Apartment Complex For sale! My family is kicking around the idea of selling our commercial property. It is located in Western Maryland. The property has 7 complexes with 95 units. Also comes with 24 acres of undeveloped commercial real estate zoned land. House with office is also on the property.
As the title says. I do not even know how to sell something so big. It will be a multi million dollar purchase. 
 What’s the perks of using a broker? Can I sell something this big without a broker? I don’t want to play games. The time is now and we are ready to sell. 
If we decided to not use a broker what are the pros and cons of going that rout on such a big property? 

Thanks for any and all help. Please do t overload me with messages of “I’m a broker in MD” I’m not looking for that. I’m looking for reasons of why I should or should not use a broker. If I decide to not use a broker what are my first steps?
[{"id": "iannuxx", "text": "Whenever I've tried to sell (much smaller) properties myself, I get overwhelmed with time wasters.  People who either have no intention of buying, but just want to play at being real estate investors or people fishing for the deal of their career.\n\nI had one woman who wanted me to sell her a property at 50% of market value with me providing seller financing!\n\nFor a property of that value, you definitely want a broker.  They'll vet buyers and deal with nonsense.  Your family doesn't have the skillset to sell something this large (since you haven't done it before).  Hiring makes sense.\n\nBTW - I'm in no way an agent / broker booster.  I'd happily suggest people FSBO, but for small properties than this.", "replies": [{"id": "iao05he", "text": "Same issue with buying small properties. Assemblages are a BITCHHHHHHH", "replies": [], "depth": 2}], "depth": 1}, {"id": "iannv5x", "text": "Sounds like you have no idea what you're doing. For that reason, you should use a broker.", "replies": [{"id": "iany4z2", "text": "\u201cKicking around\u201d and \u201cwe are ready to sell\u201d", "replies": [], "depth": 2}], "depth": 1}, {"id": "ianq1wl", "text": "Get a broker opinion of value, it is a free appraisal. They will likely ask you about cash flow and give comps of similar properties in the area. \n\nI would likely use a broker because this is a pretty big sale and the number of qualified buyers is smaller. Deals can blow up for all kinds of reasons. Like who even owns this property?! You say family but is it a trust, an undivided trust or grandpa who is about to kick the bucket and then a bunch of kids come out of the woodwork thinking they are entitled to a piece? \n\nWhat are you going to do with the money? Maybe a 1031 exchange will work better for taxes.", "replies": [{"id": "ianxzrp", "text": "If they are cashing out, I don't think they would want to do a like kind exchange.", "replies": [], "depth": 2}, {"id": "iaoemj3", "text": "For sale by owner", "replies": [{"id": "iaogrq9", "text": "So what you come here looking for offers then? Give us the address then we can give you a value, otherwise this is a waste of time. We don\u2019t even know if you can sell this property. Some dumb kid is going to waste a lot of time on you,", "replies": [{"id": "iapl84b", "text": "I wanted info that I got from people that talked about getting a broker and the reasons why. They even listed some top tier firms. That\u2019s the info I came here for and received", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ianv96u", "text": "What is the land zoning?", "replies": [{"id": "iaoeora", "text": "As stated commercial real estate", "replies": [{"id": "iaonl7w", "text": "That doesn\u2019t answer the question\u2026", "replies": [], "depth": 3}, {"id": "iap70on", "text": "GC, O&amp;I, LRO...?", "replies": [{"id": "iapodcl", "text": "To be honest I don\u2019t know at this time", "replies": [{"id": "iaq12cq", "text": "You are *very* clearly the wrong person to be asking these questions.\n\nI'm going to bet the ranch that *that* person doesn't need these questions answered so....my question to you is:  Why are *you* asking these questions?\n\nWhat is your goal in doing so?", "replies": [{"id": "iart8eb", "text": "My goal is to get buyers or top tier brokers to start doing what we need to do to get this property sold.", "replies": [{"id": "iasy6vc", "text": "Call some local top tier brokers.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ianwb63", "text": "I own a lot of real estate but nothing near that big. I don't know why they want to sell when this can create generational wealth for your family by keeping it. You literally would never have to work again.", "replies": [{"id": "iaoeufa", "text": "It\u2019s a lot of head ace and not working while owning this is impossible.", "replies": [{"id": "iaoykog", "text": "Sounds like it\u2019s not being managed properly.", "replies": [{"id": "iapm6x3", "text": "Correct", "replies": [], "depth": 4}, {"id": "iaq0j5m", "text": "They have head ace.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "iaogjsn", "text": "That\u2019s a very simple way to look at it though, people sell for all sorts of reasons.\n\nMaybe they\u2019re trying to upgrade, and need the capital.\n\nMaybe the real value of the property is in the undeveloped land, but they don\u2019t have the expertise or time to develop it.\n\nMaybe there\u2019s tension in the family.\n\nCould be anything.  Properties like this get sold all the time.", "replies": [{"id": "iar2iaw", "text": "You are correct. I was just looking at it from my point of view as to what I would do. From what I read I somehow thought that his family just wanted to get rid of it. I'm thinking this is something that you just keep in your family forever until the world explodes", "replies": [], "depth": 3}], "depth": 2}, {"id": "iapqndu", "text": "Could be easier to 10-31 into something like a simple NNN and, while there would be little if any value add over the next 20+ years, it would at least park the equity and generate cash flow while allowing the family to passively own and focus on careers/family/fun", "replies": [], "depth": 2}], "depth": 1}, {"id": "iao01tb", "text": "The perks of using a broker is the reach and advertising that they can provide in marketing it. \n\nIf you send me a T12, rent roll and address, and some description on the additional land, I will make an offer on it.", "replies": [{"id": "iaoexnk", "text": "That would need to be done through email. DM", "replies": [], "depth": 2}], "depth": 1}, {"id": "iao3y8w", "text": "Give you a dollar fifty - in all honestly use a broker.", "replies": [{"id": "iaof1c8", "text": "Right on", "replies": [], "depth": 2}], "depth": 1}, {"id": "iao3zw0", "text": "Ill buy it.", "replies": [{"id": "iaof2r8", "text": "Head to DMs", "replies": [{"id": "iaq10t1", "text": "*(Don't waste your time).*", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iao8sde", "text": "Your risk of leaving money on the table is HUGELY magnified by not using a broker. With an asset of this size, you'd have access to the best brokers in your market and you should take advantage of that. \n\nReach out to the big firms (CBRE, JLL, Cushman, Colliers, Eastdill Secured) and request a listing proposal from each. This will give you 5+ professional opinions of value, marketing strategies and fee proposals, and give you an opportunity to meet each team and you can pick your favorite. By making the listing process competitive you can also be assured that their fee proposals are market.\n\nIt's extremely rare on large investment sales that a broker doesn't earn multiples of their fee in additional sale price for their vendors. Don't stress the 1-1.5% when you'll sell it for 10%+ more than you would have by yourself.", "replies": [{"id": "iapy3xc", "text": "This is the correct answer. OP doesn't have the relationships to sell this at maximum value.", "replies": [], "depth": 2}, {"id": "iaqi0u7", "text": "Yes to everything above AND understand these brokers have lists of buyers ready to go on call for good deals.", "replies": [{"id": "iaqmsqi", "text": "And so critically they know what each of these buyers paid on the last most recent purchase.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iao8vm1", "text": "Not a broker (I\u2019m an appraiser) but your message tells me all that I need to know: you need a broker. You don\u2019t even know what this property is worth let alone how to guide through the sea of crap that someone, you or your broker, will go through to vet buyers, do showings etc. Hire a broker when ready to sell and let them do their thing to get you the best deal", "replies": [{"id": "iaogbln", "text": "This is the start of my learning. Not the end.", "replies": [], "depth": 2}, {"id": "iaq8qtk", "text": "This. At the bare minimum, you pay a broker to organize your finances for sale and then deal with the metric ton of bizarre inquiries you will inevitably get. Especially in smaller multifamily.\n\n(Also not a broker)", "replies": [], "depth": 2}], "depth": 1}, {"id": "iaoe86l", "text": "Broker or you will go broker", "replies": [], "depth": 1}, {"id": "iaoeau0", "text": "Brokers are often times highly overpaid but 100% necessary. Get a broker", "replies": [], "depth": 1}, {"id": "iaof2dr", "text": "Screw a broker dm me maybe we can work something out", "replies": [], "depth": 1}, {"id": "iaoim1e", "text": "Just call up Black rock they\u2019ll buy it \ud83d\ude02 it seems they are buying up all the real estate.", "replies": [], "depth": 1}, {"id": "iaopket", "text": "yeah man, just do it yourself, you know what's up\n\n&amp;#x200B;\n\nthe time was now, back in March", "replies": [], "depth": 1}, {"id": "iaoqssc", "text": "The first thing you need to do is establish the market value of ur assets. The primary issue is that unless you have actual commercial real estate software and high level of experience you are going to leave a ton of money on the table.", "replies": [], "depth": 1}, {"id": "iaotla9", "text": "Yeah, you use a broker.", "replies": [], "depth": 1}, {"id": "iap2v6o", "text": "I am not a multifamily broker in western Maryland, but it seems that at least in my market 95 units sits in this strange middle ground between the small-ish groups and institutional owners. The institution groups want more units (150+\\-) to make the expenses pencil, especially going into a new market. The smaller groups are looking to add value or reposition in some way. Basically it\u2019s going to be a complicated process to find a qualified buyer that has the power to close and wants to buy the existing units while developing the land.\n\nI\u2019d interview a few brokers, qualify them well and pay whoever you go with fairly.\n\nSince you seem to be cashing out it may not apply but talk to your cpa, wealth advisor and brokers about a 1031 exchange. There are asset classes that have low to zero management aspects if the income is desirable without the time commitments", "replies": [], "depth": 1}, {"id": "iap44jw", "text": "Out of curiosity, what would roughly be market value of such asset in Western Maryland?", "replies": [{"id": "iapmm1g", "text": "We haven\u2019t even taken that step. It would be just a ball park guess", "replies": [], "depth": 2}], "depth": 1}, {"id": "iap5eau", "text": "The fact that OP is entertaining FSBO and accepting DM from people on the internet tells me someone is probably going to buy deal at a deep discount to market value. If OP really wants to sell direct they need to list it on loopnet and start emailing and calling all multifamily developers and owners in the entire mid Atlantic region like a good broker would do for them to maximize value.\n\nI work in apartment real estate as an underwriter so I see  alot of the deals and mistakes sellers make.\n\nThis should be marketed by a broker. OP probably is going to sell it themselves and get scammed by a wholesaler that will flip it to another buyer for more than a 6% commission! \n\nWithout knowing more details, I would also recommend evaluating splitting the property into 2 parcels to sell 1 parcel as raw land and the other parcel as apartments. This might achieve a higher value than selling everything together. Since OP is complaining about the headaches of managing the property they will also be complaining about the headaches of separating parcels.", "replies": [{"id": "iarrsbm", "text": "&gt;OP probably is going to sell it themselves and get scammed by a wholesaler that will flip it to another buyer for more than a 6% commission!\n\nOP is the (extremely young) son of one of the owners and is now sitting at the adult table.\n\nHe is of the mistaken impression that sitting at the adult table gives him the right to make a speech.  \n\nSmart new entrants realize it gives them the right to listen.", "replies": [{"id": "iav3zlv", "text": "Thanks. Every time I think the market is getting hard to make money these examples remind me \"a sucker is born every minute.\" \nPT Barnum.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iap88sf", "text": "Ten-x.com\u2026Ten-X it\u2026.you will still use a broker but puts sale process on rails.", "replies": [], "depth": 1}, {"id": "iap8k1b", "text": "As others have said, use a broker since you aren't experienced in this area. \n\nA broker will help you structure diligence periods, deposits, go hard dates, extensions and associated fees, a myriad of other contingencies, sorting out how deposits are handled, tax and insurances have been escrowed (I assume) how is that handled and how does it affect the value, settlement statements on a transaction this size can get fairly complicated, the broker will help you navigate that (along with title). Get a broker and a commercial real estate lawyer - not just any lawyer.", "replies": [], "depth": 1}, {"id": "iap90i2", "text": "Use a broker mate. Find the top 3 or 4 commercial multifamily guys in your market, interview and get BOVs from each. \n\nLet them do the dog and pony for you but don't be razzle-dazzled and simply go with the guys that say they can get the highest price. Certainty of execution, sourced and realistic comps as well as a solid marketing/sales plan are key. \n\nFinally, you as seller need to have realistic pricing exectations.", "replies": [], "depth": 1}, {"id": "iapmxmi", "text": "DM me if you want to get a quick idea of what it is worth or you want to sell it outright quickly and cleanly.", "replies": [], "depth": 1}, {"id": "iapodey", "text": "I\u2019m not a broker so I have no interest in this, but I\u2019d try to fix the management issue before selling a property like this.  \n  \nThat said, you need a broker to qualify interested parties.  I sold a similar sized property last year and my poor broker went through probably 30 absolute nonsense offers and took hundreds of calls and presented me with about 6 solid offers that we whittled down to 2.  \n  \nOne guy offered me 10% down plus his 1/3rd interest in a small town pub and VTB for the rest.  Another one asked for 6 months subject removal\u2026 another one offered over asking but with 100% VTB\u2026. \n  \nGet a broker.  The risk of a small firm is less exposure, the risk of a big firm is you get handed off to a 23 year old associate with no experience and a senior broker who thinks he is too big for your listing.", "replies": [], "depth": 1}, {"id": "iapuh2w", "text": "I\u2019m not trying to sell you anything, but I work for a commercial real estate company that owns property in Maryland and Virginia (primarily Bethesda though). Would love to take a look when you feel the time is right.", "replies": [{"id": "icsk6ft", "text": "i have 2 big deals in tx if you're interested. plz call or txt me asap 9402058002", "replies": [], "depth": 2}], "depth": 1}, {"id": "iaq0gjq", "text": "1. Because they get paid (exceptionally well) to remove detritus from your life.\n2. Because they will cause the asset to sell for well in excess of an amount larger than their % cost of the sale so, in the end, there will be no cost to you.\n3. Additional questions? Refer to #'s 1 and 2 above.", "replies": [{"id": "iart50r", "text": "Thank you", "replies": [], "depth": 2}], "depth": 1}, {"id": "iar8i9w", "text": "You can offer the building for sale yourself if you intend to get rid of the cost to the broker. You can even list the property on the commercial real estate site, again without a broker. The title company will absolutely help you. DM if you want to discuss the specifics. Retired broker.", "replies": [], "depth": 1}, {"id": "id2oo9o", "text": "I'm interested! Let's talk number DM me some info!", "replies": [], "depth": 1}, {"id": "igdicse", "text": "You don\u2019t \u201cneed\u201d a broker. Technically speaking value can be calculated by speaking with your accountant. Documents and escrow can be done through your attorney. Both of the above can be your \u201cteam\u201d in helping to sell this. \nWill you \u201cleave money on the table\u201d maybe or maybe not. But you can do that with broker as well so mood argument. The property is worth what someone is willing to pay for it.", "replies": [], "depth": 1}]