Do you reach out to owners through CoStar to find off-market deals?
I have plenty of passive investors looking for a deal but a few of them want something off-market so that it still has a good margin. Any recommendations on how to approach owners of retail or multifamily properties and convince them to sell?
[{"id": "epjzsjc", "text": "Yes", "replies": [], "depth": 1}, {"id": "epk0shq", "text": "\u201cMr. Seller, I know you are not currently on the market, but would you consider selling for a below market price to my clients?  Also, I would like a fee.  Thanks!\u201d", "replies": [{"id": "epk1t54", "text": "Lol!", "replies": [], "depth": 2}, {"id": "epk2s1o", "text": "I was thinking something along the lines of giving them a valuation report and if they could get a good price to sell then they would sell, or we can help with leasing", "replies": [], "depth": 2}, {"id": "er8wmmg", "text": "This approach has always worked for me", "replies": [], "depth": 2}], "depth": 1}, {"id": "epk1y66", "text": "The long answer is to work backward. Id the property, back of napkin the uw. If it pencils, look up the owner and figure out if they might be looking to exit.\n\nThere is zero chance you'll pay below market at this point, but you may find a deal no one else is chasing.", "replies": [{"id": "epk9sow", "text": "Thanks", "replies": [], "depth": 2}], "depth": 1}, {"id": "epna467", "text": "No. Costar only captures what has been transacted on through certain platforms.  Most of the best off-market deals are going to be found by engaging with local brokers or going to the site and talking to the right people there.  I've purchased three of my fund's best deals doing the direct approach strategy.  It's about knowing what you want and engaging aggressively.\n\n  \nCostar is best for brokers, and mediocre for principals IMO.  If you're a solid buyer, deals will find you before you find them.", "replies": [{"id": "epncibg", "text": "I'm a broker looking for deals for my Investors", "replies": [], "depth": 2}], "depth": 1}]