Where to look to buy commercial real estate like redfin?
Hi guys, trying to figure out if there is a place like redfin for commercial real estate? I'm primarily looking in Los Angeles, California
[{"id": "fojttvm", "text": "Loopnet", "replies": [], "depth": 1}, {"id": "fojtwov", "text": "LoopNet and Crexi would be the top ones. You can search by tenant, location, or cap rates.", "replies": [], "depth": 1}, {"id": "foju47i", "text": "Oh thank you!", "replies": [], "depth": 1}, {"id": "fojuj29", "text": "Any best practices I should look out for? Kind of new so still doing my research any tips or pointers much appreciated", "replies": [{"id": "fok48u6", "text": "Oh, I see thank you all for your kind input and information. How interesting didn't realize commercial is so fragmented. I'm just looking or rather curious because of all the store closures id imagine eventually some of these stores will close and I always wanted to own my own store outright. Guess I'll just keep doing research and be on the lookout for the things to come. Stay safe all! And thanks again", "replies": [{"id": "fpqpsn6", "text": "Too early for that process. Will be 90+ days before the locks are changed.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fojvx27", "text": "[TotalCommercial.com](https://TotalCommercial.com) is one that's big in Florida and has a fair number of listings in other states.  Otherwise, mostly Loopnet, but it's limited if you don't pay for it.", "replies": [], "depth": 1}, {"id": "fojwih7", "text": "most people use brokers, bottom of the barrel stuff for the most part is going to be on crexi or loopnet", "replies": [], "depth": 1}, {"id": "fojwrq5", "text": "Loopnet but it has a reputation for being unreliable and not being a good representation of the market. Most listings aren\u2019t \u201cpublic\u201d like residential because they\u2019re no MLS for commercial properties", "replies": [], "depth": 1}, {"id": "fok01tj", "text": "CoStar national is great, but you need a license for it. Loopnet has similar listings and is free.", "replies": [], "depth": 1}, {"id": "fok5jt1", "text": "Find a broker or  auditor website and cold call", "replies": [{"id": "fokbzkf", "text": "An auditor. Website? Any links you can share as a start? Never heard of an auditor Website", "replies": [{"id": "fomajsn", "text": "I'll show you. Feel free to PM me", "replies": [{"id": "fomcq11", "text": "really?", "replies": [{"id": "fomgbu2", "text": "Sure", "replies": [], "depth": 5}], "depth": 4}, {"id": "fpj2i3r", "text": "Hi I was wondering if I could grab the auditor site too.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fokh4ei", "text": "Redfin does not exist for cre because there is no mls. Costar, Crexi and Loopnet are closest to mls sites like redfin or zillow but it is again not the same because while most residential properties make its way to the mls, in commercial they are often sold off market. You rarely get a 'deal' when you see a property on loopnet, and if its on there then most 'offline' buyers have already passed on them. Brokers control most of the inventory in commercial and they dont share information like they do in residential.", "replies": [], "depth": 1}, {"id": "fokicle", "text": "I see, so broker is the way to go shame. In this day and age where data is abundant still have to do such archaic things.", "replies": [{"id": "fokois1", "text": "A good commercial broker is worth their weight in gold though. That said, I've had enough deals that went sideways because the tenant rep or seller's broker was blowing smoke so far up their client's ass that they were impossible to cut a deal with. I'd say 80% of those deals come back once the toxic broker gets out of the picture. \n\nDefinitely a mixed bag, but if you can find that honest broker (I've known about 3 in my 15 year work history) buy them a beer and treat it like a friendship and not just a transaction. They can get you out of a tight spot if you're dealing with a difficult person at the other end of the table.", "replies": [{"id": "foks5wj", "text": "Best advice I\u2019ve read on this thread^", "replies": [], "depth": 3}, {"id": "folxden", "text": "Ah I see, good advice", "replies": [], "depth": 3}], "depth": 2}, {"id": "foksg15", "text": "Real estate is one of the last remaining investments where there is asymmetric information and is the reason you can still make a lot of money in it. Otherwise, we might as well let our algorithm overlords run the country", "replies": [{"id": "fol3vwo", "text": "Information asymmetry is the primary path to abnormal returns, and people are forgetting that. The only other example I've seen is a friend in the precious metals recycling business.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fokw1ct", "text": "To say loopnet is inherently bad is incorrect. I bought off there before I knew better ways and luckily it worked out well. \nThat being said you will have SO much more selection if you have a good broker. The way it works is these brokers keep the listings private for a long time. Months. They offer them to their clients and their partners\u2019 clients, and other national brokers for their good clients. My broker will put a property on Crexi as a last resort, but there are a couple reasons they don\u2019t right away. One is they get hundreds of tire kickers. It\u2019s lots of work to reply with info to these folks that either are just curious or have no ability to actually buy. Second it costs a lot of money to post on Crexi.  Third, they want to keep more commission and if they sell to an acquaintance broker or partner broker they can keep more. \nIt took me years to get a good one but once you have one it\u2019s amazing. I told my husband (we are both in the military) that it\u2019s like being a general v a Lt. My current broker does everything for me. When I need financing he sends my financials to different lenders and gets quotes. When you have a mediocre one they will tell you to go find financing.", "replies": [{"id": "fomg2dy", "text": "Any advice on how to find a good broker?", "replies": [{"id": "fommey9", "text": "Be a good buyer.", "replies": [], "depth": 3}, {"id": "fomqi9f", "text": "Yes PP is correct...be a good buyer. My first agent was fine but not amazing. Who did stand out to me was the seller\u2019s agent on my second bigger purchase (64 units). Now he\u2019s my agent. Credibility is everything in this business. My agent and my lender know that I\u2019m reliable, excellent credit, but most importantly I\u2019m a nice person. I treat them with respect and thank them often for what they do for me. I treat them as humans. Find out what\u2019s important to people and show interest. \nUnfortunately relationships aren\u2019t something you can google search. You\u2019ll have to build them. I\u2019d start by going to real estate events and discussions and talking to agents. Call some of the commercial agencies in your area and see if they host any community round tables. Show up and be friendly. Only after you have that relationship will things start to happen.  But be realistic. If you don\u2019t have money for a downpayment don\u2019t expect them to spend hours and hours on you. This is their livelihood.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fokyv20", "text": "Try [Commercial Exchange](https://www.commercialexchange.com/). They are relatively new and expanding market by market. They are the public side of Catylist which here in Denver was offered up as an alternative to CoStar when Exceligent when under.", "replies": [{"id": "folbtx3", "text": "In the LA area, I believe they're the platform that AirCRE uses.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fol37ks", "text": "You can try Crexi and Loopnet for sure, but go to the websites of the top brokers in your area (SIG, Marcus &amp; Millichap, Cushman &amp; Wakefield, etc.) and get on their email newsletters. They send listings to my work email daily. Most of the listings are already on the mentioned websites if they're using something like Buildout, but it's nice to get them delivered so you can easily check them at the end of the day to see if there are any interesting properties. Sometimes they send listings out because they need to move them fast, like a 1031, which presents an opportunity for the buyer. Also, if the broker has a close relationship with a developer they'll send out brand new properties with a fresh lease.", "replies": [], "depth": 1}, {"id": "folhcbk", "text": "Highly recommend CREXi as they have many buyer friendly tools to help you refine your search.", "replies": [], "depth": 1}, {"id": "folkqen", "text": "Padmint is a new platform in Los Angeles dedicated to commercial", "replies": [], "depth": 1}, {"id": "folx5ze", "text": "You can try our site Digsy, www.getdigsy.com and you can search for commercial property on your own or request help from a local broker and we connect with the best in the biz. We have hundreds of great brokers in California to connect you with.", "replies": [], "depth": 1}]