“From Multifamily Broker to National Council Chair in Multifamily”
“There's nothing like being in the brokerage aspect of multifamily where you get to see 100 different groups’ ways of approaching deals, whether it be market rate deals or on the affordable side. From the brokerage angle, we get to see so many different execution strategies and ways people look at deals and analyze them.”
Reid Bennett, CCIM is an amazing guy. He serves as National Council Chair of Multifamily Properties for SVN International and is a Senior Vice President for SVN - Chicago Commercial. Go give him a follow.👈
As a licensed managing broker, he focuses primarily on the sale of apartment communities across the Midwest and also teams up with members of his council to serve clients across the country in over 150 markets. Reid prides himself on understanding the nuances and analysis of multiple-unit apartment dwellings & low-income Section 8 & Section 42 communities.
In 2016, 2018, 2021 & 2022 Reid received the Partners Circle Award, which is the top honor from SVN where he was ranked in the top .02% among all 1,200+ SVN advisors in the world for the fourth time.
A graduate from the University of Iowa, Reid also has achieved the highly coveted designation of Certified Commercial Investment Member (CCIM).
In 2018, Reid hired Massimo Group, the premier commercial real estate training company in North America.
Also active in his community, Reid chaired the Development Committee for River North Residents Association (RNRA).
In this episode we discuss:
✅ 2008-2009 Global Financial Crisis
✅ Partners Circle Award
✅ Multifamily Brokerage
✅ Capital Raising
✅ Beware of FoMO (Fear of missing out) Investing
✅ Seller Financing / Assumable Debt / Distressed Deals
Great quotes from the episode include:
“Ever since I took over the National Council chair of multifamily for my firm, now we're doing deals in multiple states, around the country, working with many of my colleagues. It’s been really fun to evolve from the neighborhoods of Chicago out to areas of Texas and New York.”
“Investing in real estate is a journey, it’s a roller coaster, but I wouldn't have it any other way. I like the highs and learned a lot from the lows.”
“Actively investing in real estate is not for the faint of hearts. You have to have thick skin and be willing to walk through fire.”
“A couple of groups in 2018-2019 said, ‘We're holding onto our property because we're waiting for inflation. It's way better than selling our deal and putting the money into a bank or into a CD, or even into the market at this point.’ Those guys were right.”
“I think looking at 100 deals, making 20 offers and maybe getting involved in one is a good metric, and it just has to be the right deal.”
“There’s always a reason, always a time for groups to sell their deals, which is why calling on people should be done on a consistent level.”
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