The National Association of REALTORS (NAR) launched a new commercial real estate listing service called Commercial Source yesterday. The new site can be found at www.commercialsource.com and should offer the commercial real estate leader LoopNet.com a run for their money. With the strong backing of NAR, Commercial Source already has a leg up on the competition.
Browsing the site I found it to be laid out well, with an attractive design. As an investor, though, one problem I came across was with the property searches. It doesn’t appear that they have any sort of advanced search, and their available options are a bit limited. If I’m trying to narrow down my search to a specific type of property, I'm going to have a more difficult time on this site than LoopNet, for example.
As this is a new site, though, I’m sure changes such as this will come with time. For a first release, I think NAR did a good job on this site and I will definitely be keeping my eye on Commercial Source. Other than LoopNet, I really haven’t been impressed with any of the other commercial real estate listing sites out there, so this new competition is welcome in my eyes. Hopefully this pushes both sites to make improvements and become even better.