About to start brokerage targeting multifamily nationally... have a few questions..
[deleted]
[{"id": "iwmxg52", "text": "My recommendation is that you don't, unless you have some sort of niche you're targeting (i.e. senior housing, study housing, etc.).  I'm in the multifamily brokerage business and can barely keep up with the the products and players in our submarket, let alone nationwide. You have to ask the question, why would someone use you as a broker when you lack the core real estate fundamental of understanding the particular market you are looking to sell/buy in? If you're intent on going nationwide, I would be focused on getting to know the sellers in your market and utilizing that knowledge to start targeting out of town buyers.", "replies": [{"id": "iwo8ixs", "text": "Agree with this. \n\nThe only sellers I target nationwide are banks that have multifamily REO. The emails are easy to manage. I use Costar to give comps and work with agents in those market.", "replies": [{"id": "iwt2rvg", "text": "If I want to buy \"bad paper\" for multifamily, how do I find out the banks to approach. I can do a search at the FDIC website, but I don't know the profile to use.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iwnx2h2", "text": "Are you going to be brokering deals off market?", "replies": [], "depth": 1}, {"id": "iwomtpb", "text": "I\u2019d like to help dispo nationally when you find actual deals.", "replies": [], "depth": 1}, {"id": "iwpzwez", "text": "Are there brokers in your office who are doing national MF deals? If not, jumping right into large national deals as a brand-new broker is going to be sheer brain damage. I respect you thinking big picture and looking to aim nationally, but I'd strongly recommend starting in your own market first and understanding your business. Being a new broker and trying to go after 500+ unit deals nationally will take YEARS of business development and relationship building. \n\nFocus on larger deals in your MSA, get used to the fundamentals and how to broker deals, and then start consolidating your clients down to the ones that have national portfolios. You'll have a steadier income, and the experience will be priceless.", "replies": [], "depth": 1}, {"id": "iwq9leo", "text": "Hate the company, but CoStar = CRE info company, Co-Star = horoscope app. Just sayin, you probably haven\u2019t looked at the CoStar logo enough to know how it\u2019s spelled", "replies": [], "depth": 1}, {"id": "iwt3hy4", "text": "I have been \"bird dogging\" off market deals in my San Diego, for some time, I'm talking buyer's rep/large scale investor stuff. I have been pretty bored with calling the same people all the time. I would love to break into newer (maybe hotter) markets. I have a process for building up a \"lay of the land\" database that should be quite valuable to someone in your position. Wouldn't mind sharing some thoughts. \n\nSorry folks, I am a newbie, so I don't know if this sort of response is appropriate.", "replies": [], "depth": 1}]