Where to find a Quality Apartment RE Broker?

Question

Where can I find a broker that specializes in Apartment buildings?  How do you usually go about it?
 
Do you usually have to sign a buyers contract with them or do they just search for properties for you? 
OR should I just go the route without haviing a buyers agent to repressent me and just save the commission?

What should I be looking for?
I want someone who is hands on and helpful, and also experienced and professional

Will F. · Answer

Thanks everyone for the advice. So in multifamily I take it that it's hard to find buyers agents. Seems odd to me, because I would have assumed the commission would be split like in Residential RE? What about buyer protection and how do I cover my own ass like a buyers agent would in residential?

Should I just find bird dogs or finders fees for properties or do most small investors just do all the searching and property analysis themselves?

Anyways I'm still looking for properties if anyone knows. Been searching for a while, found some descent properties, but would like to find something better. Thank you everyone for your input.

Ty can you contact me I'm in the South bay area. We were actually looking at properties in Long Beach primarily.  I invest with family and have experience with SFH to 4plexes. We are now trying to find good cash flowing apartment buildings :)

Ty Golera · Answer

I also agree that you should get an agent who only specializes in selling multifamily units. Yes, there are double-dip agents who list & sell properties. Some are pocket listings that never make it to the MLS or AOA meetings. I personally only sell or finance multifamily properties in the south bay,Long Beach, North OC area so I would not be of help in the congested metro pats of L.A. or the Valley. 
Yes, a good & experienced agent may request you to sign a buyer's agent contract. It has happened many times where a buyer finds a property w/o the agent who has spent hours with that buyer educating them and conducting research only to find that they will deal through a friend or relative when it is all said and done.
Bill

Joel Owens · Answer

Will I specialize in multifamily and triple net properties as a commercial principal broker. It's all that I do.I am also an investor myself so I look at it differently than just closing deals.

The big brokerages for the most part are all about volume.They work in teams and are only focused on pushing their inventory and not selling you on the best property for you and your goals.

Many transactions happen with a commercial buyers broker.I help clients nationwide.

Simply if you want e-mail me and then we can do a call to discuss what you are trying to do,money available,finance structure,cap rate and area wanted going in,and your exit strategies.

I can at least help you get focused in the right direction.I work with many clients here on BP

Nick L. · Answer

Most commercial RE transactions use a single broker for dual agency (where the law permits). So your best bet is to call every commercial listing agent you can find, describe your search as specifically as possible, see what they currently have and get added to their list. As Joe Bertolino pointed out a large agency like Marcus and Millichap may function as a buyer's agent for you if they know other properties on the market but this is not their primary role.

Joe Bertolino · Answer

I would call your local office of Marcus and Millichap.  They have a pretty good handle on the local market and what is available.  Expect to get a email with a few listings and some info and then you will start to get more service when they see you actually have money and are serious about it.  They don't mean to be cold but they are after wasting time on a bunch of people without the ability to perform.  They will represent you but they won't do a bunch of leg work until you have demonstrated you are serious and able.

Loretta A. Steele · Answer

Joe is on target about buyers agents in the commercial side of real estate.  There is a lot of research involved in representing a buyer for an apartment transaction.  That is not to say that agents do not work as buyers agents.  This usually happens when there is an existing relationship that has been cultivated between the investor and the agent.  Commercial real estate involves continual relationship building much more than residential.

BiggerPockets is a great environment for learning, researching and building relationships.  Will, I don't know if your are new to BP or not.  Your questions might get more responses with an updated profile.  A full name, type of investor, clearer location than just a state and public vs. private profile would help.  That's just my suggestion.

There's many brokers in the LA area.  I don't have a recommendation, my focus is parts of Riverside County.  As Joe has suggested check loopnet, costar, etc.  or contact a few brokerages.      You might have to go it alone at first, but as you build your portfolio also begin to build relationships with a brokerage.  A good agent is worth their commission.

Will F. · Answer

Thanks Joe. So are you saying that there aren't 'buyers commercial brokers'? Do apartment investors usually not use buyers agents?

Aren't buyers agents good for representation and also to find something I can't find, or are you saying that

Should I just keep searching loopnet for properties or would it make sense to find a buyers agent?

Anyone recommend on in the LA area? or should I just call up some brokerages and ask for agents/brokers that specialize in apartments

Joe Bertolino · Answer

I work with several and none really function as a buyers agent.  They all have spent a lot of time with tire kickers and they have been burned.  Now they are listing agents and they market their listings on loopnet, costar, etc and reach out to anybody that is qualified.  There are generally not pocket listings like you see in residential... the brokers want to list properties and to continue getting listings they need to market and sell them for the highest price so they will not do a buyer any favors.