Real estate business developer
Does anyone have any insight on success as a business developer in commercial real estate? Such as a person who finds properties, their owners, their contact info, and builds rapport with them. As an agent has many responsibilities, it would be helpful to have a single person dedicated to finding more opportunities.
[{"id": "fg46cwf", "text": "That's pretty much the role of a broker/agent. Juniors would typically work for the broker to help with the various responsibilities. There's also the \"rain-maker\" role that steers large accounts to the firm, but these are typically very established professionals.", "replies": [], "depth": 1}, {"id": "fg48thu", "text": "That's basically my role in the office. I'm investment sales, and my prospecting activity leads to every other type of business. I may call on someone who doesn't want to sell but needs management or leasing, may represent a buyer who then needs management and leasing, may help someone sell and exchange in to land and need analysis or construction management, etc.", "replies": [{"id": "fg4elis", "text": "What is your day to day?", "replies": [{"id": "fg774ch", "text": "It varies but basically 8-9 is emails, return calls, etc. 9-11 is prospecting, 11-1130 is emails and catching up on what I missed while prospecting, 1130-1230 is lunch. 1230-2ish is admin, OM building, proposals, whatever isn't prospecting. 2-4 is prospecting. 4-done is OMs, proposals, etc. I have 4-8 meetings a week and those get sprinkled in. Ideally they're all grouped together but it doesn't always happen that way.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fg49ny9", "text": "Isn't that the role of the principal/developer? That's the value you bring to the business, your expertise.  Along with other things obviously (debt, equity, project mgmt, etc....) but that's why you make more fees or returns on deals.", "replies": [{"id": "fg4ejn4", "text": "This is at a brokerage", "replies": [], "depth": 2}], "depth": 1}, {"id": "fg4azmf", "text": "This is essentially my role", "replies": [{"id": "fg4eks2", "text": "What is your day to day?", "replies": [{"id": "fg4gzyd", "text": "It's a ton of outreach - be it to brokers, owners, managers, anyone involved in a market. Phone calls primarily but direct mail is vital as well.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fg4hjvw", "text": "From my experience, this a difficult role to fill.   You need someone that is knowledgeable enough to structure a deal and understand the process to adding value in a development.   If they can do that, the only thing keeping them from being a principal developer is a balance sheet.  Generally someone like that is going to want part of the value created.  I have found a lot of success in structuring agents and brokers in two our development Partnerships in order to align their long-term interest with ours which causes more deals to flow our way.", "replies": [], "depth": 1}]