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Real Estate Fight Club

21
Nov 2022

Should Residential Agents List Multi-Family Properties?- EP 165

November 21, 2022

On this episode of the Real Estate Fight Club Podcast, Monica and Jenn duke it over whether a traditional residential real estate agent  should list multi-family properties. Jenn has strong opinions based on ensuring not to do clients a disservice if you don’t understand the processes fully while Monica says any traditional agent is completely capable of listing these. Tune in for all the great thoughts and insights!

 

Episode Highlights:

  • A few weeks ago Monica and Jenn covered “Should you be a property manager?” and Jenn was on the line of yes but today she is saying “no” to listing multi-family properties.
  • You have to think about who the buyer is. Would you be able to service your client at the highest level?
  • Monica says she is more than capable of listing a multi family property.
  • Monica recognizes that a 25 unit housing would be out of her league but 2-4 family properties are still listed as “residential”.
  • Jenn believes as an agent you should own property if you are trying to do more than the typical residential transactions and you should bring along someone for the first couple when you are still learning everything about them.
  • Do not learn on your clients dime. How can you learn about servicing clients who want multi-family properties in the right way?
  • Monica and Jenn do agree that it can always depend and if it's a much larger unit it should be handled by somebody else.
  • Why is the landlord selling? That is a good question to ask.
  • Monica asks the audience to share success and failure stories with 2-4 family properties.
  • Tiebreaker Mitch Huffman joins the show today. He is an eXP agent out of Cincinnati , Ohio and he primarily focuses on helping investors find good deals. 
  • Mitch says if you’re a new agent don’t say no to anything but, you have to have people on your side who have experience and do your research. 
  • Mitch doesn’t believe there is a residential agent versus commercial, etc. He believes it is your job to know all of it.
  • Jenn asks Mitch to share the nuances of the difference in properties.
  • What do investor clients ask? 
  • Mitch talks about how he helps clients analyze their numbers on properties.
  • You have to know what you are paying for as the owner to be able to evaluate what works for you or not. Mitch shares tools he uses and important tips.

3 Key Points:

  1. You have to understand how investment properties work because if you don’t, trying to work with a multi-family listing would be a disservice to your client.
  2. Educating yourself and bringing someone in alongside you who has experience in multi-family properties as least for the first several are ways to learn the process and service clients well. 
  3. Mitch Huffman, an eXP agent from Cincinnati, Ohio joins the conversation. He says as an agent it is your responsibility to know all of the types and things.  He shares the nuance differences and what questions investor clients ask.

 

Resources Mentioned:

mitch@huffmanregroup.com

Mitch Huffman phone/text - 513-515-8875

 

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