It's hard to "shop around" to find the right realtor fit without seeming deceitful or dishonest. Every office will tell you their agents are great. How have you all found your agents who are strong with Chicago multifamily investing? Or did you skip that option altogether, and just work with wholesalers?
I'm ready to purchase the next one or two multifamily investments in suburban Chicago, and see this as an opportunity to start building those deal-finding relationships for the long term. Any advice is welcome. Thanks for being a great community.
@Christopher Boyle finding the right agent can take some time, most are new and have little to no experience with investment properties, it's hard to sort through agents based on completed deals. I can help you connect with one, I can refer you to an agent in your area who has worked with investors and has a good amount of transaction under their belt.
@Christopher Boyle I would recommend using an agent that is also a fellow investor. This should be an automatic/easy vetting to make sure an agent isnt just telling you they are a mulit-family expert. After you graduate into 5+ unit buildings you will find that its likely easier to build a network of mid-market listing agents to get directly on their off property lists. Using a buying agent for large purchases isnt normal practice since the listing firms are seeking dual agency and wont co-op commissions.
I can connect you with a couple of wholesalers as well, but those deals aren't very laser focused on any specific buying profile... so it could take a very long time to find the needle in the haystack with wholesalers.
The availability of commercial multi-family in the suburbs is way less than in the city, so that's why you'll see most commercial brokerages focus on the city. It's just practicality. There's not as much supply. But the time of the market is tight, so you have to have as many ways as possible. Sometimes residential brokers will have a listing, sometimes commercial, you should contact owners directly, find some wholesalers.