Real Estate Agent · Member since 2018 · 4 posts · 0 votes
I am a commercial real estate agent in Los Angeles, CA & am working with a few off-market motivated sellers. My problem is I don't really know how to find buyers for my properties. They are multi family properties and one of them even has pre approved plans from the city for an additional 5 units (literally ready to break ground). I have created OM for the properties and have found a few people who seem interested but, haven't heard back from them after sending a NDA and the OM. I feel kind of stuck because I can't list the properties so I don't know how to reach out to potential buyers. I was thinking maybe through social media? But, it is kind of hard to advertise a property when it is off-market because I can't disclose the address of the property. If anyone has advice on how I can reach out to more buyers please feel free to let me know.
I like to add that I have been also calling multi family property owners in the area and asking if they are looking to purchase another property but, it doesn't seem to be going anywhere.
I guess my first question would be, "are they deals, or just off-market?"
Typically, coastal california RE that is any kind of a deal goes pretty fast. That being said, we are starting to see some increased CDOM/DOM for the higher-end development deals here in the affluent areas of town, because the numbers don't work.
There is a guy on here who posted a very extensive thread about a SoCal development project, he might be a good contact for you.
But the first thing I'd do is figure out what you have. Is it a greedy seller who wants top dollar for a pile of poo, or someone who is actually going to work with the guys/gals who are going to execute the project and have their butts/reputations/credit scores on the line?
No legit buyers want their time wasted, so, in the words of Ronald Regan......trust, yet verify.
If you don't have a list of buyers drooling to buy off-market and you're an agent, why can't you list the properties on MLS or loopnet or something? What about craigslist? Can you list them on BiggerPockets?
I am a real estate broker in Long Beach CA. If you are willing to cooperate with a buyers agent i would love to try to put a deal together with you. I am happy ro sign an nda and have any of my clients do the same. Also, have you tried cold calling owners or sending postcards with limited info about the property to generate some calls?
I guess my first question would be, "are they deals, or just off-market?"
Typically, coastal california RE that is any kind of a deal goes pretty fast. That being said, we are starting to see some increased CDOM/DOM for the higher-end development deals here in the affluent areas of town, because the numbers don't work.
There is a guy on here who posted a very extensive thread about a SoCal development project, he might be a good contact for you.
But the first thing I'd do is figure out what you have. Is it a greedy seller who wants top dollar for a pile of poo, or someone who is actually going to work with the guys/gals who are going to execute the project and have their butts/reputations/credit scores on the line?
No legit buyers want their time wasted, so, in the words of Ronald Regan......trust, yet verify.