The Value of Utilizing a Specialized Multi-Family Broker
Like many professions in our economy specialization has become increasingly common. Doctors, lawyers, accountants, consultants, etc. Real estate has become no different. It is very common to specialize in an asset class and there is a good reason for that. For one, real estate has become more complicated and continues to go through rapid change. Secondly, as the dollar amounts get bigger so do the financial risks. One must consider the financial risks such as are the leases accurate, do the expenses seem in line with the market, are there any expenses that are not being accounted for, and what about deferred maintenance costs? These are just a few of the items to consider and this doesn’t include the physical items like roof, mechanicals, windows, electrical, plumbing, etc. Knowing what to look for and what can be improved to add value comes from experience. So, whether you are buying office, industrial, retail, multifamily, or residential; wouldn’t you prefer to work with someone who has a deep knowledge of that property type and the potential risks?
When using a broker that specializes in multifamily, a much deeper approach is taken to assist sellers and investors. We explore every aspect of the transaction when collaborating with every client. You will want to understand the rents, sales comps, trends, underwriting, taxes, expenses, debt options, due diligence, and countless other items that only come from experience. Looking backward and forwards is required to achieve a smooth sale or purchase. Whether it is your first time making an investment or the tenth there are always situations that come up that were unforeseen because every transaction is unique. This is why having an experienced professional matters.
At Essex 312 we specialize in multifamily and mixed-use assets in the Chicagoland area. As a part of Essex Realty Group, we have a market and knowledge base that has been around for 30-plus years. We work in a collaborative effort to service our clients at the highest level. This collaborative culture provides a support structure that gives our clients many resources to sell or buy and the comfort of knowing that we can tackle any problem that may arise.