Any good apartment brokers?

Question

Can anyone recommend any good apartment brokers in the Cleveland area? That person needs to know every in-and-out of investing apartment or mixed used properties in the area.

Thanks,

Carlo

Oren K. · Answer

Carlo,

Happy to help;

For an Agent - Matt King has already responded on this thread. I have worked with him and I have no hesitation is saying that he knows his stuff. We have had several discussions regarding how underwriting gets done from various perspectives (e.g. Seller, Investor, Bank, Agent) and the business of being an agent.

For PM, I am working with a company called Midwest Realty. They are knowledgeable, responsive and helpful. If you would like an e-intro, send me your direct email and I will connect you to the owner.

Regards,

Oren

Carlo C. · Answer

Hi Oren K.,

Thanks for the comments. When I asked for "good" agents / brokers, I meant someone has actually used them and had good experience with them. Then I will personally interview them. I think that would be more efficient than just beating up the bush and interview every one of them I could find from yellow pages of some sort.

Please feel free to share any good resources that you have used before. I'd appreciate it. I need every role that will be played in the game so not just agents or brokers.

Thanks,

Carlo

Oren K. · Answer

Carlo,

No put down intended but I always get  chuckle out of a question like this. What do you mean by 'good'. I know several of the agents on BP that work the Cleveland area as I own a property there and continue to look for others. I have no problems stating that they know their business, understand the market and in many cases, for certain areas, literally know building-by-building who owns it, when it last traded, the condition of the property, the tenant base, etc, etc. They have and can share a deep wealth of information.

Having said that, I find that the majority of the time, they are representing the Seller. That being the case, they have a DUTY to that seller to present the property in the best possible light to get the best possible price as quickly as possible. When they are in a 'dual agency' situation (i.e. they are formally representing both the Buyer and the Seller), their obligation is to mostly provide information and not opinion / recommendation. They will answer every question asked to the best of their ability / knowledge. The key point here is 'asked'. If you don't ask, unless it is a major issue (e.g. cracked foundation), they may not make you aware of it.

As well, many (dare I say most) agents are 'driven' by the Seller. The Seller may have unrealistic expectations but the agents will still take the listing because they then 'control' the listing. Any proposal must come through them. You never know if a Buyer out there will meet those expectations or the Seller decides to suddenly lower their expectations and accept an offer ; that is what makes a market.

Please do not confuse my comments above as cynical or sarcastic. I very much respect the work that agents do. I could not do it. But I do, as should all investors, recognize that there are interests involved that are not perfectly aligned with mine and so have to act / think accordingly.

On the PM side of things, if you have not done so yet, should do a search of East vs. West in Cleveland. There have been some 'lively' threads that are worth reading. I don't agree with everything in them but they are useful input. If you want an intro to the one I am using (who I am quite happy with), happy to help.

Good luck,

Oren

Tom Ott · Answer

Send me a message when you are looking for managers.

Carlo C. · Answer

@Tom Ott: I'm looking to purchase and from there I also need to find some good property management companies.

Tom Ott · Answer

Are you looking to have one managed or to purchase? Send me a message!

Matthew King · Answer

@Carlo C.  There are a few good, active apartment brokers on this site.  Good Luck!

Any good apartment brokers?

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