Loopnet

[Andrew L.]

Does Loopnet have a lot of multifamily properties for sale that the MLS doesn't? Just wondering if I would be wasting my time and money.

[Jeff Greenberg]

For the most part loopnet is considered the dumping grounds for properties that are over priced or cannot be sold fro some other reason. With that said, it does have it's value. 1)Mom and pop who do not have national exposure can list on loopnet and get exposure. 2)At the right price many of the properties could be a good deal 3)The properties are a good place to practice your analyses and learn how to uw MF properties. 4)It is a good place to find the brokers that are listing MF in a market that you are interested in. Evaluate the properties and bring it back to the broker and explain why it does not work and ask if they have any properties that fit your criteria. You are learning how to evaluate properties, meeting brokers in your chosen market, and you are getting credibility with the broker as you (hopefully) intelligently show him/her why the property does not work. Once you gain credibility, the broker may start bringing you the good deals. Brokers don't want to waste their time with tire kickers and people that can't close. Show them you are knowledgeable and can close and you will start seeing better deals.