Contacting Buyers Agents to Sell My Prop Off Market

[Mike Nas]

Dear BP family, I am looking for some advice in selling my MF property.

I am a multifamily investor in Southern California. I have 16 unit property I am considering perhaps selling and wanted to explore the option of selling it off market. I am not looking to find a listing broker at this time. My plan is to contact some brokers who recently bought/sold similar buildings in my area to ask them if they have a buyer who perhaps missed out or passed on the comparable property. 

For example "Hello Mr/Ms., I saw you recently [bought/sold] the property on X street. I own a similar building id consider selling and wanted to know if you have any clients who passed or missed out on the property that was sold and looking for something similar?"

There are not many of them so its not a lot of work, but is what I'm proposing reasonable? The buyers broker would of course get a commission for finding me a buyer who actually closes. I have a relative who is a retired broker who is willing to help me close the deal should I locate a buyer, but he wants me to do the legwork. I use to get a lot of calls in the past from people asking me if I wanted to sell my other buildings (doubt they were the actual buyers, more likely cold callers hired by investors). 

Is what I'm trying to do here reasonable or common in the industry? Would brokers scoff at the idea of presenting me with a buyer if they don't get the listing? Is the way Im phrasing what Im trying to do correct? Any other suggestions to sell this property off market? 

Thank you all very much in advance.

[Cory Carlson]

You're limiting the number of eyes on the property by taking this approach. A broker is going to get it on Loopnet/CoStar, MLS, Crexi etc and be able to track inquiries and leads and draw a buzz on the property. Maybe this would have worked in 2021 but those days are gone.

Brokers will not necessarily scoff at the idea of presenting you a buyer but your pool is going to be awfully low reaching out to the first dozen or so you can think of.