How to Find Motivated Multifamily Sellers

Posted on Apr 6 2016 - 8:52pm by Lance Edwards
Lance Edwards. President, First Cornerstone Group, LLC.

Lance Edwards, President, First Cornerstone Group, LLC.

There are various reasons why an owner of a multifamily property is looking to sell their property. You can use the seller’s motivational factor to assist you in approaching them. The motivating factor in selling a property can also enable you in locating sellers.

There are various public records that you can access and databanks at your disposal if you know what it is that you are looking for. Here is a list of some motivating factors and how you can transform that information into potential leads.

Divorce can be a motivating factor to sell. You can access divorce filings by contacting your local county clerk’s office.

Poor property management is also a big factor in a multifamily property owner wishing to sell. If you can find out which management company is running poorly operated properties, then you can find out who the owners are and contact the owners directly.

The death of a multifamily property owner is also a reason to sell. You can check to see what estates are in probate court and get your contact information there. Often in estate scenarios, you run into a bunch of family members who know nothing about managing property and they are looking for a buyer to take away that burden.

Multifamily properties that violate city code violations can be a great indicator of someone who would like to unload their headache. You can access city code violators by contacting your local city code enforcement office. There may be a fee to purchase the list.

A history of fire code violations can prompt property owners into selling as well. The owner may wish to get out from under the necessity of updating the facilities to meet fire code requirements. You can check with the city fire marshal to find out how to access that information.

Along this same line, you can also check out properties that are currently under some type of litigation. The owner of a property that is under a cloud of legal hassles is likely going to be extremely motivated to sell.

Owners who have become delinquent in paying the property taxes on their multifamily property may be looking for a buyer. Your county clerk’s office will have record of properties that have delinquent property taxes.

The factors that motivate a multifamily property owner to sell can be diverse and will definitely vary from person to person. It is not necessary to dwell on the “why” behind an owner’s deciding to sell as it is to make the most of that information. The reasons behind selling can both give you access to sellers and give you leverage in approaching them.