Question to MF Investment Sales Brokers from an Acq Associate
I've been working as an acquisitions associate for a little under a year now and I've been able to make solid relationships with most of the brokers in my area through networking, setting up meetings/calls, and closing on a few deals. 

I work for two high net worth individuals that own 3,000+ units across multiple states in the Western US. We have purchased every deal all cash and keep our underwriting very simple. If we like the location and the property cash flows (decently), we'll close in 30 days. 

What should I do/say to stay on the top of your list, and how can I ensure to continue getting off-market deals sent my way? The music has started to slow down, and I'm not sure if that's just the market or if we've passed on too many deals and brokers are moving on to the next buyer. What do you consider solid feedback when a potential buyer decides to pass on something you send them? Any other thoughts or advice welcome.
[{"id": "hwg1bqq", "text": "I like to see how they\u2019re running their numbers and if they are willing to take into account my comments on expenses. Either that or you could be looking for deals that are too hard to come by. Aka looking for too high returns for that market. Not to say you can\u2019t find them but great deals are few and far between. \n\nAlso if you close all the deals we go under contract with you on pending there isn\u2019t any major issues, then yeah you\u2019ll be at the top of my list. \n\nIf you\u2019re retrading because you didn\u2019t do your numbers right the first time, you\u2019re pushed to the bottom IMO. \n\nSounds like you\u2019re not doing any of the above so quickly underwriting deals and touching base with all your brokers once a month at least would be good. \n\nSome people just have favorite clients. If you\u2019re doing what you say you\u2019re doing, you should be the best buyer in town.", "replies": [{"id": "hwgkrwz", "text": "To be honest, our underwriting process is extremely simple. Our management company is in house, and because we own plenty of units in most submarkets, we can pretty easily forecast projected rents and expenses. I think we do overestimate expenses in some of our underwriting, but because of the proven exp ratios we have in our portfolio, it\u2019s difficult to convince the partners we could manage a building for cheaper (even if the T12 says otherwise). I think our issue may be looking for too high of a return in this market. It\u2019s extremely difficult to find anything at even a 4% cap. Most deals are selling at a 3% with \u201cproven renovations\u201d that would require an additional $2m+ to stabilize. No sellers are distressed either lol. \n\nIf we go under contract we close. No retrading. We understand our markets and we won\u2019t go under contract if we don\u2019t agree with the ask price. \n\nI appreciate your feedback. Im thinking we\u2019re just entering an interesting time in the market and supply is relatively low. I don\u2019t see how we couldn\u2019t be considered the best buyer out there. My only hesitation in saying that is we don\u2019t really ever sell. I\u2019ve had a few brokers give me the cold shoulder after suggesting that, but I always try to give the \u201cnever say never\u201d spiel.", "replies": [{"id": "hwnbb5y", "text": "I agree. You make some good points. Ever thought about getting into the MPLS market? Lots of opportunities that we\u2019re seeing around 5.75-7 caps for class C value add plays 8-40 units", "replies": [{"id": "hwork23", "text": "Haven\u2019t looked into that market much, but it\u2019s not out of the question. Although, if we\u2019re entering a new market we\u2019d like to be closer to 100+ units so we gain economies of scale and can pay prop managers in house. Class C value add is our bread and butter lately. What does the market look like for larger deals?", "replies": [{"id": "hwosjqf", "text": "Quite a few larger portfolios will be trading here in the next few months. Lots of 80 to 150 units are also selling with the ballpark of 100,000 adore and right around a 5.75 to 6 cap rate. \n\nShoot me a DM and let\u2019s connect", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hwgf9at", "text": "To be candid submit competitive offers.  \n\nBrokers are always going to go to the folks paying the most with the best terms who will close.\n\n\nIt sounds like your terms are fine.  There are so many buyers right now feedback doesnt matter really.  If anything tbh argueing with you about your underwriting is a waste of time when others will just submit higher anyhow.", "replies": [{"id": "hwglneq", "text": "That\u2019s kind of what I\u2019ve been seeing. I\u2019ll underwrite a deal and not even bother trying to negotiate a price because I know there\u2019s 10 other buyers lined up that will pay over ask with hard money down day 1. Tough times out here for the acquisitions teams lol! Int rate hikes might be our savior\u2026", "replies": [{"id": "hwgqjts", "text": "It honestly is. I kinda thought acquistions be fun but watching you guys right now id not want to touch that from 1000 yards away .  \n\nIt must be frustrating as hell to underwrite this stuff and push it and try to be competitive then foreign money, over seas syndicators, random folks who made a ton on stocks, folks who bought dumb 5 to 10 years ago who now have equity etc are out bidding you.  No one thinks these deals make sense.  In 5 years a large amount will be in foreclosure I bet tbh.\n\nId frankly look at retail and office.  There are more opportunities there right now for sophisticated investors imo as its a bit more complicated and scares the folks just trying to spend capital away .", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]