I have an FSU degree in Real Estate Finance, with almost a decade of experience and success in the industry. On average, year over year, I’ve executed a minimum of 100 leases per year. I have successfully represented management/owners of more than a dozen Class A , B and C apartment buildings, which average between 15 and 400 units, through the Multiple Listing Service. I am leasing a 48 unit short term building on the water, that is an all fully furnished product. In addition, I represent 24 luxury townhomes in downtown Fort Lauderdale with rents between $2800-$3300. I am the first contact for these properties and sucessfully provide a positive presence for each on the Internet. I have even been consulted by major developers for my expertise looking to enter the area market.
Multifamily Property Analysis
A multifamily property consists of multiple doors. On the residential side, it would be 2-4 unit building and on the commercial side, it would be 5+ units. Valuation of the property would entail comparable sales, but more importantly, the amount of income that is being (and potentially can be) generated from the total amount of units. Multifamily properties should be evaluated in terms of cash flow from annual rentals, short-term/transient rentals and vacation rentals. If you are considering selling your building, I would recommend preparing documentation of your rent rolls, leases, lease terms and a breakdown of fixed expenses. These will be necessary to help guide a Buyer, and to generate a capitalization rate for the property. Having a Realtor that can showcase your property to prospective Buyers in an easy to understand format via a spreadsheet is critical. Furthermore, with the explosion of short term rentals, Airbnb and Homeaway, it’s important to have a Realtor that can showcase the versatility of your property to put you in the best position to get the highest and best use and dollar for your property.
Skin in the Game
Having skin in the game as a Realtor, and being an owner myself of a multifamily building, allows me to “talk the talk” and “walk the walk”. From annual leases, short term leases, furnishing, decorating, airbnb’s and self-management, I bring the most diverse experience amongst most Realtors in my area. This allows me to sell a property, knowing the area and product, and the different applications available to a property. Critically, it also allows me to coach potential Buyers when looking at a multifamily property.
With multiple buildings in my portfolio at one point or the other, I set up marketing outlets and websites that generate leads for the buildings, but also manage all inquiries from renters and Realtors. On any given day, I receive 10-30 calls from renters looking for luxury apartments at monthly rents from $1200 up to $6000 per month. That type of volume and experience has lead me to be the #1 ranked Realtor in transactional rental volume year over year in the South Florida area.
I have more requests from potential renters in the South Florida area than any Realtor in my area. My experience and ability to cross sell between hundreds of listings I have or had have makes me the most unique and value-added Realtor in the leasing and multifamily sector.
Successful marketing is much more involved than just sticking a sign in the ground that says For Rent. Using appealing pictures, good descriptions and being available to answer the phone almost at any time are the 3 pillars to success in the rental sector. Knowing how to qualify the prospect once you have the lead is important. What do you ask them, how much money should they make, how do you get legitimate proof of income, what type of credit scores and reports are needed? What type of job stability, local roots, and landlord references should be available? What type of contract: Florida approved, custom, month-to- month or vacation rental? If you can’t answer all of those questions within 60 seconds, you should be careful taking on the task of procuring your own renter and seriously consider hiring a professional or switching to a specialist like myself.
If you have a vacancy, or have had issues leasing/renting your property, or are interested in selling your multifamily property, please reach out to me with questions at 954-610-0440 or email me at Realtor@adamdocktor.com. Thanks you, Adam.