Contacting Off Market Multifamily Deals

12 Replies

Originally posted by @Collin Boyer :

Hey guys, what have you found to be the best way of contact for off market multifamily deals? Calls, Postcards, Voicemails?

For smaller properties postcards, letters, cold calling, motivated seller websites, Facebook, google ads etc. Same as SF residential. The key is motivated sellers. Compile lists with conditions of distress to find sellers that may be  motivated.

I agree with Arn, looking for distressed properties is your first step. This is already going to increase your success rate. If you are blindly calling properties, the success rate will be quite low regardless of your strategy. I have found the most success with cold calling over letters or voicemails, but they all work over time, it's a numbers game!

@Collin Boyer the best approach with direct mail to locate off-market deals is to do a combination of all things you mentioned. 

Send the DM piece - a letter or postcard and within 3-5 business days after sending give the owner a call.

In the conversation with the seller, reference the DM piece you sent. You want to create a relationship. There is a high probability that the seller won't want to sell receiving one letter or one phone call.

This strategy of using DM is the "long game" approach.

If you get to connect with the seller, send them a personalized handwritten note thanking them for their time.

If you think there is a deal to be had after your conversation, keep sending them letters or information. 

Be Relentless in a respectful way of course...

I used the same technique above to land a 200+ unit deal, here is the link:

Bought 200+ Unit Apartment Complex, Increased Value Over $4 Mill

I am also doing the same approach on a 1,000 unit apartment deal that I am pursuing.

@Brian Adams
I really like that, I was looking into handwriting letters for a thank you and sending a little more info about me along.



Originally posted by @Brian Adams:

@Collin Boyer the best approach with direct mail to locate off-market deals is to do a combination of all things you mentioned. 

Send the DM piece - a letter or postcard and within 3-5 business days after sending give the owner a call.

In the conversation with the seller, reference the DM piece you sent. You want to create a relationship. There is a high probability that the seller won't want to sell receiving one letter or one phone call.

This strategy of using DM is the "long game" approach.

If you get to connect with the seller, send them a personalized handwritten note thanking them for their time. 

If you think there is a deal to be had after your conversation, keep sending them letters or information. 

Be Relentless in a respectful way of course...

I used the same technique above to land a 200+ unit deal, here is the link:

Bought 200+ Unit Apartment Complex, Increased Value Over $4 Mill

I am also doing the same approach on a 1,000 unit apartment deal that I am pursuing.

 

@Christopher B. we do a mixture of prospectnow.com and our state's business search feature. With prospectnow.com some of the emails seemed fake, so we would cross-reference if we could but it did provide a good number of emails for folks who didn't have their property in an LLC.

For properties held in LLC's, the LLC's information is kept in our secretary of state website accessible to the public so we will go in there to grab the email. It is manual for sure but for us, mailers were just as manual (writing 500 envelopes - talk about hand cramps!) but we've seen way more success with emails.