Engaging Apartment Brokers - Key Questions?

[Account Closed]

I've been doing a lot of reading and research on how to engage brokers that deal in small to medium apartment buildings. Up until this point, I haven't actually reached out to any though. I'm interested in an 18 unit apartment building and would like suggestions on key questions to ask when contacting the listing broker. I know I need to ask for the T12, offering memorandum, and rent roll but what are some other questions to ask? Additionally, what questions should be in the initial correspondence versus later in the conversation? Any suggestions or tips would be appreciated!

[Joel Owens]

I do commercial retail these days as a developer and a principal broker.

I have buyers fill out a financial statement or give me one they have already made out for review before I spend any huge amount of time with them.

The broker before answering a bunch of questions from you will want to know 2 quick things.

1. Is this buyer a flake or real? Meaning can they buy with their own funds with cash or easily qualify with financing and some down OR are they not showing financials and talking about no money to little money down type junk that isn't relevant today?

2. Are they realistic in their return expectations? If they want pricing in the cycle of 3 years ago they are out of touch with reality. 

If a buyer has little to no financials, weak credit,no track record, crazy buying structure, and wants pricing that no longer exists that's a non-starter.