How would you represent your brand if you are new to Syndication?

Question

I realize the importance of having a brand when syndicating. However, when just starting out and haven't syndicated a deal yet, what does a brand look like? Should it focus on personal qualities/attributes or other accomplishments in REI and/or professionally?

John Corey · Answer

Truth and honesty first.

Focus on the strengths and how you have a plan that you are building out. Bring in team members who can fill in some gaps. Momentum starts with the first step.

Yonah Weiss · Answer

Account Closed To add to what some of the other great syndication philosophers of BP have said, you may have a lot going for you even if you have never done a single syndication deal.

If you have had success in another area of business, or other real estate assets,that can be used to establish credibility.

But before establishing any brand, you have to ask yourself, who do I want this brand to attract? You must narrow it down and focus on a target market. For example, if you have experience in IT, you can make an IT investing brand targeting IT professionals (who happen to be of the highest paid professionals in the US). @Joe Fairless talks about this subject at length and depth in his book Best Ever Apartment Syndication Book. Highly recommended.

Greg Dickerson · Answer

Account Closed it all starts with credibility through education. You need to make sure you are fully informed on the space, the market, the types and class of assets you are syndicating. You need to be an expert on the topic and be able to speak with fluidly and with confidence when discussing the business with potential investors.

The brand is very important and needs to convey experience and credibility as well.  You need to highlight your experience and expertise in whatever field you have acquired it along with your partners/team members.

You only get one chance to make a good impression so you need to be polished, professional and confident.

If so not have any experience at all your need to join forces with an experienced organization and use their credibility but you still need to be educated on the space.

David Thompson · Answer

James,

As I worked alongside several syndicators starting with some in their emerging / ramping stage, one of the best ways that they got started is to surround themselves with experts early on instead of trying to DIY w/no brand identity.  You really don't have a brand yet and building a brand takes time.  You can accelerate that greatly by partnering with experts.

Examples might be: experienced property manager that can manage the day to day operations of an apartment and manage / oversee the renovations.  You can also take on partners that have previous syndication experience looking for help in areas that you have strength and they don't or need more help in. When taking on partners, look to surround yourself w/not only experts but folks that complement the skills you feel you are strongest in and let them do what they do best.  I've participated in over 30 syndications deals and what's loud and clear is this is a "team sport", build your brand / leverage others that have that experience you want by being a key part of a team and this will greatly accelerate your brand assuming you are choosing right partners (character, ethics, smarts, experience, etc).

Chris Grenzig · Answer

@james hawkins at the end of the day its all about what your investors are looking for. There is obviously a much smaller pool of people who are willing to invest with someone that doesn't have a track record regardless of brand and education. That's why a lot of times I think JVs are a great way to get your foot in the door, or start with you and a few partners who are all in it together to build up that track record, before you move on to syndicating out equity and being the lone operator.

In terms of brand, honesty, transparency, no bullshit tends to be the best approach in my opinion. You're taking peoples hard earned money, the most important thing is to make sure they understand 100% what it entails and no matter how its going, keep them informed as things occur.

Omar Khan · Answer

To quote the great philosopher @Chris Grenzig no BS attitude helps a lot. Your options are limited both from a capital raising and asset management perspectives. Plus, it's harder to create a thought leadership platform if you don't have any solid thoughts nor leadership(due to lack of experience).

Your first investors will typically be friends, family and fools. They are investing based off their relationship with you as opposed to the merits of the deal only. You have to rely on your honesty, transparency and years of relationships to convince them why you can be an effective steward of their capital.

Luke Miller · Answer

Account Closed truth and honesty is critical, but so is finding a partner with experience to leverage. Your investors are going to appreciate having someone with experience on your team and it will help you navigate potential issues. That's the route I took and it's working out well. Investing is a team sport.

Alina Trigub · Answer

Account Closed

I tend to agree with @John Corey.

Full transparency is essential, if you don't have the track record, then back it up by showing what you have (as an equivalent) or partner up with the experience.

Start building your thought leadership platform, which should enhance your credibility. Keep in mind it's a lengthy organic program. On the other hand, "Rome wasn't built overnight", so be ready for that. There are numerous ways to build such platform, Joe Fearless is a great example. Check out his website, book, podcast, and numerous articles.

Tj Hines · Answer

Account Closed, having good personal quality attributes can never hurt. More important than having a brand, is having the right knowledge to possess to successfully transact a syndication. The personal quality attributes is just the icing on the cake. The icing requires a base. The base is your education. Principles to fall back and rely on. The next important thing is to build out your network, while educating yourself. Your network is key in multifamily. You can't measure the ROI on relationships. After doing these simple steps you will have a brand. Start a meetup in your hometown. That's a good way to build a brand as well

Kim Lisa Taylor · Answer

Most new Syndicators team with experienced partners for their first few deals. This not only allows you to leverage off others experience, it's also a good way to ensure that you don't make $100,000 mistakes with other people's money.

How would you represent your brand if you are new to Syndication?

Most Popular Reply