Hiring a Broker to Sell a Multi-Family?

I may have coupleo of buyers who would be interested in this type of building.  Please provide me with your phone number or email address so that I can contact you.

hcmdr5

in Real Estate - Sales 13 years and 6 months ago

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ejalbk | 13 years and 6 months ago

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I need to hire a broker to sell a multi-family building for an estate. Firstly, in terms of marketing, what is it reasonable to expect a broker to commit to in terms of print advertising, online advertising, direct mail, foreign marketing etc? I fully understand that selling a multi-family (20 units in this case) is not like marketing a condo. Buyers are not browsing through the Sunday Times to find a 20 unit building, but I really don’t know how this buyer segment is marketed to so I don’t know what to insist on

Another question involves the commission. What would be considered a “reasonable” commission for a building like this (I would expect the listing price to be about 4.5 million)?

Any other advice or suggestions would be appreciated. Thanks

edifice-rex | 13 years and 6 months ago

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Massey-Knakal will get you the highest price. A few years ago it was a 5 to 6%comission.

northofditmas | 13 years and 6 months ago

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Massey is best for industrial buildings.  Multi families are different.  No marketing needed – just call the 10 or so guys who would want that particular location/size/boiler/etc and see who wants it.  The trick is knowing who the right 10 guys are.  This is a niche broker market with each borough having different players.  Commissions are often lower than 6% since the owners are cheap (an important quality when running a rent-stabilized building).