Raleigh, NC · Member since 2017 · 80 posts · 46 votes
Hey all, Happy Tuesday!
I am curious on others' opinions regarding introducing themselves to new professionals in a market you want to invest in, whether that is a broker, property management company, etc.
Do you all rely exclusively on a mutual introduction before reaching out or is it still professional to send an email or call someone that you've read about that you may be interested in working with?
For example: a property management firm in a market you want to invest in you've read great reviews on, etc.
Is it a faux pas to reach out to someone you don't have an "official" introduction to?
@Hannah Smith if you know your investment criteria and the market in which you're looking at don't hesitate to call the broker. Be very specific it is you want (number of units, vintage, rents, etc).
Tell the broker, you're ready to purchase (hopefully you are) and would like to be added to the distribution list. They usual will have no problem with this.
The key to all of this which @Chase Louderback touched on is to follow up and stay in contact. For every deal they send you, get back to them and let them your thoughts on the deal.
You'll now be on the front of mind with the broker and be on your way to developing a key relationship.
I definitely try to get a professional introduction from another individual that already has a relationship with the broker/property manager/whoever, but if I can't then I just reach out via email or phone and make sure to stay in contact. The biggest thing is following up promptly and keeping a good line of communication.
@Hannah Smith if you know your investment criteria and the market in which you're looking at don't hesitate to call the broker. Be very specific it is you want (number of units, vintage, rents, etc).
Tell the broker, you're ready to purchase (hopefully you are) and would like to be added to the distribution list. They usual will have no problem with this.
The key to all of this which @Chase Louderback touched on is to follow up and stay in contact. For every deal they send you, get back to them and let them your thoughts on the deal.
You'll now be on the front of mind with the broker and be on your way to developing a key relationship.
@Hannah Smith if you know your investment criteria and the market in which you're looking at don't hesitate to call the broker. Be very specific it is you want (number of units, vintage, rents, etc).
Tell the broker, you're ready to purchase (hopefully you are) and would like to be added to the distribution list. They usual will have no problem with this.
The key to all of this which @Chase Louderback touched on is to follow up and stay in contact. For every deal they send you, get back to them and let them your thoughts on the deal.
You'll now be on the front of mind with the broker and be on your way to developing a key relationship.
Thats a good way as well. I found that going to local RE clubs in the area to be a good source.
Depends on your experience and strategy but referrals are fine can be difficult because people like referring because they often get a cut. I personally reach out both to referrals and post a wanted ad in local facebook groups. To wet their appetite so they want to work with me I give them my background and what and how much I bought. When they respond, I give then my list of questions and needs before they get their sales pitch in and wait for their response. In my list of wants I give them examples of deals in my market or their market I have bought or would have bought.
I don't believe it is bad practice to reach out to these types of professionals without an introduction at all! In a way you are doing it with this post, asking questions of many professionals that are on BiggerPockets without an introduction to them. Having a mutual introduction is always a plus but I would say go ahead and reach out to professionals you research. If i had a buddy that could introduce me to a broker that I have heard is only okay at their job, and a top broker i dont know but have researched to be awesome... Im going to get in contact with Mr. Awesome first.
I do totally agree with @Matthew Baltzell that if you are reaching out to them, you need to have your specific investment criteria set to and ready to go for them and keep following up no matter what!
Absolutely. Also, if you know or have someone in your network that may be interested in a property that you pass on that the broker sends you, then I will always try to connect them as well. That can help build your relationship as well
I do both, but it's always preferable to have a warm referral. REI meet ups are one of the best ways to network quickly. If there's not one in your area, you should start one (that's what I did)!
@Hannah Smith. Wow you get way more responses to your threads then I ever got haha.
I would say introductions are ideal but that’s not always possible. There’s also a third option which is get the name or contact info from someone and then just reach out yourself. I have done all 3 before, most commonly probably getting the name or contact info from someone else and then just reaching out myself. I’ve done this in 3 different markets now and definitely the first 3-6 months within any new market is the challenging part. Once you set up a good team, and built a rapport with them, it gets much easier.