Owners taking MFH's off-market when viewings requested

[Matthew Boyer]

"I feel like I'm taking crazy pills!"

I'm working on expanding from our SFH rental to MFH properties. Turns out I'm having starting obstacles I didn't even consider. Owners don't seem to actually want to sell.

Found a 19-unit in a good market that I knew (my old college town). Had been on the market 13 months, so I'm expecting some issues but worth taking a look. Found a local broker and planned a viewing. Next morning my agent lets me know in response to our request to see the property the owner decided to take it off the market, fix a few deferred maintenance issues, and may later relist at an "improved price" according to the listing agent. Well that's weird, right? Didn't want us to even see it at all?

Okay, I'll keep looking. Found a 6-unit in a different, but nearby town. Listed for 2 months. Previous broker referred me to an agent who was awesome. Fast on research, sent me lots of details, even called the town mayor to find out anything else about the property. We plan for a viewing, she calls the listing agent, and guess what. In response to our request the owner decided to take the property off the market to address some deferred maintenance and may relist later. Different owner, different property, same strange results.

Well I'll look elsewhere then. Oh, look at this. Brand new listing comes on back in the first town and same street but a few buildings down from the 19-unit. It's a 6-unit with recently replaced roof, windows, deck, etc. Sounds great. The price is even better scaled from the 19-unit. I let the broker know and he calls to arrange a viewing... Well guess what. First the response was that they can't do viewings until next week. Okay, which day? Actually, what they meant to say was they decided to de-list the property as they've don't want to sell.

I'm dumbfounded. First time it happened it seemed bizarre but maybe a fluke. Now it's happened 3 times in a row over the past few weeks. 

So my question is, is this some strange maneuvering game in MFH markets? Am I approaching these wrong? Should I be directly calling the listing agent to get a viewing instead of trying to go through a buyer's agent? Does this "oh you want to see it? well you can't!" situation happen more than I thought possible with MFH or did I hit the unlucky-lotto?

Figured I should ask in case there's a "that'll happen unless you do XYZ."

[David Dachtera]

Well, have you considered looking for expired listings and approaching the owner directly?

I'm thinking the listing agent is killing these deals, though perhaps not aware that they are doing so. Maybe they tell the owner, "Y'know the property will need X, Y and Z just to pass code inspection", or something similar which spooks them into thinking, "Well, gee ... I don't need to sell THAT bad! I'll just hang on to it for a while."

... or, perhaps they are legitimately going off-market hoping that you will wait the needed period and come back at them when they can legitimately go FSBO.

Dunno ... There's a lot of possibilities.