How to approach an off-market property

Question

I have a friend who is a tenant in a multifamily property, and she's heard that the owner might be looking to offload the property. Its a strong market but i know it needs a good amount of work. My question is : How do i approach the owner (via their property manager who i believe has listing rights per the lease agreement)? Should i just ask the PM if they are looking to sell and for how much or do i write up an offer sheet with my best offer? Or is there a better option? Any and all advice is welcomed. Thanks.

Bobby

Bobby E. · Answer

Sending the letter is a good idea. My thinking was if i could avoid the 6% commission, that would add a little sweetness to the deal.

Cassi Justiz · Answer

I would probably approach the PM and let them know you would be interested in speaking to the owner about possibly buying their property. I would also see if you can find the owner's business address through your county assessor website and send them a personal letter requesting a meeting in-case the PM doesn't relay your message. The PM may not be very interested in helping you if they think they are loosing out on a listing. Maybe mention to them that you will are willing to work through them as an agent (assuming they are an agent).

Leslee Wilson · Answer

I have found that PMs don't relay messages.  I bumped into the the PM of a property I would like to purchase.  He took my info and now......crickets.  I am working on contacting the owner, a mult-layerd LLC.  This is all a bit time consuming but the property will be worth it.

I hope you have success, Bobby!