We often talk about “off-market” multi-family deals. These are properties where the owner has said they would consider an offer but does not want to sign a listing and have the property formally marketed.

DIRECT DEALING. With an off- market property, you would be dealing through PRS Properties directly to the owner. Compare this to an owner who has people walking the property, even though the listing says drive by only and who is receiving inquiries and questions from many many brokers and the buyers they represent. Sometimes an owner can be overwhelmed, or conversely, they may be underwhelmed by a lack of response. An off market owner has agreed only to explore the possibility of a sale.

LACK OF COMPETITION I have personally purchased a number of off- market properties, including three buildings that I previously had listed. On those buildings, though we were receiving offers, the sellers were not getting what they really wanted. I even purchased my current home by sending letters to homeowners in the area I was interested in and was able to make a deal with one of the people who responded to my letter. In each case, since I had a relationship with the sellers, I knew how to put together an offer that would best meet their needs.

LONG TERM CONTACT. I stay in contact with a large number of owners of multi-family properties. Some people I may not talk to for years at a time, but I stay in contact with emails “Just Listed” and “Just Sold” postcards and phone contacts. People often call me with questions , looking for a good vendor, ask for advice or to request forms. Many times, I will come across a client with a particular need and contact someone from my list of owners to see if they might consider an offer. If the timing is right, it can result in a win-win for buyer and seller. If not, I get a chance to chat with an old friend.

BROADENS THE AVAILABLE MARKET. Many times a client will be in the market for a particular kind of building in a particular location. That person may have just decided to consider a sale but not taken any action yet. This can be great for a buyer, because it can avoid a bidding war and great for the seller, who is able to find a serious, well-qualified buyer without going through a marketing process.

Of course, this won’t work every time, but I can tell you it does work sometimes. It may work for you, so think of it as another tool to use in building or downsizing your portfolio.

What we at PRS PROPERTIES CAN DO.  We may know of some off- market properties that would fit your criteria if you are looking to exchange. We can also recommend qualified contractors who we have worked with, who can provide excellent building improvements for a fair price. We can also look at your building for other changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.