The Moral of the Deal

 

I recently caught up with Dan Mulkey, a Senior Broker for Marcus & Millichap’s Manufactured Housing Group in Tampa Florida, and asked him to tell us a few real deal stories about his most artful deals of the past year.    

 

Once upon a time...

 

I was working with a lawyer out of Washington, DC who wanted to purchase Florida parks.  After much ado we closed a small park in the center of the state.  He came back and wanted another deal which I didn’t have due to low inventory for his needs.   In conversation I found out he liked to ski in Denver.  Using MNet I found a deal in Laramie, WY listed by our Denver office that we were able to  sell and close to this buyer.  Now he writes off his trips to Denver. 

The moral of the deal: showing the value of our system speaks to the co-operation of our agents to get the best deal for the seller.  The deal closed at 95% of ask.

 

Once upon another time...

 

 I listed a 230 space park in the center of Florida.  It was only 50% occupied.   I felt I already knew who my buyer (from Chicago) would be when I listed it but I insisted the seller let me list instead of just bringing in the “buyer”.  By doing so I represented the seller not the buyer as we often do on “opens”.  I knew the buyer to be a very tough negotiator and the only way to push value was to list and bring in multiple offers, which I did, thereby pushing my expected buyer to 95% of sales price. 

The moral of the deal: the seller got the best price from a good yet tough buyer because he allowed us to do our job of exposing the property to the entire market and not just to a few “usual suspects”.

 

And then, there was this 1031 Exchange...

 

I had a very active and loyal client from Tampa who I’d been working with for years in acquiring mobile home parks.  This time he was working on a 1031 exchange and had to make a deal within very tight time constraints.  The problem was, the market was very thin on product and he really wanted to stay in Florida. I knew he had other property in the Florida panhandle so I did a search of MNet for a cross-over deal to satisfy his need and found and sold him two self-storage facilities in Tallahassee listed by my office. 

The moral of the deal:  helping our clients think “out of the box” to satisfy their investment needs.  Self storage was an easy transition from mobile home parks and he now happily owns several self storage investments.

 

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