Cold calling small multifamily owners - a profitable niche?
So I'm a real estate agent focusing on investors in the greater Nashville area. It's a hot market for investors, and I've been doing a lot of research on this topic, but haven't found much information.. I want to scale my real estate business around that side of real estate because I enjoy working with bottom line oriented people. That being said, I'm a multi-family fanatic, and I want to be the go-to real estate agent when someone is looking to buy or sell small multifamily or single family investment properties. That's the goal.
Is there a market for an agent like myself to truly bring value to the table for small multifamily owners? Would I see similar conversion rates cold calling investors of small multifamily than I would with cold calling traditional home owners? I'm just concerned about putting in an enormous amount of time to trying to build a business around this niche, and realize that investors don't need me to help them sell or buy. How can I turn this into a successful business model?
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Yes, you can make money doing it. Folks who own one or two small multifamilies also tend to have big portfolios of single families. Most of the time you're going to find they're not ready to sell, but they probably will eventually depending on their age, whether their heirs are interested in inheriting, and many other factors.
Build relationships with them, add value, and don't go for the close immediately. Listen to their needs. Remember that they certainly have other brokers calling on them, but they may or may not have listed with someone yet.
If you're afraid of not getting results at this point, then you're liable to give up before results can reasonably be expected. It takes time to build deal flow. It might take you 10 months of daily hustle to close a deal.
If you hustle for 10 months every day, you will start closing deals.