What is the best way to build a list of multifamily properties?

Question

What is the best way to build a list of multifamily properties?  Any guidance would be much appreciated.

Taylor L. · Answer

Agreed with Account Closed, @Theo Hicks has a lot of wisdom to share here.

My methodology has been a combination of pulling publicly available lists and places like Listsource and AgentPro247. The research rents based on those lists. This stuff takes a lot of time, for sure.

Or, you could buy Costar!

Nick Schoch · Answer

• Get access to title data for all properties in your target geography.
• Filter by relevant factors like unit count, age, etc.

The more specific you are with your question, the easier it is to help you with more specific answers.

Ray Johnson · Answer

@Matthew Schaefer I'm with @Theo Hicks item number four on his list, I have several firms sending me Apartment deals regularly, I get on average about 5 apartment deals per day from the various teams, there is zero need for you to spend the time building a list, there are many people out there that do this for a living and will work with you.

The only issue is sometimes they'll send you a deal that isn't in your criteria requirements, I don't do Student Housing Assets, however at least once a week I get a Student Housing Asset sent to me in hopes that'll I'll bite, I don't even look at them but that's a part of their job as well to get a deal closed.

Omar Khan · Answer

@Matthew Schaefer Great advice above OR you could save yourself the hassle/mental anguish/pain/cost and go with a solid broker if your market. Kinda the same way you don't kill a cow yourself when you want a steak or build your own car.

FYI: I am not a broker.

Theo Hicks · Answer

1) pull data from the county auditor site

2) use a paid service like ListSource or CoStar

3) pay a VA to create a list for you (Upwork is a good service to find someone to pull a list for you

4) partner with a broker

Tyler Lynn · Answer

Matthew,

As most have said above, here are some great ways.

1. Property Appraisers website, each counties looks a little different, but if you do advanced searches you can really narrow it down to give you a solid list of properties based on your criteria. This is also the same location you can find the owner, whether it be a name or LLC, it is still a great start.

2. Use a paid service, Reonomy/Costar, NOT CHEAP. But very good material.

3. Pay someone to create a list for you, VA from fiverr.

4. Create a relationship with a broker.

Yes this is basically a repeat of Theo's above post, but wanted to say each of these have been successful for me as well.

To touch on the above topic of whether or not you should work with broker and let them do the hard work with owners or work directly with owners. Both are successful and you should be implementing each strategy to create a solid funnel of deals. You can get solid deals if you have a good broker relationship and they bring you the deal first, but when working with owners and you happen upon a motivated seller you can truly get a price you negotiate which can sometimes be much below market price. Both strategies require a strong follow up and commitment to the relationship, whether it be with owners or brokers.

Thanks,

Tyler Lynn

Chase Louderback · Answer

@Matthew Schaefer

All of the posters above have essentially covered all the bases.  The only products I wanted to add would be Reonomy or you can look into ProspectNOW.  Both have free trials.  Good Luck!

Allyssa McCleery · Answer

@Taylor L. I have been hearing a lot about costar. Does this service provide accurate phone numbers of the owners? I have been using Reonomy to do research but the phone numbers, unit count, and debt associated with the property do not seem to always be correct. What is the difference between these services?

Scott Morongell · Answer

@Matthew Schaefer a broker is your best bet. Build rapport and over time you will be awarded a deal or two.

Yannik Cudjoe-Virgil · Answer

@Matthew Schaefer Another way is building a good relationship with a commercial broker and ask(or pay) them for a list of mulitfamily properties from their CoStar Database

What is the best way to build a list of multifamily properties?

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