Mar 17, 2017
Chris Deuillett and Danny Baker
Chris has been selling older (Class B & C) apartments in the Dallas
market for 17 years. Chris comes from a family of real estate
professionals; his two brothers and father are in the business.
Danny is originally from Wisconsin and has been selling newer
(Class A, A-, B+) apartments in the Dallas market for 7 years. CBRE
is a Fortune 500 company that represents buyers and sellers of all
different asset classes throughout the globe. In 2016, the Dallas
CBRE office did over $1.5 billion in multifamily sales.
Perspective: Chris is seeing a lot more buyers in the market with
less inventory than last year. The biggest challenge today; too
many buyers, not enough sellers. DFW market is one of the top
markets in the country for rent growth & occupancy on already built
apartments. The amount of new construction supply of apartments in
Dallas is a concern, but not too big because the new construction
does not really compete against older assets with lower rent costs
for work force housing. The recent rise in interest rates did have
some effect of the reducing the value of assets. Advice: When
sellers are listing their properties: have a good story on what the
next buyer can do to increase value and also do not change
management companies right before you decide to sell. How does CBRE
help the seller choose a new buyer? Have your ducks all lined up;
financing, equity, initial rehab budget, management company review
operations and then actually visit the property. CBRE uses a
questionnaire to qualify a potential new buyer and when a potential
buyer is identified, they will do an introduction call with the
buyer and seller. Doing well on the phone interview with the
listing agent and the seller is critical. Why are sellers selling
today? Loan is maturing or partnership has completed their original
business plan. Building a personal relationship with the listing
broker is critical to your success.
Contact: Danny Baker at danny.baker@cbre.com or Chris Deuillett at
Chris.Deuillet@cbre.com
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