Best place to find office/retail properties outside of Loopnet

Commercial Real Estate Investing
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Best place to find office/retail properties outside of Loopnet

Scott W.
Investor · Cleveland, OH · Member since 2016 · 30 posts · 1 vote

I've been primarily using Loopnet to find commercial office/retail deals.  I have to sift through a LOT of crap to find some good nuggets -- and keep going back to the site to check on properties that have been on the market for awhile, staying in touch with the brokers until the Sellers are finally willing to make a deal to then make it a good investment opportunity.

What other tools are investors on BP using to find commercial deals (I also reach out to brokers on Loopnet and tell them what i'm looking for -- but often times, i feel many brokers just go to their preferred investors once a deal pops up and the deal doesn't even make it on the listing sites) Residential seems slightly easier to find deals not on listing services... but my interest and experience is on the commercial side.  Are commercial investors on this site using direct mail and if so, how specifically?

Thanks...

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
10y

Yep they did this to split out parts of their company.

Never liked that auction process as the properties tend to be overpriced for the winners with their bid up system.

I stay away as usually it's a waste of time. 

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  • Account Closed
    Investor · Cedar Bluff, AL · Member since 2015 · 83 posts · 17 votes
    10y

    You need to make friends with a good broker. Most properties on Loopnet have been passed over by many investors before ever hitting the site for various reasons. Joel Owens would be a good person to chime in on this. 

    0Reply
  • Scott W.
    OP
    Investor · Cleveland, OH · Member since 2016 · 30 posts · 1 vote
    10y
    Thanks Ryan - so do u find all of your deals through broker relationships?
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  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    10y

    I agree with Ryan...foster broker relationships and be ready to make offers. They will work with clients who close.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    10y

    It's easier for sellers to work with quality commercial brokers as a known commodity. With random buyers calling them they do not know what they are getting.

    A seller doesn't want to waste time with buyers trying a bunch of flaky crap. That might work in the residential space but in commercial the owners tend to be more experienced and  professional. They do not want to be even bothered unless they know a buyer can perform and the structure they are using to buy is not a long shot.

    This is especially true the larger in deal size you go. Smaller mom and pop type property you can get more creative. Mid to larger type assets sellers like vanilla deals. There is a lot of capital out there today. Trying really creative stuff most sellers do not even need to look at it. 3 to 5 years ago they were more open to it. Markets are hotter now so they dictate more under what terms they want to sell and around what price.  

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  • George Flevotomos
    Investor · Chicopee, MA · Member since 2015 · 35 posts · 12 votes
    10y

    In order to find good deals you need to be either the first or the last.

    In order to be the first, your goal is to find off market deals. Start networking with professionals that deal with property owners. Accountants, appraisers, attorneys, bankers, insurance agents, business owners and most importantly, commercial brokers. Let them know that you’re actively pursuing opportunities to acquire properties. Spend a couple of hours with brokers to make sure they understand what your needs are, the perimeters of what properties meet your criteria to the point where they can underwrite the deal to make sure it would meet your numbers and weed out some opportunities before they bring the best ones to you. Convince them that you can and will move quickly and aggressively to tie up a property and then get it closed.

    Being last means that you look for deals that, for whatever reason, have been on the market for awhile and, if they meet your criteria, structure an offer that works for you (but is probably way below the asking price/terms).

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  • Scott W.
    OP
    Investor · Cleveland, OH · Member since 2016 · 30 posts · 1 vote
    10y
    Thanks all. George - I've definitely been taking the "last" approach -- letting the property sit and waiting till the Seller's circumstances change and then coming in with an offer that makes a lot of sense for me -- far under asking -- and then doing added negotiations during due diligence to lower price even further. Would love to find more off market deals but haven't been able to find them to date -- will keep networking and working at it though. In my area, there's some major players that all the brokers go to first -- difficult to break in ahead of those guys that have been around for decades and close fast with no headaches...
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  • Carlos Rodriguez Jr.
    Real Estate Broker · Miami, FL · Member since 2016 · 6 posts · 3 votes
    10y

    Check out Ten-X. They have been promoting heavily in Miami and according to them, they are the future in real estate. They have google's backing and are commercial agent friendly.

    www.ten-x.com

    -CR

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  • Joshua Leite
    Professional · Irvine, CA · Member since 2014 · 45 posts · 14 votes
    10y
    Originally posted by @Carlos Rodriguez Jr.:

    Check out Ten-X. They have been promoting heavily in Miami and according to them, they are the future in real estate. They have google's backing and are commercial agent friendly.

    www.ten-x.com

    -CR

    For anyone that is not aware Auction.com is now rebranded as  Ten-X...

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    10y

    Yep they did this to split out parts of their company.

    Never liked that auction process as the properties tend to be overpriced for the winners with their bid up system.

    I stay away as usually it's a waste of time. 

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    1Reply
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