I am partnering with a General Contractor with strong connections to local subs. In our local market (Boise area) construction labor is tight and the building market is strong. We are currently building a few spec homes but finding finished home lots is very challenging. To fill the gaps between new builds for our own account we are looking to do work for others.
We are not well suited to the large volume / low return type of work (flip contractor, small remodels, etc.) but have the ideal setup and experience for new home construction, custom homes, small commercial and multi-family, and major remodels. We even have the team for commercial tenant improvements. With our experience and, more importantly, access to subs, we believe that we have the right team to contribute in the current market but we also need to find a way to get the word out.
As the business-end of things in our partnership, I'm looking for ways to start networking. How do you get started in developing the contacts and network for these type of projects?
I am not sure about the networking side of things, but I do know that there is a website called thebluebook.com. That is a site that contractors of all types go to bid jobs or different sizes. Maybe there you can set up an account so others can contact you as well as straight bid on jobs.
Hope that is helpful.
Have a great day!
@Matt Brookshier - I'm no expert here, but here's my quick brainstorm. I'm a flipper and have had great luck with #2. Never tried any of the rest, but might now that I had to write them out and think about them.
1) Go to every architect, interior designer, top real estate agents/brokers, loan officers in town and shake hands, drop off do-nuts, take them out for coffee/beer and do it regularly. 2) Hit every REI meeting in town and offer to speak at some about the multifamily and spec building process. 3) You may consider joining and participating in whatever local business communities you are in. 4) Offer referral money to subs.
None of this has to be a hard sell, just build rapport and show them you know what you are talking about.
Thanks @Michele B. I'll look into the site. It may be for bigger fish than us, but worth a shot.
@Robin Williams good thoughts as well. I know most of the big brokers in town and a few architects. Talking with these folks is likely a good start. The goal this summer is to start the process and see where it leads. We have 3 home lots of our own to focus on, so it may be good timing to spend time building our network in preparation for when those homes are completed.
@Matt Brookshier - Awesome man. Good luck.
Reach out to me and let’s talk. I have been doing large scale construction in Boise for years. My partner and I are doing some investing on the side. I might be able to help out a bit if nothing else we can at least chat about some of the interesting things in this market.
We've never done contract jobs, only spec new construction. On the spec side we've done SFR, small office parks, office buildings, and a residential subdivision; and each was unique.
Put yourself in a clients place, if you were looking for a General Contractor, what is it that would be important to you in choosing someone? What is your track record that you can point to that will convince them you're the best company to do the job?
From your post I'd say that before looking at where to network, market, etc., you first need to decide what your target market is. Once you know the segment of the market you want to focus on, you'll be better positioned to move forward. Residential is completely different than commercial in the way people look at a project. One is emotional the other is numbers.
As to networking, this site right here is the best networking tool there is. If you spend time contributing to posts and letting people see your value, start meeting people in your local area, you'd be amazed at the value you can get from BP! Have you done a search to see if there are any meetups of BP members in your local area? If not, maybe start one. Good luck.