How do you reach out to multi family owners?

[Hayden Wright]

One of my 90 day goals is to make 50 cold calls and write 40 letters to multifamily owners weekly. I’ve realized that I desperately need a structure in place to ensure consistent follow up and organization.

Is there a method or cadence that you have found to be most successful when reaching out to MF owners?

All responses are greatly appreciated!

[Cody L.]

Originally posted by @Hayden Wright:

@Spencer Gray That’s sounds like great advice thank you for sharing that with me Spencer. My current strategy is to find an apartment deal and hand it over to an experienced investor who will allow me to have a small percentage of equity in the property and let me shadow them through the entire process. I really like your idea of focusing on building relationships with brokers, but it is my understanding that I would just be wasting their time if I do not have the funding or the property management in place to even do a deal. Would you agree with that and would you still recommend I search for brokers instead of owners?

Hayden, that's what I've done.  If you can find a deal...  Doesn't even have to have gone under contract, but rather you found someone that'll sell, send it to me.  I'll get it closed, pay you a fee, and would be happy to share the whole process of getting it financed, repositioned, and refinanced.

I do tons of this in Houston on large multifamily properties.  

[Cody L.]

Originally posted by @Hayden Wright:

@Justin G. Thanks for the response, Justin! I’m a big believer in adding value and always looking to add value at every turn!

 This is coming up for sale.  https://www.cwsapartments.com/...

244 units.  I bid on it last year, got outbid.  Was going to bid on it again (it fell out) but I'm told they want even more this time and my price is the same.

[Cody L.]

Originally posted by @Account Closed:

Originally posted by @Cody L.:

Originally posted by @Eric Johnson:

Why don't you just do SMS messaging? It's much more efficient. 

Also, building a real estate agent database is easier and also probably more efficient. Go to loopnet and call all the brokers, tell them you are a buyer in the area and ask to be put on their email list of new and coming soon deals. gl

Is it?  I could show you my phone where I get 10+ a day.   "Hello, we'd like to buy your property.  Are you interested?  type STOP to opt out"   And I'm not joking.  It comes to 100's a month.  And I'm not even counting letters as those get tossed by my team before I see them but we were getting huge stacks every month.

I have a canned reply I send back to texts.  basically says "if you want to buy something, go to this website".  The website shows my properties and says "If you want to make an offer, email it to..."

So if it's a numbers game where you send the text to 1000 people, hope 5% reply (50), and of those 10% has a property worth buying at a price that's reasonable (5), and of those, 20% you can get a deal done with (1). Then it sure seems strange that of all the people that get a 'warm lead' from texting me I hear back from almost zero of them (I'd say 'literally zero' of them but I got an LOI for one of my properties last week that got that text. It didn't go anywhere, but at least someone replied)

Point being:  From an owner perspective, I find those texts to not only being annoying, but I get so many of them that I don't see how if you're the 20th person to send an owner the same text why you'd get a better reply.  The only advice I'd give is IF you get ANY kind of reply, work it.

Or worse is the voicemails.  I have my voicemail message set to "Don't leave me a voicemail. I don't check them.  If you want a call back, text me".  Yet every month or so as I'm clearing out my voicemails I'll see tons of those robo voicemails "Hello, have you ever thought about selling your property..."

MY STRONG SUGGESTION would be to do less of the automated mass blasts.  And do MORE of the 'hand touch' calling, texting, emailing where you're actually directing it at someone and making an offer on their property.  i.e, "Hey Bob, I love your property at 123 Smith St.  I own one very close by at 234 David St.  If you'd ever consider selling I hope you keep me in mind.  I close fast and can pay a fair price.  I'd like to see a rent roll before giving an exact offer but just guessing at what your income is I could offer about $x.  Let me know your thoughts" 

 When I was in sales the spam approach was used at organizations that were pushing crap. 

When I moved on to other organizations that were selling better products and services, our focus was on providing solutions for C-level executives and we certainly didn't try to reach out to them via mass mailers or spam. We used a personalized approach. 

There's gotta be parallels to Real Estate as well. 

 Absolutely. 

[Wale Lawal]

@Hayden Wright

Consistently making 5-10 calls and setting 1 appointment per day will make a huge difference. 

At the end of the day, it's all about quality conversion with the seller.

Goodluck mate.

[Eric Johnson]

@Cody L. I mean, everything works. There are plenty of intelligent SMS systems that you can personalize 10 different templates etc. 

The only thing you should do is what you can consistently do. If you can't consistently make calls, don't do it. If you like consistently SMS messaging, then do that. That's all it boils down to. 

[Wale Lawal]

Originally posted by @Cody L.:

Originally posted by @Hayden Wright:

@Justin G. Thanks for the response, Justin! I’m a big believer in adding value and always looking to add value at every turn!

 This is coming up for sale.  https://www.cwsapartments.com/...

244 units.  I bid on it last year, got outbid.  Was going to bid on it again (it fell out) but I'm told they want even more this time and my price is the same.

Great strategy man.

[Hayden Wright]

@Cody L. Thank you Cody! I think it’s really helpful to know how the owner of a multi family property feels when they are flooded with texts, calls and letters. I am rewriting my templates now to be more personal. Thanks for the help!

[Hayden Wright]

@Andrew Carlson I promise I haven’t forgot about you Andrew! I will keep you posted!

[Hayden Wright]

@Bob Stevens thank you Bob! Working hard to build my network and look for deals that way.

[Hayden Wright]

@Cody L. Thanks Cody, that sounds great. I will be sure to reach out to you next time I come across a deal.

[Hayden Wright]

@Wale Lawal Thank you, Wale! I totally agree, small consistent action adds up and that’s what I’m focusing on now.

[Bob Stevens]

@Hayden Wright just go to your local REIA meeting, and other RE meetings ,,KEEP IT SIMPLE .