Rental Property Investor 路 Tulsa, OK 路 Member since 2018 路 66 posts 路 6 votes
Hello all. My question is how do I find the best brokers for a certain market? I understand that Brokers mostly work several markets. How do I find the most prevalent ones in my chosen markets.
Also, I have called many brokers but I keep being sent to voice mail with no call back or no answer at all (pick up-hang up)
Go on LoopNet and filter to the target market. Go through the list of all deals that fit the asset class you are targeting. The brokers contact info will be on the listing. Make a list of all brokers. Go down the list calling them. The goal of the call should be to set up a coffee meeting with them. Meet with them, follow up with them monthly, don't let them forget about you. The mistake most people make with brokers is they think one email or call telling them what kind of deals they are looking for is all you need to do. Top brokers have a list of hundreds prospect buyers. When they find a good deal to sell, they call the first five people on their list. The goal is to be in as many brokers "top five" as possible. That is when you will start seeing good deals.
Because it is the commercial space, it is a little harder to find track records (versus residential where you can go to their Zillow profile and see past sales).
I would recommend networking like crazy. Talk to lenders, property managers, etc. See who they use and recommend. However, typically these brokers are very numbers oriented, so make sure you have your finances in order before speaking with them.
Hey @Daniel Soyars. I would suggest finding a specific property for sale and calling the broker to discuss that specific deal. That way, when you leave a voicemail you can just simply say you're interested in learning more about xyz Apartments. If they don't call you back, call another person on the team. I would also suggest starting with the youngest looking person listed in the OM. They are more likely to want to make new connections.
And if you can get someone else to connect you (PM, lender...etc), that's even better.
@Adam Lacey Ill be honest. I am working with a investor/mentor. The plan we set was to start with the broker to find the rest of the team thru referrals. I am struggling to do this because there is only 1 deal on-market in my market. And he is in another state. I know this is usual business. But he hasn't answered. I will continue to call and call other numbers at the brokerage as well. Any more suggestions? Any way to search the off market? (mls or something)
@Daniel Soyars You can check Crexi or Loopnet, but I would suggest going to the websites of all the brokerages in your market. If there truly is only one deal right now, then I would start making calls and sending emails to introduce yourself. And I personally wouldn't only focus on brokers. Reach out to all members of the team, bc you may be able to leverage those relationships to meet the brokers. Hope this helps!
Go on LoopNet and filter to the target market. Go through the list of all deals that fit the asset class you are targeting. The brokers contact info will be on the listing. Make a list of all brokers. Go down the list calling them. The goal of the call should be to set up a coffee meeting with them. Meet with them, follow up with them monthly, don't let them forget about you. The mistake most people make with brokers is they think one email or call telling them what kind of deals they are looking for is all you need to do. Top brokers have a list of hundreds prospect buyers. When they find a good deal to sell, they call the first five people on their list. The goal is to be in as many brokers "top five" as possible. That is when you will start seeing good deals.
How does a new face/name become memorable over all those old friends? I understand the make them like you thing but seems like there is more than that.
Also. My original question was how to find them to begin with. Loopnet is empty in my market.
@Daniel Soyars The honest answer is it's really tough to work your way in front of people they have done business with for a while. The best way to be first on the brokers list is to show you can close or leverage previous deals you have done to show your experience. Targeting newer brokers who haven't built up their buyers list yet is a good play too. LoopNet is the best source for commercial deals, surprising there is none in your market.