphics artist guy put something together.\n\nAnytime I see a Mom and Pop sign I think...*\"if they can't swing $800.00 for a decent looking sign....how are they going to manage taking care of whatever widget I need repaired or similar\"*.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqg2e47", "text": "What type center quality (a,b,c)? Nearby national retailers? What types of co-tenants are already in the center? What is your preferred lease structure (long term, nnn, mg? Are you willing to provide build out? All these will go a long way in analyzing how to approach this. If you have a c class center with with Suzy Q\u2019s salon and Big Dons Appliances then hang a sign get it on some cheap or free listing sites. If you have an a class center with national retailers in it and are looking for quality credit tenants then retain a broker or list on costar. But you need to be having conversations with brokers regularly to get deals - very rarely do I fill centers for my developer clients off of passive marketing.", "replies": [{"id": "hqg44yt", "text": "Fair questions for sure.  It's a former C building renovated to A- in a B corridor but with 5 tenants, and the amount of office/service retail we're not looking to obtain credit tenants.  These will be NNN and offering TI/LL Build so it really is sort of in the middle ground of mom and pop vs. national broker need - hence our desire to test it out while we're in this purgatory.", "replies": [{"id": "hqhg71i", "text": "Get yourself a big sign and look in to whether your market has catalyst. A marketing blast through that or a like product should get you in front of the brokers and the sign will take care of the ma/pa users. Hope you have some luck!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hqg5den", "text": "Everything on loopnet is on CoStar.\n\nDon't worry about buying Costar, just talk to your local CoStar rep about a Loopnet Ad. Don't get boggled by all the bells and whistles. Think practically about what your property is, and what it is not.", "replies": [{"id": "hqg8t5u", "text": "Very helpful - I had in my mind that costar trickled out to all of the other subsites - cityfeet, showcase, loopnet yada yada and to go to the top so it would get listed everywhere, but this is exactly the type of feedback I was looking for.", "replies": [{"id": "hqg9k4a", "text": "CoStar owns all those things, but LoopNet drives advertising. So when people log into CoStar and their results appear to the right of the map, the first properties they see are those advertised on LN, regardless of the search (for the users reading this you'll notice some result cards have blue bands. Those are advertised listings). Be aware of contract dates and durations.\n\nIf memory serves, LN feeds cityfeet and all of the other internet properties Andy has purchased lest they compete. ;)\n\nI know a few reps in different markets and can refer if you DM me your metro.", "replies": [{"id": "hqgcq7h", "text": "Perfect.  Sent", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hqk76dp", "text": "They\u2019re run under separate internal sales platforms so a CoStar rep won\u2019t sell you anything on LoopNet and vice versa. So you have to purchase memberships separately, and the LoopNet pricing is done on an annual basis. I think it\u2019s about $1,200/yr for a Silver listing, which is what you\u2019d want. Multiple suites in the same property can be advertised under the same listing though.", "replies": [{"id": "hqkmt9m", "text": "Uhh... Was just chatting with a rep friend to confirm.  CoStar reps in market are selling loopnet listings. There are separate inside sales teams for non metro markets and those not served by in market reps.", "replies": [{"id": "hqkqalc", "text": "Ahh, gotcha. In my market, there\u2019s separate reps for CoStar vs LoopNet so I get spammed by them twice as often\u2026", "replies": [{"id": "hqkyptm", "text": "In the not so distant past they were experimenting with different in market teams but ended up doing away with it (mostly? Unconfirmed). The call center in DC is prolific and there is a lot of game playing between in market and call center - like they have to have a rules document (that is often ignored) that is used to arbitrate disputes between the two factions.  Also, some marketing has been taken over by a marketing team at DC/Richmond. So just because it has a reps name in it done assume they sent it. If it looks like a mail merge, it's the in market rep. If it looks like constant contact service stuff it's the marketing team.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hqgg2hz", "text": "My best leads for small space listings has always been with Craigslist.\n\nIf a broker see's that and brings me a tenant, my ad says right at the end: \"Brokers welcome\".\n\nI've never had a single lead that turned in to a lease come from CoStar or Loopnet or any other real estate website.", "replies": [{"id": "hqgj9hq", "text": "Thanks!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqhu6wz", "text": "I list my own and I was willing pay the broker if brought tent and worked well for me", "replies": [], "depth": 1}, {"id": "hqic0k9", "text": "Been using Crexi and have found a bunch of tenants through it. Way cheaper then what other providers wanted too.", "replies": [], "depth": 1}, {"id": "hqii0vw", "text": "I\u2019d like to know how the broker can prove value in your eyes? In the most ideal situation what does that look like?", "replies": [{"id": "hqkdiza", "text": "&gt;Intrepid\\_Ad2325\n\nThat's a great question for it's own post.  Between Brokers themselves and LLs/Owners, could be some great contributions in this sub!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hr812vl", "text": "If you are actively marketing it yourself, call tenants in less desirable centers to see if they are willing to relocate. Identify who is not in the area, void analysis can be helpful. If one person calls and expresses interest, target similar users. For example, if a dentist is interested but you don\u2019t end up closing the deal call  other dentists.  Don\u2019t count on listing websites to bring you tenants. Make sure signage is visible and maybe put up a banner. If you own other retail centers, talk to current tenants if you have good relationships with them. They may want to open another location with you. Know your competition, meaning other vacancies in the area and what they are quoting. When you cold call let the prospect know you have an \u201copportunity\u201d for them. If you pitch it right, it will come off as you doing them a favor by letting them know first hand.", "replies": [], "depth": 1}]