You’re trying your best to get your real estate investment business off the ground. You’ve done your homework. You understand strategy. You can underwrite the deals. You’re serious, not some tire-kicker. You have funds to close.
And, yet, the brokers still just show you deals that their go-to clients have passed over? You’re just seeing the leftovers – and you’re smart enough to know they’re the leftovers. But, still, you’re not seeing the good deals under someone else has already bought them?
I had this problem when I got started. Our team was just not seeing the good deals, so we saw nothing worth closing.
Starting in February 2014, I closed $17 million of deals in 11 months. When I looked back over what I had done to see how I broke through with brokers, I realized I had done these five things:
- I learned the lingo in the field. I studied books on real estate investing until I could understand everything and sound like a pro.
- I pulled together a team – lawyers, accountants, property manager, and mortgage broker, so that I could hit the ground running with any deal I got.
- I put together a killer credibility package that sold me to brokers. It included my bios, bios of my team, a head shot, my deal criteria, and my due diligence requirements. When brokers got this, they stopped asking if I was legit and focused instead on what I wanted to do. It flipped the script on them.
- I got my online and offline appearances together. Simple website about my business, strong LinkedIn profile, branded email address, business cards, and all the other things that newbies don’t bother to do, and that make you look like a pro when you do them.
- And, probably, most helpful of all – warm introductions to brokers from people in my personal network. This only works after you get the other four steps down, but it is the most powerful. A broker might take you seriously if you walk into their office with Steps 1-4 done. But if you walk in with a personal introduction PLUS steps 1-4 done, you will see the best deals from the get-go.
(I offer a free video training on how, exactly, to do all this. Check it out here.)
Experienced investors: What has worked for you? Please help the struggling new people out by sharing your experience.