i have incoming leads for residential properties pretty much down pat. direct mail and leads from my web sites seem to be some of the highest responses. unfortunately the response rate for commercial property was a lot less (under 1%). would any forum members like to share some of their best lead sources for apartment buildings?
Hi Ryan,
Since apartment buildings are sold based on financials and seller pays real estate agency fee's the MLS system or any online commercial apartment for sale platform.
GR
i’m more a fan of properties that are acquired under the radar…i guess the search continues
Hi Ryan,
You probable know the answer to this but have not realized it!
Who or what is the most knowledgeable in the multi family apartment industry?
Well, Ryan it is property management! Primarily property management companies as they have their fingers on the pulse of their community and the: Who? What? When? Where? and Why?
What you have to do is build relationships with managers who will let you know what properties have financial problems, and who to contact in regards to that property.
Good luck,
GR
It’s funny you mention this. I did email out a ton of PM’s in the area. I did receive friendly responses saying they would keep me in mind, but no prospects yet. I’ll be attending the club that deals with apartment building owners in november too…we’ll see how that goes.
It’s really hard to find prospects through emails. You’ll need a lot of patients. Anyway, I hope you’ll meet some potential prospects in that club… 
There are different ways you can find deals, including direct mail, web sites like loopnet, and networking with attorneys, banks, brokers and other professionals.
I did the direct mail thing a while back, and I can confirm the much lower call-back rate vs. single family houses. I’m not saying this strategy doesn’t work, but …
I have found that 80%+ of your deals will come from commercial real estate brokers. I would advise you focus on building relationships with brokers. The trick is to get them to take you seriously and feed you good deals.
My experience has been, that out of 10 brokers you contact, 2 will bubble to the top and feed you deals. Brokers like to feed deals to their own buyer’s list first (so they get both sides of the commission), which is an advantage of you’re on their short list.
As GR points out, property managers are a good source. So are probate attorneys etc. The point is, it’s all about relationships. And setting up solid relationships with these professionals takes time and persistence.
But, once established, these professionals will continue to feed you deals …
Hope that helps.
Michael
Purchasing an apartment building can be a great asset, as long as you invest in one that meets your budget and enhances your financial status. There are a lot of things to think about when you buy an apartment building. Great sources ! 
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