Stop Getting Scooped

I had one of my listings scooped in the 30 days between my phone calls. Someone wrote an offer, got it accepted $10-15k below what I would have sold it for, completed their due diligence and were about to close – all by the time that client came back around to the top of my call list. Why? Because that buyer writes unsolicited offers.

If you’re on the fence and can’t seem to get a deal done, it’s because you’re not getting offers out there. I talk about the need to write offers in my book and losing out on that deal reminded me of how critical this can be in today’s market.

If you’ve got a good multifamily broker (like me), get real clear about what you want in a property and know what your capabilities are. Identify areas and buildings you like and think might have upside. Find the owner and research whatever you can lean about the building. Have your broker reach out and see if they’d look at an offer but know ahead of time what types of pricing is realistic, what the rents are like and what you think the condition of the units are. That’s easier than ever to do with some skillful googling.

Then you just get the deal done. There are trades happening at some stunning prices and you’re getting left behind.

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