All Forum Posts by: Matthew King

+1 to a fellow CCIM. Good to see more Commercial guys/gals on this site. All the best. 

2016 proved to be another strong year in the Cleveland area Multi-Family sales for Green Bridge Real Estate.  We are thankful for all of the support and look forward to another strong year in 2017.  

• 309 Total Units Sold
• 11 Transactions (Represented 7 Sellers, 4 Purchasers)
• $4,674,000 Total Transaction Volume
• 4 Local Purchasers / 7 Out Of State Purchasers

CLICK HERE TO VIEW ALL CASE STUDIES OF GREEN BRIDGE 2016 APARTMENT SALES

@Isca Harmatz  10% + one month seems to be standard across the Cleveland Multi-Family marketplace.  Of course as economies of scale increase, the cost should decrease.  However, in my opinion, 10% should also incorporate bid coordination, bill collection, rent collection, bill payment, financial data collection and recording, lease inquiries, showings, Subsidy / City inspection coordination, etc, etc.  

I would also caution for you to do your homework on reputation.  Ask for referrals and follow up with some existing customers.  There are numerous "fly by night" operations who seem to be praying on out of state clientele.  Selection of one of these bad apples can sink you overnight, I have seen this many times over.  Cant over emphasize the importance of making a wise management choice.  Also be sure that they are an Ohio licensed Real Estate brokerage who can legally 3rd party manage property.  Unlicensed illegal firms are popping up everywhere to ultimately take advantage of unsuspecting owners.  Good Luck!

@Al Casino Speaking from my experience in only Commercial Brokerage, most business is naturally conducted during business hours.  Showings, prospecting, meetings and pitches are during these hours making it very difficult to contribute after hours even in a support setting. Very difficult to have involvement but not impossible. I suspect working part time outside of 9-5 in Residential brokerage would be much more practical and beneficial for all involved. 

Congrats! @Timothy Murphy III  I look forward to meeting you in the future.

@Al Casino  I think the old adage "You get back what you put in" is appropriate here.  In my opinion, being an exceptional broker requires your full attention and time for your clients.  This means late night phone calls and emails, Saturday and Sundays, giving up dinner with your kids, etc.  In order to have great success (and earn great fees), you have to work harder and smarter than the competition.  However, If you are in a part time support role, you will be able to learn the business, do the jobs successful agents do not have time to get done (dirty work),  help prospect and start to develop your own plan for success.  While the pay for this role may not be very much, you will hopefully develop some additional skills that may help with banking, real estate or anywhere your path may lead.  Good Luck!

@Ayodeji Kuponiyi  For complex deal structuring I would recommend Mr. Cary Zabell LPA and Mr. Dave Harvey LPA.  I have worked with both on multiple commercial asset structuring and am confident enough to recommend either.  Very good Real Estate attorneys.  Good Luck!

@David Emmert  I have had success on a couple Commercial / Multi Family transactions with Neal Wolf at North Coast Commercial.  Recently he was able to secure financing on a 16 unit with a rehab / renovation component.  Based on my experience, I would recommend.  Good Luck!

@James Milli My recommendation is to give Dave Harvey of Harvey, Abens, and Iosue LPA a call for affordable help.  For more sophisticated transactions (with a large budget), Cary Zabell of Zabell LPA is a great choice.  Both are very knowledgeable Real Estate attorneys in Cleveland and are partners in their own practices.  Good Luck!

@John T. Using a Commercial Broker is your best option to source Investment properties (4+ units). Commercial Brokers concentrate on strictly Commercial product, have the knowledge and expertise to lend to a deal and have access to the Commercial MLS system that many Residential agents do not have access to. Good Luck on your search!