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 e-Insider: How to Navigate the Internet Real Estate Maze By Chris Steins and Abhijeet Chavan (December, 1999) Real Estate Southern California "I waste a lot of time on the Web at work, but very little related to real estate..." remarks Steve Wyler, a managing partner at Wyler Apartment Group, a real estate investment firm in Southern California. It is not hard to guess why. About 48% of web users use the Web more than 20 hours a week at work. However, though there is a lot of information available online, finding the right information is listed as one of the top problems faced by Web users. While search engines like AltaVista and general-purpose web "portals" like Yahoo! can be very useful in locating information, the search process can often be time-consuming and frustrating. Websites that package online resources or editorial content focusing on a particular topic, and are managed by experts in that particular area, can be invaluable gateways to the wealth of information available on the Web. An increasing number of Web resources are beginning to cater to the commercial real estate business. Over the next several months, we will spotlight a variety of Web resources that provide affordable and practical tools for the commercial real estate business in Southern California. A good place to start is the PikeNet Website (www.pikenet.com) which is an excellent example of a "vertical portal" -- a Web directory with content relating to a specific topic -- for the commercial real estate industry. In addition to being organized by categories like brokers, demographics, foreclosure listings, etc. the listed website can also be searched according to markets or geographic area. The "Web Resources" section includes step-by-step instructions for specific tasks like financial research, making maps, or finding market information. You can also sign up to receive the PikeNet Dispatch - a free email newsletter. PikeNet is a good starting point for information related to commercial real estate particularly for those who are just starting to use the Web as a resource at work. LoopNet (www.loopnet.com) claims to be the largest Internet commercial real estate listing service. Using the "LoopLeads" feature it is possible to search for properties available for lease or sale by specifying details like property type, minimum or maximum price, city or state. Once you find a listing that interests you, it is possible to get an area map, property photograph, and an impressive demographic report. The "LoopLender" section offers access to competitive quotes from lenders and provides a useful online tool to compare loan programs and rates according to user-specified financial preferences. With "LoopLink" it is possible to customize and incorporate LoopNet's listing databases into your own Website. In this way you are creating a sophisticated database of your properties on the Web with little effort. Though currently targeted toward residential real estate, Bamboo.Com (www.bamboo.com) offers a feature that could be equally suitable for the commercial real estate business. Bamboo.Com claims an estimated 30% of all home buyers will be using the Internet as their primary source when looking for a home this year. To tap into this market Bamboo.Com offers "virtual tours" of properties over the Web. Bamboo.Com will send a photographer to your property and prepare scrolling 360-degree panoramas of up to six locations for an affordable fee. Bamboo.com even puts these tours on the Web for potential buyers to visit anytime and from anywhere. This is an idea that is rapidly catching on in the commercial real estate business. It is often difficult to find local data and analysis at the level of detail necessary to make decisions. And even when such detailed data is available online deciphering it can be nearly impossible without being an expert in databases or geographic information systems. The Neighborhood Knowledge of Los Angeles (NKLA) (nkla.sppsr.ucla.edu) Website addresses these issues by providing access to datasets like code complaints, building permits, and tax delinquency using a clean, attractive, and user-friendly interface. It is possible to search for a specific address or an area, and to view databases using interactive maps. NKLA, developed by the UCLA's Advanced Policy Institute, is primarily concerned with providing tools for accessing neighborhood datasets. The NKLA approach makes a lot of sense when applied to providing information for the commercial real estate industry. A Website that effectively provides easy access to diverse datasets with tools for easy analysis, comparing, and mapping can fill an important need in term of providing information for the real estate industry. Finally, despite how well you might use the Web, there's no substitute for good-old-fashioned networking. The Urban Land Institute's Los Angeles District Council is LA's premier real estate membership organization (www.uli-la.org). You can register for networking events, apply for membership, and sign up for a monthly email newsletter about local activities. The national site (www.uli.org) provides a searchable database of the Urban Land magazine, and research and online publications. ChrisSteins (steins@urbaninsight.com) is the managing general partner of Urban Insight (www.urbaninsight.com), a Web development and Internet Consulting firm in Los Angeles. Abhijeet Chavan (chavan_a@yahoo.com) is an Internet consultant and technology writer. |
  
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