Should I Sell My 45-unit Apartment Without a Broker?

[Lee Yoder]

I'm considering selling my 45-unit apartment portfolio in Dayton, OH (29-unit, 8-unit, 8-unit all within 3 miles of each other). The property is completely turn-key and we're going to sell it at a true 7-cap. In this crazy buyer's market, apartments sell so easily. So, I'm wondering if I should just sell this apartment portfolio on my own instead of losing 3-6% to a brokerage. I've listed through an online brokerage before and only had to pay $300. Heck, my partner is actually still a realtor, so I guess he could sell it. 

Has anyone gone this route and had success?

I know brokers will say that they can sell for a higher price, but in this market, I'm not so sure that's the case. I do believe that brokers control nearly all of the deals in this market, so selling with a brokerage could help to increase my relationship with them which could potentially yield a deal in the future. For this reason, maybe selling without a brokerage is a mistake in the long-run. 

What are your thoughts?

[Jay Hinrichs]

commerical brokers who deal in MF are not your typical beginner agents who are just starting out selling houses etc.

commission are negotiable.  I suspect if you have a desirable MF brokers are already calling you saying they have clients

you could ask them to have their clients pay their fee thats done in the industry.

good luck.. as rates climb if rents dont go with them cap rates are going to be affected to the benefit of the buyers I would think.