SVN Chicago input or experiences?

Question

I am currently in research mode.  Just checking out different neighborhoods etc in the Chicago area.  I have seen a few listings from SVN Chicago on loopnet that may be interesting.  Curious what peoples experiences have been with this group, both on the real estate and property management side of things.  Just kicking tires at the moment.  Probably a few months away from jumping onto a deal.  Any insight is appreciated.

Yonah Weiss · Answer

Account Closed I am familiar with SVN, they are one of the largest national commercial real estate advisory firms. I know some of the brokers in Chicago personally, although I have never used them, as I have never looked to invest in Chicago. They are great resources, especially Reid Bennett.

Loopnet, as others have said is not a great resource to find properties (although I know people who have bought great deals off loopnet), however it is great to find the active brokers in that market. Your best bet for finding great properties, is to reach out to as many brokers as possible, until you find the ones you like and trust, and who will send you good deals.

Good luck.

Jonathan Klemm · Answer

Account Closed - I have also never heard of SVN.......I suggest you keep asking around.

I wouldn't be worried about investing in Chicago because there is a hold on evictions until you actually have some tenants to worry about.

I think now is the time to lean in since everyone else is fearful....

Steve Morris · Answer

Can only talk about SVN in Portland since used to work with the franchise.

Their lead is reduced commission to sellers (half the commission all the time or something like that).  Their franchise fee is lower also.

In Portland, didn't usually see a buyer-paid commission, but it'll vary by office/broker.

I guess Chicago (again, there may be multiple un-related different SVNs in an area) was doing good numbers.

Like any broker, I wouldn't weigh the franchise as heavily as the individual broker and understand the exact terms of the deal.

Heck, if any broker has a good clean deal as a listing, I'll work with them even if I don't trust them.  Big houses or small house doesn't seem to make a diff, since really sharp brokers usually open their own shop.

Steve Morris · Answer

Having worked with SVN, that is NOT a SVN corporate thing.  If so, that's the individual broker's call.

Henry Lazerow · Answer

SVN is a solid professional broker but as said above if its a 5+ deal and on loop net its overpriced junk. Its not like the 2-4 units where most go online. They push all their properties to internal network which includes 100s of local owners through cold call prior to going on loop net everyone serious commercial buyer in area already seen.

John Warren · Answer

Account Closed I have never heard of them, but if the deal is on loop net, then 99% of the time it is not a good deal. The reason these commercial brokers put things on loop net is because their list internally was not interested. Most of these brokerages will market to their go to list first, then they move through the next few lists (increasingly colder leads/newer buyers). The last thing they do is throw it on loop net once no one they knew wanted it.

Account Closed · Answer

@John Warren

Thanks for the response. Understand that loopnet isn’t the best place to look for deals. I am just dipping my toe into multi family and it is a good place to find info just to see what is out there. Have been using it as “practice” to analyze deals. I have a couple SFR’s under my belt and am looking to scale up a bit.

I am a bit concerned with investing in Chicago at the moment because of the hold on evictions at the moment.

Account Closed · Answer

So no one else in all of Chicago has any experience with this group good or bad. I think that tells me everything I need to know.

Reid Bennett · Answer

It is not the case with the SVN office of Chicago as a whole. That must have been a specific individual in the firm of over 54 agents.

Matt B. · Answer

@Steve Morris - Thanks for the heads up. that was definitely one of the reasons I didn't follow through with them.

SVN Chicago input or experiences?

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