Houston Broker Referrals

[Shafi Noss]

Hello, does anyone have a recommendation for a commercial broker in the Houston area? A colleague of mine is looking for a value add purchase in the $5-20MM range. The asset class can be multifamily, or some other type of commercial property. Thanks. 

[Cody L.]

Honestly it's going to be hard as most brokers still only work with people who have bought in the past (the chicken/egg is not lost on me).  

What they'll say is if someone calls saying they want a value add $5-20mm property, well they have 10 clients that they've worked with, that they know will close and not be a pain, that are also looking for that exact same thing.

The best thing to do is get a few deals under your belt (or your colleagues belt). Could be from buying something on the MLS (I've got a few good deals there. I got a 10 unit in Montrose for $900k that appraised for $1.3m for example). Or finding something on loopnet (some brokers who are not very good start their listings by going right to loopnet vs. taking it to their clients first. Thus sometimes you'll find okay deals there.

Then you can start going to brokers you see online and say "Hey, I'm a real buyer.  I own xyz.  Looking for more.  I have $x in cash and can close no problem.  Let me know if you have any deals like abc..."

I still have a problem getting some brokers to call me with their deals.  I'll find out only via their email blasts.  They won't bother to tell me about the deal themselves (and I don't really pay attention to blasts).  And I've bought nearly 2,500 units.