New iPhone Application LoopNet Wins Apple Approval for Property Search

The commercial real estate listing service LoopNet (NASDAQ: LOOP), based in San Francisco, has taken its online marketplace to a new technology level by making a deal with computer giant Apple to offer an iPhone application for property searches.
Apple, based in Cupertino, Calif., approved the iPhone application little more than a week ago, and the online marketplace wasted no time in making it available to users of its service, says LoopNet vice president Mike Manning.
“The new LoopNet iPhone application benefits both property searchers, including investors and tenants, and real estate professionals marketing property,” says Manning. “Business gets done in real time on the fly from wherever the broker and the prospective investor or tenant happens to be.”
For the commercial real estate industry, the innovation is potentially a game-changer because it ratchets up the speed and ease with which investors, brokers, sellers and other professionals can find information on property that is for sale or lease.
The application provides fast access to the 745,000 commercial listings on LoopNet’s Web site without requiring users to sit at a computer terminal, haul a laptop or use other time-consuming mobile technology.
For example, if a business owner is looking for a new company site and spots an attractive commercial neighborhood while on the go, he or she can use the application to find every available LoopNet listing within a radius of five or 10 blocks.
In another scenario, if an investor wants to buy an office building on Wilshire Boulevard in Los Angeles and decides to check available properties on Wilshire from downtown to Santa Monica, that’s not a problem, says Manning. “Using the LoopNet iPhone application, the investor can start downtown, and standing on a street corner, use the iPhone's GPS capabilities combined with the LoopNet application to identify available properties nearby.”
The investor could then drive up Wilshire to Beverly Hills and eye more properties using the application before continuing west, without needing to refer to a laptop.
If a broker is showing a client office properties for lease in the Buckhead submarket of Atlanta and the tenant suddenly decides to look at space in the Perimeter area of North Atlanta instead, the broker can respond immediately, Manning explains. “The broker is well prepared to hop in the car and take the tenant to the other submarket.”
The broker can immediately take her clients to the new location without having to go back to the office to check the computer or run a report, says Manning. Using iPhone applications, the broker can pull up properties in the new area, review them with her client, and use Google’s mapping feature to get directions to the listings.
Property search results can be filtered by price, building size, lot size and property type, such as office, industrial, retail or multifamily. Directions provided through a Google map search can be emailed to a client or business associate.
Although the basic application is free, for full access to all available properties on the LoopNet system a user needs to be a premium member of LoopNet, says Manning. LoopNet has 3 million members and approximately 1 million visitors per month.
Apple offers more than 100,000 applications for its iPhone and iPod, and its users perform 10,000 downloads daily, according to the company. On January 5, Apple announced that more than 3 billion applications have been downloaded from its App Store by product users worldwide.
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INFORMATION ABOUT BROKERAGE SERVICES the Texas law requires that all real estate licensees present this information about brokerage services to prospective sellers, landlords, buyers, and tenants. We ask you to help us comply with this law by reviewing this statement to show the Texas Real Estate Commission that we are trying to stay in compliance with their regulations. It is a voluntary act on your part.
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by
accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does
not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
(1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you:
you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960 512-465-3960. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records. Buyer, Seller, Landlord or Tenant Date 01A TREC No. OP-K


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Or go to the Texas Real Estate Commission web site below:
http://www.trec.state.tx.us/