CRE Deal Sourcing
Anyone use sites other than LoopNet and Crexi to look for their next deal/source what's on the market?
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What product type(s) are you looking at? CoStar/LoopNet is generally the gold standard for finding broadly marketed deals with Crexi at second. It seems like Crexi is popular with more unsophisticated brokers at least in my experience. We focus mostly on off market deals so we just rely on our relationships with local brokers.
No particular product type, just anything that's commercial; thank you for your insight! Could I PM you?
Sure
Our deals are mostly sourced off market. As a fund, we buy off market and sell on market. In my opinion, CreXi used to be better when they were newer because it was mostly brokers that knew what they were doing. It’s quickly turning into loopnet.
You should ONLY look at deals that are on market and widely marketed. Looking for any thing 'off market' is a complete waste of time.
Just like how skiing powder is completely over rated and everyone should stay home on powder days.
Need more info from you on what you are looking for to actually answer your question.
False. Off-market deals through our broker network is how my firm hits home runs.
What you want to avoid is brokers marketing an "off-market" deal to you via an mls or email. Unless it's an established broker you've worked with, chances are they're just trying to drum up interest in a property that's not currently for sale to convince the owner to give them the listing. This is what you want to avoid.
First two lines were sarcastic - thought that was more apparent..
Get the sarcasm, but one thing I'll add is that the off-market deals coming to us within the last 6 months have been shit. Its basically a bunch of people telling brokers, "Sure, I'll sell it if I get this ridiculous number." Usually on-market transactions consist of owners that are more serious about selling. Then the broker tries to sell it off market to the key relationships they have. No doubt we've had great success with off market as we avoid the brokerage process of tours, CFO, second round, CFO, and other time wasted, but off-market also means sellers that dont give a shit if they transact either. Just something I have learned, although I may have a different experience than others.
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