Why are there no pics for multi family listed in Zillow etc?

Question

I was just wondering why there are no pictures listed for any of these deals that I come across in Realtor or Zillow etc. whether it's coming soon, foreclosure or active? There has to be any easier way?

Jonathan Twombly · Answer

Account Closed  Most desirable commercial listings never make it to a website - even the brokers' own website.  If they are pocket listings, they are shown only to investors who the broker thinks are a good potential fit.  If they are marketed listings, they are generally blasted to the broker's email list.  In this market, that's all it takes to market a deal.  What makes it to Loopnet is generally the deals that no one else wanted.

The way to get good commercial deals, then, is to develop relationships with commercial brokers.  One place to start is to identify them and sign up on their websites.  At least that way you will see the publicly marketed commercial listings.  You can start to engage with the brokers this way and develop relationships with them.

This takes time.  In my case, it took me nearly a year to get into contract on my first deal.  That deal fell through, and I changed markets, and I had to start all over again.  It took me another year to get my first contract in the new market.

Daniel P. · Answer

Account Closed There aren't a lot of multi family places in Frederick? I haven't looked in that area as I don't want to be a landlord in Maryland but you could try to find some deals that aren't on the MLS if you want to stay in your neighborhood.

David Dachtera · Answer

Zillow is mostly SFR. You may find a duplex, 3-unit or 4-unit here and there, especially if it has ever been on the MLS in its area.

Commercial properties (5+ units) - not so much. Older listings may make their way onto LoopNet. Google "multi family commercial real estate listings" for more options, also.

Andrew Johnson · Answer

Account Closed My personal experience:  sometimes there's a lag of 1-2 days between when it's posted and when pictures come.  When the pictures do come I'd say there's a good chance you'll only get exterior pictures.  If you do get interior pictures I wouldn't expect them to be up-to-date or representative of the current condition.  Don't get me wrong, I don't think they're trying to be manipulative but an owner selling an apartment where people rent can spook the tenants.  Spooked tenants are more likely to move out or start asking 100 questions.  So owners and property managers aren't going to come in and start taking pictures of the interior of the units with no explanation.  They don't know if it's going to sell in 30 days or be on the market for 9 months.  The net result is that it's not uncommon (again, my personal experience) to see a commercial multifamily listed but if you drive by you won't see a giant "for sale" sign in the front yard.  Not sure if this really "solves" anything but that's been my experience.

Dan Bernstein · Answer

Account Closed Most of the Multifamily in our area DC Metro/Baltimore NOVA etc is off market.  When we get a deal in house, we call all of our investors.  If there are no takers from our immediate network, we then look to other brokerages or online resources, such as bigger pockets to find a buyer.  The best thing you can do is establish relationships with agents and brokers who will send you deals when they come in...

Daniel P. · Answer

Account Closed there are many options to find deals. It doesn't have to be on the MLS. In fact, many great deals don't make it to the MLS. I know I have had some deals presented to me from folks in my network before ever being listed. So I would say utilize your network. In addition if you see properties that you would like to own, it doesn't hurt to reach out to the current owners to see if they are interested in selling now or potentially later down the road. What is the worst they can say, no? Point being, don't stop looking for deals just because you don't see them online. Real estate is a personal business (in my opinion) so don't be afraid to go out there and meet new people and utilize the network you have.

Brie Schmidt · Answer

If they are occupied, it is a liability issue.  Let's say they have a big screen TV and get robbed, well the landlord posted pictures of it and their address online.  So it is pretty common to not have interior photos unless the unit is vacant or the landlord took pictures when the unit was vacant

Jonathan Twombly · Answer

Account Closed  It's not just better financing options.  If you want to accumulate wealth and replace your job income, it's much faster to buy bigger properties.  It comes with its own problems, though, like being limited by your net worth and having to deal with much more interference in your business from banks.  I won't say there are fewer or more headaches with commercial properties, but there are different headaches.  The way I structure my deals, I don't have to deal with tenants.  But I do have to deal with lenders and investors.  It doesn't require a lot of time, but it does require a lot mental energy, especially when things are not going well and you have to explain to other people why not.  But, bigger deals are where the bigger money is, if you can figure out how to get into them.

Jonathan Twombly · Answer

Account Closed  Anything 5 units or more is commercial.  Four units or less is residential.  But, practically speaking, quads are usually purchased by investors, even though some of them want to live in a unit.

Account Closed · Answer

All of that totally makes sense! Thank you. I'm a newbie property manager and I will become very familiar with all this shortly. Thank you for the perspective of the tenant!

Why are there no pics for multi family listed in Zillow etc?

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