As a broker, that’s my mantra at every closing. Of course, a relationship is a two-way street, but if the client is amenable, I stay in touch. I ask what investments interest them, what their short- and long-term goals are. Then, with their interests in mind, I keep my eyes open.
That’s the kind of relationship I’ve had with the client who gave me one of my very first deals 24 years ago. Recently he called to say he wanted to invest in the Florida resort-condo market, and to finance it, he wanted to sell a 4-unit student-housing building on the U of M campus.
I remember helping him buy that building when demand for student housing far exceeded supply. I knew then that it was a perfect fit for his portfolio, and it’s been a fantastic investment for him over the years. It’s still a good investment, but now, Florida condos are better for his changing interests. So we put the Ann Arbor apartment building on the market.
After a brief marketing period we found a near-asking-price buyer. Once the sale closed, my client was able to quickly move his equity into resort investments in the Sunshine State.
If you would like more than a broker, if you would like a real-estate investment consultant who surveys the market with your interests in mind, call Steve Valli at the Thomas Duke Company.
