Best way to sell a mixed use commercial property

Member since 2021 · 4 posts · 2 votes

I am an agent and trying to find an off market buyer for a large commercial/apartment building for my broker. They own it. What is the best way to find a potential buyer without listing it on the mls. I have posted on a couple local investor fb groups. I am acting more as a middle man. If I find someone. They will handle the rest.

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Daniel Stoychev

Investor · Sarasota, FL · Member since 2022 · 29 posts · 14 votes

@Tom Pubins

Good question.

Depending on what kind of access to information you have, and if you use any software to find property data, you can find buyers in the given area, what they have purchased, etc. Websites such as Crexi or Reonomy will have a lot of data.

Reaching out to them and seeing if they are actively investing and offering the property is a good start. If it is priced right, then moving it off market should not be an issue.

Reach out to your network of industry contacts is huge as well.

Hope that helps.

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Daniel Stoychev
Investor · Sarasota, FL · Member since 2022 · 29 posts · 14 votes
2y
@Tom Pubins

Good question.

Depending on what kind of access to information you have, and if you use any software to find property data, you can find buyers in the given area, what they have purchased, etc. Websites such as Crexi or Reonomy will have a lot of data.

Reaching out to them and seeing if they are actively investing and offering the property is a good start. If it is priced right, then moving it off market should not be an issue.

Reach out to your network of industry contacts is huge as well.

Hope that helps.

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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
2y
@Tom Pubins this is kind of confusing. Are you listing the property? Is the owner listing it? If you don't have a buyer relationship already set up, then you will need to market it to find a buyer. The MLS is only one way, but you could do LoopNet or other commercial sites to market the property. The main issue, of course, is that many, many unqualified buyers will contact you. That is where the commercial brokers specialize in knowing the main players in any given area.
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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y
This post doesn't make much sense. It sounds like you are a residential agent trying to do commercial for your broker? Crexi and CoStar are where you list commercial properties outside of the MLS, but they cost and you need to have good docs to get anyone to look. Also, most seasoned commercial agents don't want to deal with non-experienced agents trying to do commercial.
Also, why did you say mixed-use in the heading? Are there retail units also?
Why did your broker want you to handle this off-market if they own it?
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Joseph Konney
Real Estate Agent · Forest Park, IL · Member since 2014 · 255 posts · 141 votes
2y
@Tom Jordan

Here's a start:

1. start a buyer's list (or use existing from company)

2. various forums

3. daisy chain with a wholesaler to tap into their buyers

4. reach out to brokers who sold similar property in the greater area

5. reach out to owners who have similar property in the area (particularly recent buyers)

If the commercial space is < the residential space and there is no more than 4 units total, this could be a good option for an FHA/conventional buyer. If there is 5-6 units, possibly some could be combine and it would still be good for an FHA/conventional buyer.
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