Multi-Family Listing Do's and Dont's

[Michael Pittman]

Hey guys! I am listing a 10 unit complex in the Houston Heights area this week. I'm curious to know what has been some do's and dont's that you've learned throughout the years either as a listing broker/agent and/or owner?

Respectfully,

Mike Pittman

[Andrew Johnson]

Michael Pittman Have a T12 ready to go AND know what steps a buyer will have to go through (nothing, LOI, PoF, etc.) before you release it. As a buyer I can’t tell you how many times it takes weeks to get last years T12.

So what does that tell me (more accurately: what do I now assume)?

1.) Owner is doing financials themselves or has a low-end property manager that doesn’t embrace technology. It takes me under 60 seconds to login and pull a T12 for any of my properties last year).

2.) Because of #1, I’m now (fairly or not) suspect of the financials, that the time-gap was needed to “adjust” the financials, etc.

3.) If it takes more than 24 hours, I know that ZERO OTHER BUYERS have asked for them. Otherwise you’d have just hit “forward” on the other email and changes the subject line.

4.) Because of #3, I’m now (fairly or not) going to think there might be something I’m missing about the property AND that I’m negotiating against myself.

Add up numbers 1-4 and you (as the sellers agent) aren’t going to get a great offer for me. And that’s because of variables that were 100% in control of the listing agent and/or current owner.

Oh yeah, one other thing, don’t list that a unit “rents for $900” when it was leased 30 days ago for $700 and then tell me that $900 is market rent :) Just a pet peeve of mine that’s happened more than once!