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Cultivating Broker Relationships 101:
Do what you said you will do. That's the thread.
Do what you said you will do. That's the thread.
In all seriousness, if your goal is to invest in real estate, you need strong broker relationships. That begins by talking the talk... and more importantly, walking the walk — acting on your words. Brokers receive far too many calls from tire kickers and you need to stand out
Here's a few steps how:
1. Be professional: Website, business email, and conducting business during the workday.
2. Have specific investment criteria: deal size or loan products you want to utilize.
3. Qualitative property criteria such as brick, 1980s construction etc.
1. Be professional: Website, business email, and conducting business during the workday.
2. Have specific investment criteria: deal size or loan products you want to utilize.
3. Qualitative property criteria such as brick, 1980s construction etc.
Next level:
4. Your cash position and capital stack (tread carefully). Don't just come out of the gate with a proof of funds! Guard your private financial information, but eventually brokers need to know you can close.
4. Your cash position and capital stack (tread carefully). Don't just come out of the gate with a proof of funds! Guard your private financial information, but eventually brokers need to know you can close.
5. Referrals are huge.
Even today I got a call back from a major broker because of a referral from my lender. Who you do business with is a major vote of confidence. Consider building your network of professionals before approaching brokers and deals.
Even today I got a call back from a major broker because of a referral from my lender. Who you do business with is a major vote of confidence. Consider building your network of professionals before approaching brokers and deals.
I'd imagine one of the biggest mistakes (and I am guilty of it) is calling brokers right away without any knowledge or experience in the market. You got to know what you are talking about. Thoughts?
