Although buying a multifamily property has some similarities with purchasing a single family or condominium, there are some very distinct differences that encourage the use of multifamily-specific agents to assist you in the transaction. This type of sale involves an investor looking at cash flow and financial aspects with a minimal emotional component that is found in the purchase of a single family or condominium. Presenting and interpreting these financial components requires experience and a unique skill set that a traditional buyer’s agent does not possess. Additionally, because many optimal investment opportunities come from “off market” sources, working with a team that is tuned into the industry can result in better returns for you as a buyer.
The first step in purchasing a multifamily property is meeting with us for your initial consultation. In this first meeting,we will review your goals in ownership as well as the current market conditions and trends. This will allow us to collectively determine the type of multifamily that best suites your needs and which areas would be best for your goals. Additionally, we will discuss financing options and can offer to introduce you to some of our commercial lenders. Once this initial meeting is concluded, we will go to work using our network of owners and brokers to find properties that are a good fit for you. We will also comb through on-market opportunities on sources such as MLS, LoopNet, and CoStar. If you would like to get an idea of the types of properties currently on the open market in different neighborhoods, you can take a moment to browse current availability.
The sale of a multifamily property is unique as many of the transactions are not presented on listings sites such as the MLS. A multitude of these offerings take place through established networks of investors facilitated by knowledgeable multifamily agents. By connecting investors with sellers directly, transactions can be more fluid and cost effective.
Unlike many brokerages who see selling your property as primarily a way to gain exposure for the agents and firm, we look at it as a completely customizable process designed to meet the seller’s goals. Typical sellers goals include gaining the maximum price, keeping the sale quiet, and facilitating an asset upgrade though 1031 exchange. In any sale situation, our first step is to sit down with the seller and determine why they are selling and their most important goals for the sale. We then look at the asset and look at ways to maximize NOI so that we can present the property to the market in the best financial situation. This results in a maximum price for the seller whether through an open market sale or through our extensive network of property buyers.
Once the process is customized to the seller’s needs, we then manage every aspect of the sale from negotiating offers to working with the city for necessary inspections. We also work to manage your existing tenants and help answer their questions throughout the process. Marketing is a key component to ensure maximum exposure for your property and we tailor these efforts to best present your listing to the maximum number of potential buyers for full market engagement. By offering a varied commission structure depending upon your needs and custom tailored services for your property, we can ensure the best value for each of our clients .