How Do I Sell my 15 Unit Apartment Building Off- Market?

Cleveland, Ohio
Buying & Selling Real Estate
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How Do I Sell my 15 Unit Apartment Building Off- Market?

Zachary Caudill
Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes

Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 

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Isabelle TrepkoskiBusiness Member
Real Estate Agent · Columbus, OH · Member since 2021 · 32 posts · 32 votes
3y

Hi Zachary,

So you can always self list on Zillow, but when tenants are involved I would be very cautious about this. You don't want people bothering your tenants or door knocking. With this size building there are some great commercial listing sites that could work as well, but often those require an agent to list the property. I know you said you want to avoid high commission rates with agents, and that is totally understandable, but commission is also something can be negotiated and agents often help bring in top dollar and find buyers who will actually perform. I am an investor and agent in Columbus and would love to hear more details about your building.

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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    you can post it here.....linkedin.....zillow.....fb marketplace.....reia meetup

    4Reply
  • Isabelle TrepkoskiBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2021 · 32 posts · 32 votes
    3y

    Hi Zachary,

    So you can always self list on Zillow, but when tenants are involved I would be very cautious about this. You don't want people bothering your tenants or door knocking. With this size building there are some great commercial listing sites that could work as well, but often those require an agent to list the property. I know you said you want to avoid high commission rates with agents, and that is totally understandable, but commission is also something can be negotiated and agents often help bring in top dollar and find buyers who will actually perform. I am an investor and agent in Columbus and would love to hear more details about your building.

    7Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    3y

    @Zachary Caudill  Marketplace here or several other listing sites but actually the best is to network with people especially in your area.  Do you have an accurate value though?  That is where a broker might add value. 

    4Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    3y
    Quote from @Zachary Caudill:

    Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 


     A lot of commercial deals will not have a buyer rep so you could just list it yourself on costar/loopnet/crexi and not offer buyer rep. I think you are an agent yourself

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    2Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    3y
    Quote from @Zachary Caudill:

    Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 

    Simple post the detail is the local groups, it will sell in a day if good
    Send me the details, I will tell you yes or no in 20 seconds subject to walk through 

    You're a realtor but asking how to sell, hmm...why not just offer 3% ? 

     thanks 

    3Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Kerry Noble Jr:

    you can post it here.....linkedin.....zillow.....fb marketplace.....reia meetup


     I didn't think of Linkedin, Thank you Kerry!

    0Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Colleen F.:

    @Zachary Caudill  Marketplace here or several other listing sites but actually the best is to network with people especially in your area.  Do you have an accurate value though?  That is where a broker might add value. 


     Thanks Colleen, I have reached out to a few locals to gauge their interest. Thank you for the insight.

    0Reply
  • Zachary Ware
    Member since 2022 · 405 posts · 455 votes
    3y

    I agree with Kerry that social media can be very powerful for listing. The places he listed are among the most appropriate for selling real estate.

    1Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Remington Lyman:
    Quote from @Zachary Caudill:

    Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 


     A lot of commercial deals will not have a buyer rep so you could just list it yourself on costar/loopnet/crexi and not offer buyer rep. I think you are an agent yourself


     Hey Remington, I had to put my license on hold. I took a job with a company where an active license was a conflict of interest. Am I able to post my deal on those sights with an inactive license? 

    1Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Bob S.:
    Quote from @Zachary Caudill:

    Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 

    Simple post the detail is the local groups, it will sell in a day if good
    Send me the details, I will tell you yes or no in 20 seconds subject to walk through 

    You're a realtor but asking how to sell, hmm...why not just offer 3% ? 

     thanks 


     Hey Bob, I had to put my llicense in an inactive status due to my job. I have sent it to a few brokers to see if they had potential buyers and told them that I would pay them 3% to bring a buyer. I'll send the details of the deal to you. Would love some feedback, thanks! 

    When you say local groups you do mean like local facebook groups?

    1Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Zachary Ware:

    I agree with Kerry that social media can be very powerful for listing. The places he listed are among the most appropriate for selling real estate.


     Awesome, thanks Zachary!

    1Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    3y
    Quote from @Zachary Caudill:
    Quote from @Bob S.:
    Quote from @Zachary Caudill:

    Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 

    Simple post the detail is the local groups, it will sell in a day if good
    Send me the details, I will tell you yes or no in 20 seconds subject to walk through 

    You're a realtor but asking how to sell, hmm...why not just offer 3% ? 

     thanks 


     Hey Bob, I had to put my llicense in an inactive status due to my job. I have sent it to a few brokers to see if they had potential buyers and told them that I would pay them 3% to bring a buyer. I'll send the details of the deal to you. Would love some feedback, thanks! 

    When you say local groups you do mean like local facebook groups?


     Well if its good you just sold it :) 

    1Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y
    Quote from @Zachary Caudill:
    Quote from @Kerry Noble Jr:

    you can post it here.....linkedin.....zillow.....fb marketplace.....reia meetup


     I didn't think of Linkedin, Thank you Kerry!


     I use Linkedin Daily. I follow a lot of apartment buyers and syndicators etc

    1Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Kerry Noble Jr:
    Quote from @Zachary Caudill:
    Quote from @Kerry Noble Jr:

    you can post it here.....linkedin.....zillow.....fb marketplace.....reia meetup


     I didn't think of Linkedin, Thank you Kerry!


     I use Linkedin Daily. I follow a lot of apartment buyers and syndicators etc


     That's a good tip, I am going to check that out. Thank you!

    1Reply
  • Cassandra Alessio
    Real Estate Agent · NJ · Member since 2018 · 95 posts · 31 votes
    3y

    Social media and surprisingly I agree with LinkedIn too! I see a ton of developers, investors (large apartment buildings) on there discussing their current projects or recent purchases. There is a huge community of investors only buying large apartment buildings to either renovate and make luxury apartments or they are rebuilding to make more singular homes depending on the size of the land. I would research them and reach out to all of them and if they are not looking to purchase their network might be. Good luck!

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    3y
    Quote from @Zachary Caudill:
    Quote from @Remington Lyman:
    Quote from @Zachary Caudill:

    Hello, I have a 15 unit apartment building and I would like to sell it but I do not want to list it with an agent to avoid paying a high commission percentage. Where should I market the property and how? 


     A lot of commercial deals will not have a buyer rep so you could just list it yourself on costar/loopnet/crexi and not offer buyer rep. I think you are an agent yourself


     Hey Remington, I had to put my license on hold. I took a job with a company where an active license was a conflict of interest. Am I able to post my deal on those sights with an inactive license? 


     I believe so but not sure. You would have to create an account and pay for the listing. I can have my costar rep reach out to you

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Lanny K.
    Real Estate Agent · San Diego, CA · Member since 2015 · 36 posts · 23 votes
    3y

    @Zachary Caudill I may have a buyer. Direct message me the info.

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Zachary Caudill

    Sell it to me

    7e investments53 Reviews
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    0Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Lanny K.:

    @Zachary Caudill I may have a buyer. Direct message me the info.


     Just sent.

    0Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Chris Seveney:

    @Zachary Caudill

    Sell it to me


     Hey Chris, just pm'd you info

    0Reply
  • Peter TverdovBusiness Member
    Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
    3y

    I can't for the life of me understand why people want to sell in this market, without listing it on the market. You're losing money to save money on the commission. Tale as old as time. 

    [email protected]732-289-3823
    0Reply
  • Matthew DrouinPro Member
    Developer · Rochester, NY · Member since 2016 · 411 posts · 339 votes
    3y

    @Zachary Caudill

    Sell it me.

    Also I love off market deals. I can get great pricing as a buyer and negotiate really advantageous terms directly with the seller.

    When the seller does not have a broker representing them, they usually post on Craigslist, and FB marketplace and have a bunch of people that waste their time; make offers and then ghost the seller.

    By the time I come along I am in a really great position as a buyer.

    But seriously, all kidding aside, don’t get low bid syndrome; chase pennies while tripping over dollars.

    A great agent is well worth the investment in paying them a commission. They should be able to get you more than you would on your own. Leverage their decades of experience in your favor in creating an environment around you property to get you the very best terms and price.

    The only thing I'll say though is, it's definitely a "between" size. Commercial investors will be interested as well as residential investors looking to swim upstream so it should be posted in the MLS as well as LoopNet and crexi.

    But seriously, send me the details. I buy deals like this!

    Podcast Guest on Show The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam
    1Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y
    Quote from @Zachary Caudill:
    Quote from @Kerry Noble Jr:
    Quote from @Zachary Caudill:
    Quote from @Kerry Noble Jr:

    you can post it here.....linkedin.....zillow.....fb marketplace.....reia meetup


     I didn't think of Linkedin, Thank you Kerry!


     I use Linkedin Daily. I follow a lot of apartment buyers and syndicators etc


     That's a good tip, I am going to check that out. Thank you!


     Send me a friend request on there and I can definitely share it or connect you with a guy or two. Or send me the details

    0Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    3y

    @Zachary Caudill can’t you list it on the mls ? Pay yourself zero and 2% to a buyers agent. Sounds like a good deal and you don’t have to do all the work yourself.

    1Reply
  • Zachary Caudill
    OP
    Real Estate Agent · Columbus, OH · Member since 2017 · 34 posts · 22 votes
    3y
    Quote from @Matthew Drouin:

    @Zachary Caudill

    Sell it me.

    Also I love off market deals. I can get great pricing as a buyer and negotiate really advantageous terms directly with the seller.

    When the seller does not have a broker representing them, they usually post on Craigslist, and FB marketplace and have a bunch of people that waste their time; make offers and then ghost the seller.

    By the time I come along I am in a really great position as a buyer.

    But seriously, all kidding aside, don’t get low bid syndrome; chase pennies while tripping over dollars.

    A great agent is well worth the investment in paying them a commission. They should be able to get you more than you would on your own. Leverage their decades of experience in your favor in creating an environment around you property to get you the very best terms and price.

    The only thing I'll say though is, it's definitely a "between" size. Commercial investors will be interested as well as residential investors looking to swim upstream so it should be posted in the MLS as well as LoopNet and crexi.

    But seriously, send me the details. I buy deals like this!


     Hey Matthew, thank you so much for the advice. 

    0Reply
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