Three Colliers Offices Meld MF In New Initiative
The Atlanta, Boston and Chicago offices have joined forces to share information and deal flow on behalf of their clients.
ATLANTA, BOSTON and CHICAGO–Colliers International has launched a new initiative in which its three major multifamily hubs in Atlanta, Boston and Chicago are sharing information and collaborating on deals.
Will Mathews, principal of the Atlanta office, tells GlobeSt.com that the point of the collaboration is to provide clients with the most competitive marketing process and broadest reach.
“There is a tremendous amount of capital overlap among these three markets even though we all represent a diverse base of capital,” he says. “By effectively communicating in real time about deals we can bring the lowest cost of capital to our clients.”
To date, Mathews says, the collaborative platform has closed 36 transactions totalling about 4,000 units at a value of $600 million. It has an additional 34 deals worth $500 million under contract.
The three offices decided to take this step when it recognized that the individual real estate brokerages had become increasingly siloed, Tyler Hague, VP of Colliers’ Chicago operations, tells GlobeSt.com. It is a problem throughout the industry, he adds: “Most of our competition isn’t talking to one another either.”
When asked about the fee-sharing structure, Chris Sower, SVP of the Boston office, noted that every deal is different. “We look at it on a case-by-case approach,” he tells GlobeSt.com. “But there is a fee-sharing structure and we think it is very fair.”