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How To Build A Top Notch Seller Reputation In Multifamily

Sellers, you want to develop a reputation with every buyer in the marketplace that buying from you is first class. You want them to talk about you in a good way at dinner that night with their spouse.

There are a number of things that go into developing an awesome reputation as a seller. A very simple one that’s easy to do and goes a long way is how you care for your property during the marketing and contract period. Are you the seller that spends as little money as humanly possible during this time because you feel like you’re throwing money away at something you won’t own in 90 days or are you the seller that understands the power of going above and beyond to care for an asset because the reputational benefits will spread throughout the multifamily world and handsomely reward you long term?

Remember, buyers of your assets will be sellers of other assets in the future. If they remember you to be the seller that cut corners and did just enough, they will be far less likely to select you as a winning bidder on their next sale. And the brokers involved in your transactions will be less likely to recommend you as a buyer.

There are some easy things I’ve recognized sellers can do to build a killer reputation during the marketing and contract period. The cost of making repairs, replacements, and beautification during this time is so minimal as a percentage of the deal but the payback is huge from a reputation perspective. Many of these things I advise tightening up on prior to going to market and definitely maintaining the list during marketing and especially while under contract.

 

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