I am looking for deals as a principle.
Connect with the brokers in your target market and build the relationships with them. Long but sure way to get the right kind of deals down the line.
Agreed with @Alina Trigub. Brokers spend their entire careers building relationships with property owners, so your best bet is to build relationships with them.
How to do that?
1. Meet with them on a regular basis.
2. Give them detailed feedback on why a deal they sent you didn't work.
3. Walk properties with them to get some face time.
Great input..... How about sourcing off-market deals too?
@Alina Trigub and @Ellie Perlman have hit the nail on the head! Build a relationship with a local broker. Make sure you constantly following up with them by phone and reiterate your investment criteria to them. This way they will have what you are looking for embedded in there head and know you are serious.
I have found it difficult to make inroads with commercial brokers. Most of them have a short list of buyers that they go to. If you have cash on hand to make a purchase, then they will be interested, and will want you to sign with them. I get it and I'm not bashing the model.
If you are looking for true off-market deals (not pocket listings), then you will need to build relationships with property owners. I'm in the middle of discussions with a local property owner to buy his building. He's someone I've known for a while. I would suggest the following:
1) If possible, identify specific properties you are interested in
2) Find out the owner from public records
3) Sent them a letter describing your interest and asking for 10 minutes of their time in person or on the phone
4) Network with others in the area to see if you can find someone to make an introduction
Hope this helps,
I connected with a property manager who directed me to an investors Wife... I build a relationship thru her to get a property... it did take a year to get it done.
Moral of the story... Network... network... network.
I am getting some response in finding commercial tax delinquent owners with skip tracking methods, calling them and chatting it up.
@Andy Davies , that is great to hear. COVID has been brutal, in general to commercial owners, particularly those with inefficient operations and/or over leveraged.
As those that posted a couple years ago stated, it is all networking. Off market deals come from brokers (although many will also be on market), industry conferences, calling owners directly, etc.
Similar to residential, I have known investors or operators looking to buy their own space, calling for rent signs and simply asking if they are willing to sell.
Depending on the size/scale of property, I have seen for sale by owner signs on some neighborhood retail strips and small industrial spaces. No marketing besides a phone number on a sign at the front of the property (technically not off market, but also not well marketed)