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Our Process
OUR PROCESS
Successfully getting our clients the "highest price, in the quickest time, with the least amount of hassle" doesn't just happen--it's by design, and we work hard to create systems and procedures that lead to ultimate client success.
The Call
You've had hundreds (maybe thousands) of these throughout the years. We develop relationships by picking up the phone and talking to you about your situation. In today's world, no one likes another mundane distraction, so we try our best to be professional, personable, and get to know you and your situation through effective questioning. If you're just not interested in anything we have to offer, that's OK. But our goal is to find a way to help make your investment situation better, and usually, we do that by setting an in-person meeting with you.
Initial Consultation
This is when we initially meet you to discuss your current situation, your short and long-term goals, and how we can best support them. In advance of this meeting, we will have done the following:
1) Researched title to confirm ownership structure and year/amount of the original purchase, where this data is available;
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2) Utilized our sales and rent comp research tools to get a basic idea of applicable rents and building values for that location;
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3) Driven the property in advance to familiarize ourselves with the property and its unique characteristics;
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4) Prepared a First Meeting folder with information about our company and any other requested research items discussed on the phone;
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5) Where applicable, researched potential investment opportunities to reference during our discussion.
The Proposal
The goal of the First Meeting is to determine if we can help make your situation better. Sometimes you've got things 100% dialed in, and we wish you well with your endeavors. But more often, the First Meeting leads to a Second Meeting, where we present our research and analysis in a proposal and discuss doing business with you. This means we have to do our homework so we know what we're talking about. This includes:
1) Walking the property (including some of the units where possible) to better familiarize ourselves with the property characteristics and taking photos for future reference;
2) Pulling (and driving in person) the most relevant comps from the MLS and CoStar based on an appropriate radius and timeframe (for example 1 mile within the last 6 months) unique to the property, and accounting for important building features like: the income and expenses, unit mix, age, location, size, zoning, and other factors that contribute to value;
3) Underwriting the property (performing a financial analysis) using our proprietary valuation software and the income and expense information you supply to us, adjusting some of the income and expense information to Market values where appropriate, and arriving at a final valuation indicated by the comps based on the relevant property characteristics and market financial indicators;
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4) Researching and analyzing potential 1031 replacement properties (if applicable to your situation) utilizing online resources and our network of brokers and potential Off-Market deals;
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5) Preparing the print and digital proposal package using the completed underwriting and financial analysis, the photos, the sales comps, company value propositions, and tailored recommendations specific to your situation;
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6) Delivering the proposal to you in person during the Second Meeting and discussing our proposal and recommendations with you.
Listing & Transaction
This is where the real magic happens. We agree to move forward with an exclusive listing and actively market the property for sale. If we've gotten to this point, we'll know there are some very tangible ways we're going to help you improve your situation. While each situation is unique, common reasons to move forward are: reduce your management responsibilities, increase your monthly net cash flow, increase your return on equity, reset/increase your depreciation allowance, grow your long-term wealth, or some combination of the above. In order to effectively and aggressively market the property and get you "the highest price, in the quickest time, with the least amount of hassle", we will do the following:
1) Engage a professional photographer and drone videographer to create snazzy pictures and videos of the property;
2) Prepare a professionally-designed Offering Memorandum and Executive Summary incorporating the pictures and videos and our financial analysis of the offering;
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3) Create a comprehensive marketing plan indicating our strategy for marketing the property throughout the listing term;
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4) Create a transaction timeline indicating key transaction dates and deliverables deadlines for required due diligence and disclosure items;
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5) Create a shared cloud drive and provide you with access so you have real-time accessibility for important documents and transaction processes;
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6) Comprehensively market the property online through commercial platforms like the MLS, LoopNet, CoStar, Crexi, ApartmentBuildings.com, and push to all associated residential online platforms like Realtor.com, Zillow, Trulia, Redfin and their sister sites;
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7) Execute one or more E-Blast email campaigns throughout the listing term to our database of investors, brokers, and other local SD CRE owners;
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8) In most cases, we will prepare and send a direct mail piece to go out to our database of investors, brokers, and other local SD CRE owners;
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9) Develop a regular update schedule with you to keep you in the loop frequently and regularly on the progress of the listing, offers, and eventual escrow;
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10) If you're doing a 1031 Exchange or some other kind of tax-deferred exchange, we will have implemented an investment opportunity analysis process and incorporated that into our transaction timeline, so we ensure we're regularly helping you identify investment options, writing offers, and adhering to the required IRS timeframes throughout the listing and escrow to achieve a successful and hassle-free exchange.