Working With Brokers and AgentsPosted on June 10, 2013 by
“What’s the best way to find deals?”
This is the number one question I get asked by my real estate students. The answer is in the title. Most people new to the real estate business these days are looking for a “magic bullet” system that will bring them all the good deals they can handle. Unfortunately it doesn’t usually work that way.
There is no better way to consistently produce viable real estate deals than through quality relationships with commercial brokers and agents. No owner of a commercial property is going to go out to the road side and put up a “For Sale by Owner” sign and hope a qualified buyer happens to drive by. They are going to find a great broker and list the property with them.
I tell my students “You are trying to buy a property that is not for sale yet.” Good deals don’t stay on the market long. If you call an agent and they have something for sale, chances are it’s not a good deal. Your job is to build a relationship with this agent or broker so that when a seller walk in the door with a hot deal…you immediately get a call!
The best way for you to get on this agents “short list” is to have a good standing relationship. You need to get this persons attention on the very first time you speak to them. Here are some tips for quickly building rapport with commercial agents and brokers.
- Be able to answer the one most important question “What are you looking for?” Know exactly what size, price, and type of property you are looking for and how you plan to fund it.
- Know your market. Knowing as much as you can about your market (city) and your sub market (3-5 miles around your property) as you can. This will help you to have an educated conversation about the markets and the areas you do and don’t want to be in.
- Read the listing! Sounds simple but I have heard so many agents complain about people calling up and asking questions about information that was right in front of them on the listing. Do as much easy background research as you can on a property before you call and engage an agent for the first time. They spend a lot of time creating listings full of information so they don’t waste their time answering unnecessary questions. Read it!