For Buyers:
Whats Available?
There is no central listing service for apartment properties
Very few multifamily properties over 10 units or so are put into MLS or FMLS. Some brokers put some of their listed properties in some of the available commercial websites, but even checking all of these websites (they come and go but usually there are 8 - 10) does not give a comprehensive selection of available properties. Usually there are properties that are "available" but are not listed with a broker and are not being marketed. So how can you feel confident you have "covered the waterfront" - seen what the market has to offer?
First, AAB has access to all the marketing systems. We constantly monitor all commercial websites, and network with other brokers who deal in multifamily properties.
We also have one of the most complete - perhaps the most complete - databases of apartment and multifamily properties in the Atlanta Metro area. We have success in the past doing targeted mailings and/or phone contact to owners of a particular property type in a specific area.
Basically, we approach it on all fronts. There is no simple solution, and we certainly don't offer you just our own listings like some other brokers.
Finding the Right Seller
The right property? Or, the right seller?
Most owners will tell you that their apartment property is for sale - for the right price. But if you want to get into a property at optimum conditions, you need to find a seller who is ready to sell, and who is realistic about the current market. There is really only one way to find out who is ready, and that is: make an offer!
A realistic seller will realize that, if there is a loan involved in the purchase, the property will have to appraise for the contract price, and will have to generate sufficient cash flow to meet lender requirements for Debt Coverage Ratio guidelines - unless it is a condo conversion, re-hab, or other special situation, in which case the buyer's background, experience and financial ability can be the determining factors.
In any event, you have to make an offer to get things rolling. We can write offers that will keep you fully protected as you sound out the market.
Advantages of Having a Buyer's Agent
Someone who will devote the necessary time and effort
Given the fragmented nature of marketing practices for apartment properties, it might seem that a buyer would do best to work with as many agents and brokers as possible to ensure that they saw every available property. In reality, that kind of approach can be very time consuming, frustrating, and not as effective as selecting a single broker and letting the broker do all that work for you. The broker is then "officially" working for you - you can call him up every day and ask what he has done today. He has the motivation to devote the time and effort necessary to find the right property and the right seller.
Dual Agency?
Atlanta Apartment Brokers does not practice dual agency except in very special cases, and of course, with full disclosure to all parties. We have, however, completed lots of transactions in which we represented the seller only, and the buyer did not have an agent. This works fine, and can actually have advantages for both the buyer and the seller if everyone understands the ramifications.
For More Information Contact:
Vaughan P. Simmons, CCIM
Atlanta Apartment Brokers
Cell/Direct: 404-569-3465
Fax: 404-806-4405
info@atlaptbrokers.com
|
