Broker Question
Hi all,
I’m a young CRE appraiser in need of some advice. Today, I called a broker/private investor out of the cold to verify a sale comp, and after some time the conversation’s topic switched to one about local markets, and his thoughts on cap rates, price per SF, market rent, etc. He told me a lot of information that I felt was useful and ended up being in my report. At the end of the conversation he gave me his email and asked for me to reciprocate; more specifically he asked me to send him some useful information - he might have said research.
I want to help him out, but I don’t have an idea of what I could provide to him as an appraiser that’s not already available on CoStar/public records. I would kindly appreciate some advice or suggestions as to what specifically he meant.
To add to this, this situation has happened once or twice to me before when talking with brokers, but I hadn’t considered doing anything until now.
Comps
Yes comps. I’d say leasing comps in particular is what’s most valuable. There’s much less transparency around lease terms and that data is not as readily available via CoStar, RCM, Trepp, etc.
Hey there,
Sounds like you've got a great opportunity to build a relationship with this broker! As an appraiser, you have a unique perspective that can be very valuable. Here are a few things you might consider sharing:
Market Trends: While CoStar and public records provide a lot of data, your interpretation of that data and understanding of the market trends can be very valuable. You could provide insights on where you see the market heading, what types of properties are in demand, and any shifts you're noticing.
Unique Deals: If you come across any unique deals or properties that stand out, this could be interesting information to share. Just make sure you're not sharing any confidential information.
Networking Advantage: As you're in touch with a lot of brokers, you might hear about deals or opportunities that this broker isn't aware of. Sharing this information could be very beneficial to him.
Investor Mindset: As you develop your investor mindset, you might start to see opportunities or risks that others might miss. Sharing these insights could be very valuable.
Remember, the goal here is to provide value and build a relationship. So, think about what you can offer that will be most beneficial to him. Good luck!
Sources: Moving from Appraisals to REPE Acquisitions?, Value add - multifamily ... RENTS, TAXES, WTF??, https://www.wallstreetoasis.com/forum/real-estate/how-do-cre-data-companies-costar-yardi-axio-etc-collect-their-data?customgpt=1, Private Equity - Working with Imperfect Information
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