WASHINGTON, Dec. 1 /PRNewswire/ -- The National Association of Realtors
and its Internet partner, RealSelect, Inc., a subsidiary of HomeStore.com,
Inc. (Nasdaq: HOMS) have entered into an exclusive agreement with LoopNet,
Inc., to create one of the largest sources of commercial property listings and
transaction-related tools and services available on the Internet.
    According to NAR President Dennis R. Cronk, this new alliance will
position NAR's CommercialSource.com and Loopnet.com as the largest online
aggregation of commercial properties, transaction-related properties and
services in the United States and Canada. "This alliance is of crucial
importance, because it creates leading industry-wide Internet sites that are
broker-centric and industry friendly," Cronk said. "It reinforces NAR's
commitment to harness the potential of the Internet to the fullest advantage
for our members in the commercial and investment industry."
    The agreement couples CommercialSource.com with LoopNet.com to provide the
Internet's largest inventory of commercial properties for sale and for lease,
plus an array of transaction-related tools and services. Through the
comprehensive arrangement, LoopNet has also joined with several large
commercial real estate brokerage companies, each of which will exclusively
endorse the LoopNet.com site as its preferred national commercial listing
service. The firms include: CMN International, Inc. (the largest member of
Colliers International); Grubb & Ellis Company; Insignia/ESG; Marcus &
Millichap; and the Trammel Crow Company. Key additional firms are expected to
join this initiative shortly.
    LoopNet will host, operate, develop and maintain the CommercialSource.com
site on behalf of NAR and RealSelect, similar in concept to the arrangement
through which RealSelect operates Realtor.com for NAR, Cronk explained. "The
site will leverage the technical expertise of LoopNet and RealSelect, as well
as NAR's size and influence. Combined with the participating companies' market
share and endorsement, LoopNet.com will provide a common platform for the
largest number of commercial property listings available," Cronk said.
    Through the agreement, NAR members will be able to load their properties
directly onto LoopNet.com, through CommercialSource.com, or through their
Multiple Listing Service (MLS). All NAR member property listings could, at the
member's discretion, appear in three places: 1) on CommercialSource.com; 2) on
LoopNet.com along with other commercial listings if the member wants this
exposure; and 3) through a search mechanism on LoopNet.com that will display
Realtor-listed properties.
    The LoopNet.com site will combine properties from participating NAR MLSs
and commercial institutes, societies and councils with those of participating
companies, along with commercial properties that have been loaded directly
onto LoopNet.com by NAR members and other commercial real estate brokers. The
service will be available without cost to the listing broker. LoopNet and
RealSelect will create the listing file format and specifications for the
transfer of data to LoopNet.
    Joe Hanauer, a member of NAR's executive committee, a board member of
HomeStore.com, Inc., parent of RealSelect and operator of Realtor.com, and a
board member of Grubb & Ellis, was a major force in pulling the alliance
together. "Considering the potential impact of the Internet from the
perspective of leading commercial real estate firms, from NAR, the leading
real estate trade association, and from Homestore.com, operator of the leading
residential real estate sites, it made all kinds of sense to apply some of the
same lessons learned in developing Realtor.com to the commercial sector. As
Realtor.com set the standards for residential real estate, it is our hope that
this new collaboration will take the same leadership position for commercial
real estate," he said. The collaborative effort is indicative of a strong
desire by NAR and RealSelect to serve the commercial sector as comprehensively
as the residential sector has been served through the extraordinary success of
Realtor.com, which offers the largest selection of home listings available on
the Internet, Hanauer explained.
    According to Hanauer, the new site is designed to be broker-centric since
it will be governed by a collaborative industry-wide governance board with
representatives from NAR and leading real estate brokerage firms. This
governance board will provide direction in delivering market-driven products,
and will also monitor site controls designed to protect the interests of NAR
members and commercial licensees who use LoopNet.com. "By agreeing to these
site controls, LoopNet is assuring us of its intention to maintain an
industry-friendly site," Hanauer said.
    Cronk pointed out the site will give increased recognition of NAR as a
leader on behalf of commercial real estate and as a major source of complete
commercial real estate information. It will also offer increased networking
opportunities for commercial real estate practitioners, through the inclusion
of a new Realtor online commercial membership directory, he said.
    According to Cronk, the agreement does not negate the need for individual
firms to have their own Internet sites. Rather, this initiative is intended to
enhance the value commercial real estate practitioners offer clients and
customers, in terms of exposure for listings, he said. "Without this alliance,
we run the risk of our business being redefined (by the Internet) without us
having input," Cronk said. "With this alliance, we are taking control of our
future. It will forever change the direction of the commercial industry."
    More details on the agreement are available at http://www.CommercialSource.com.
    The National Association of Realtors, "The Voice for Real Estate," is
America's largest trade association, representing more than 750,000 members
involved in all aspects of the real estate industry.

    Information about NAR is available at http://nar.realtor.com. This and
other news releases are posted in Web site's "News for You" section, at
http://nar.realtor.com/news.

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http://www.prnewswire.com/comp/601633.html or fax,
800-758-5804, ext. 601633
CONTACT:
Steve Cook, 202-383-1014 or
scook@realtors.org, or Trisha Riggs, 202-383-1016 or
triggs@realtors.org, both of National Association of Realtors

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