Closing The Deal Is Getting Faster
In past years, brokers could close a healthy deal in six months. These days, brokers get it done in four or less. Brokers are giving more property tours, receiving more offers and working more efficiently with third parties.
Marcus & Millichap senior director Al Silva (pictured with his family) is no exception. Al recently closed on Jackson Branch (below), a 506-unit Class-B apartment complex on Forest Lane in Dallas, 60 days after going to contract. Another property—Gables of Notting Hill apartments in Hurst—had a two-week turnaround when Al and Marcus & Millichap's Ford Braly repped the seller and procured the buyer.
Al tell us the three causes of tighter turnarounds: Marketing timelines have shortened. Lenders seem more efficient and get reports completed quickly. And perhaps most important—buyers have big appetites to place their capital.
"We’ve made a lot of progress at doing things more quickly than we used to," Al says. "It's a combination of factors that allows us to better serve our clients."
So tell us, what are your timelines like? Send your thoughts to julia.bunch@bisnow.com.
