Listing My Own Property For Sale Tips and Tricks

[Denny Troncoso]

Hello BP! 

In 2017, I purchased a 20 unit multifamily property with value add. After increasing the income and reducing some of the expenses I've reached a point where I would like to sell to move to larger investments over 50 units. I'm looking at potential deals to possibly do a 1031 exchange if it can all work out, however, I may just pay the tax for right now worst case.  

I am licensed real estate broker with experience selling residential properties and buying commercial properties while representing myself as the buyer. However, I don't have experience selling. I have done quite a bit of education on the topic and am comfortable listing my property myself. Although, it will take some time taking the phone calls and scheduling showings I can make the time to handle that. The 4% commission fee that brokers charge is justifiable if you hire a good broker and don't have the time. However, my plans are to offer 2% to a buyers agent and hopefully save 2% equaling over $30,000. To price the property accordingly, I have  researched the market for sales and rent comparables and even spoke to a commercial appraiser.

Based on the experience I do have and other research I've conducted, I've made a list of things to do. However, I want to make sure I'm not missing anything and if there are any other ideas that have worked for other investors. 

• Post on Loopnet.com and ApartmentBuildings.com
• Post on social media and pay for targeted marketing 
• Take the deal to my local REIA
• Send to everyone on my email list who specializes in real estate
• Contact previous buyers of multifamily properties in my market 
• Contact Real Estate Brokerage offices specializing in Multifamily/Commercial properties in my market 
• Send to mortgage brokers and lenders specializing real estate 

Any other ideas or recommendations are appreciated.