What does IMPACT do?
IMPACT represents community development organizations, land trusts, and other providers of affordable housing. We also represent tenants buying their apartments and groups of tenants organizing to buy their buildings.
What services do you provide?
We offer a full array of commercial real estate services specifically tailored to tenant buyers and nonprofit providers of affordable housing.
Why use IMPACT instead of another real estate agent?
IMPACT's founder is Richard Hurlburt, a 20-year veteran tenant rights attorney and practicing real estate broker since 2005. IMPACT is uniquely well-connected and qualified to represent tenants buying the buildings they occupy as renters.
When do tenants buy their apartments?
Tenant opportunities to purchase typically arise when the building goes up for sale, such as when the seller-landlord dies, becomes too old to manage the building, or sells the property for tax purposes. Some tenants buy to resolve conflicts with their landlord, such as when a developer is trying to buy-out or evict the tenant.
Who pays for your services?
The seller typically pays a real estate commission to the listing agent, which gets split with the selling agent (representing the buyer).
Do you provide tenant rights counseling or legal advice?
Our role is to assist our clients in buying real estate. To the extent possible, we will focus your attention on a successful purchase. That process sometimes involves legal counseling. Two of our staff are licensed attorneys.
Can you help us negotiate a buyout?
IMPACT negotiates buy-ins, not buy-outs. If a buyout is really what you need then we would refer you to a tenant rights attorney.
Do you have a physical business location?
Yes, we are located on Market St. in the historic Flood Building (870 Market). There are no walk-ins, however. We see clients by appointment, and often we come to see clients at their unit when we are working with them.
How does a group of tenants buy their apartment building?
What are common challenges to tenants purchasing their own units or buildings?
Other than financing and the owner’s willingness to sell, the biggest challenge is the ability of all parties involved to think forward, beyond the past landlord-tenant roles to a new relationship of seller and buyer. This usually involves overcoming some common myths, such as:
- The market is always about to crash.
- Seller-landlord or their agents believe Tenants are never serious about buying or can’t afford to purchase.
- Tenant-buyers believing they are entitled to a lower price, and Landlord-sellers feeling they are being held hostage.
- Shame about property ownership: TICs are bad / condos are bad / owning is bad.
Who should contact you for more information?
Contact IMPACT, of course! And if not us, then any organization which builds or preserves affordable housing, and any tenant (or group of tenants) who would like to explore whether a purchase is possible.
What can I expect once we begin the purchasing process?
First we’ll talk about your goal and options. From there we’ll make a plan to fit the project. The common stages are: financing, disclosures, negotiating terms, escrow, due diligence & closing
What is the outcome of a successful purchase?
At IMPACT, we measure our success by the number of affordable housing units we help our clients create or preserve. Success means more affordable housing for a stable San Francisco.
Tenants, although anxious about transitioning from tenant to homeowner, often express great pride and relief:
“No one but Richard really believed we could do this. So every step of the way, including now, it’s still hard to believe that we own this, and when I really wrap my brain around it, I’m absolutely thrilled.”
- Harriet Schatz reflecting on purchasing her unit
Sellers and landlords also often express positive feelings about the experience compared to the alternative solutions of buyout or eviction!
Tenants, although anxious about transitioning from tenant to homeowner, often express great pride and relief:
“No one but Richard really believed we could do this. So every step of the way, including now, it’s still hard to believe that we own this, and when I really wrap my brain around it, I’m absolutely thrilled.”
- Harriet Schatz reflecting on purchasing her unit
Sellers and landlords also often express positive feelings about the experience compared to the alternative solutions of buyout or eviction!