With over a half a decade of experience in the industry I have taken an affinity to the multifamily sector. Comprised of 3 pillars: Annual rentals, short-term/transient and vacation rentals. A multifamily property will consist of multiple doors. On the residential side it would be 2-4 unit building and on the commercial side it would be 5+ units. The value of the property would consist of comparable sales, but more importantly the amount of income that is being generated from the total amount of units. If you are considering selling your building, I would recommend having your rent rolls prepared, leases, lease terms and knowing what your expenses are. These will be necessary to help guide the Buyer if it would be a right fit for them, but more important to generate a capitalization rate for the property especially if it’s a good one. Having a Realtor that can showcase in a easy to understand format via a spreadsheet to the consumer is very important. 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.
Walk the walk
Having skin in the game and being a personal owner of a multifamily building allows me to talk to talk and walk the walk. From annual leases, short term lease, furnishing, decorating, airbnb’s and self management, I bring the most diverse experience amongst most Realtors in our area and in the game. The allows be to sell a property, knowing the product and the different applications available to a property. Also it allows me to coach potential Buyers when looking at a multifamily property.
Not as important, but a worthy mention when hiring a Realtor and where other’s may lack is the experience in the leasing sector. This is another area where I shine in and reigns supreme. On average year over year, I’ve executed at a minimum 100 leases a year. I have represented a more than a dozen class A , B and C apartment buildings through the multiple listing service. The buildings on average are anywhere between 15 units up to 400 unit buildings. What this means exactly is the management/owners of these massive corporate buildings have hired me to be the first point of contact for the building through the entire universe, or shall we say the world wide web.
With all those buildings in my portfolio at one point or the other, I set up marketing outlets and websites that would generate leads for the building, but also managing all inquiries from renters and Realtors. On any given day I would receive 10-30 calls daily for renters looking for luxury apartments. Ranges starting at $1200 up to $6000 a 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. This type of experience is unique to the industry for a single Realtor to have. Common among property manager but unique to Realtor salespersons.
Over the last few years I started leasing a 48 unit short term building on the water. It’s an all fully furnished product. My experience and ability to cross sell on all my listings allows me ultimate success here. In addition, I represent 24 luxury townhomes downtown Fort Lauderdale with rents between $2800-$3300. I have more requests from renters in the south Florida area than any Realtor in my area. Being able to cross sell between hundreds of listings I have or had have makes me the most unique and value add Realtor in the leasing and multifamily sector.
There 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. More importantly knowing how to qualify the prospect once you have the lead is everything. 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 serious consider hiring a professional or switching to a specialist like myself.
If you have a vacancy, or have had issues leasing/renting your property please reach out to me to with questions at 954-610-0440 or email me at Realtor@adamdocktor.com