How do you stand out/be memorable to brokers in order to recieve the best deals?
Or what would make a broker give someone a better deal over another client, what are they looking for?
[{"id": "ilvmtty", "text": "Strange way to frame this. It\u2019s usually the other way around. Are you in acquisitions? If you want the best deals, you have to have a history of closing deals with a broker. Then next time, they might come to you first before taking a property to market. \n\nThese brokers are 100% more willing to work with you if you have a track record of helping them get fat commissions\n\n\nPromises of being a \u201clikable\u201d buyer don\u2019t go too far in the industry. These brokers reach out to hundreds of buyers and sellers. What captures their attention is closing deals with them. Hope this helps.", "replies": [{"id": "ilwtakn", "text": "That\u2019s what I said. Be a good dude that doesn\u2019t lie, hits their deadlines, and doesn\u2019t try to cut my fee and I\u2019ll feed you until you can\u2019t eat any more.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ilw1ep0", "text": "Closing deals and being easy/reasonable to work with. So many people can be unreasonable and penny pinch. \n\nIt\u2019s sort of an unwritten rule, but let the broker know up front that if he brings you a deal you will use him for leasing and selling in the future and stick to it. When brokers know they have a built in future revenue stream, they will be more inclined to give you a good deal.", "replies": [{"id": "ilwp98l", "text": "Is this considered a conflict of interest?", "replies": [{"id": "ily0wwo", "text": "If a broker was actively marketing a deal, had multiple offers, and did something malicious to get one of his better clients the deal then there could be some conflict of interest, but a lot times a seller will say \u201c I want to sell this property for x amount, bring me a buyer\u201d and in this case the broker will take it to his strongest/favorite buyers first to see if they have interest.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ilw6sv6", "text": "To get to the top of a broker's call list you can do a few things:\n\n1. Stay in regular contact, share notes about the market, give them a clear indication of what your acquisition program is focusing on.\n2. Be quick in issuing LOIs or offers and don't lowball - keep them some semblance of market. If you're not interested, a quick no is appreciated. Have a chat with your investment committee or principal to get their buy-in to this strategy (you can keep IC approval as a condition).\n3. Show loyalty where possible - for example, if a broker sells you a site and you're building out a mixed-use asset that requires leasing or commercial unit sales, give the business back to that broker to do themselves or refer it to a more appropriate broker in their firm. \n4. If your firm is brand new to a market - one of the fastest ways to get on everyone's list is to overpay (minimally if possible) for a property. This seems like questionable advice but if you have the capital and a long term strategy that can absorb a loss-leader, it's a proven strategy that's frequently used by major developers, offshore investors and REPE firms.", "replies": [{"id": "ilw93lx", "text": "Great list. Also, don't put proposals in for speculation, and use you DD time wisely. Buyers who use all DD to drop the ball at the last day are a disgrace.", "replies": [{"id": "ilwbc1u", "text": "Good point on DD. The best buyers even keep brokers updated as they progress through conditions.", "replies": [{"id": "ilwcchj", "text": "Yep, this is the ideal situation. You go waiving/removing as they progress, and they keep you update on the hardest ones (generally rezoning / permits etc).", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ilwt4uw", "text": "Investors that give me written assurances they will protect my fee on an off-market deal (rarely will I work those), investors that stay in contact with me, and most importantly investors that aren\u2019t fucking pricks/ deliver on what they promise in LOIs/ PSAs are the only ones that \u201cstand out\u201d to me. I make enough calls so I don\u2019t have to rely on any single buyer/ seller. The market will get harder to navigate as we slide into recession as a broker, but there are a few buyers and sellers I\u2019ve refused to work with again after they lied or tried to cut fee for an unjustified reason. \n\nIdk about other guys, but for me if you\u2019re consistent in your communication, honest, and trustworthy, I\u2019ll break my back to help you get the same value-add deal that literally every chump calls me asking for 5 times/ day.", "replies": [], "depth": 1}, {"id": "ilwvfpe", "text": "- Be a kind person and don't treat someone who is trying to help you like a 2nd class citizen \n- if a broker sends you a deal (not via email blast) respond to them, even if you aren't interested \n- if a broker brings you good deals, it would be thoughtful, and go a long way in strengthening the relationship if you gave them the listing for a property you were considering selling\n\nThese are just a few", "replies": [], "depth": 1}, {"id": "ilxs431", "text": "I\u2019m in acquisitions, here\u2019s what I like to do\n\n1- be honest, if you don\u2019t think the deal will pencil, say so. Don\u2019t string them along. Ask if there are any other listings. \n\n2- follow up, keep a data base (client look, excel, etc) and follow up with them frequently \n\n3- I keep a notes portion in my Rolodex with pertinent info ( hobbies, kids, other things we can connect over) and periodically follow up using these \n\n4- be personable, develop the relationship, stand out. It sounds weird but same outside of your career, people tend to remember you when you stand out and make them feel valued.", "replies": [], "depth": 1}, {"id": "im22rx9", "text": "How do broker/agents find commercial retail listings acquisitions deal size 20 million and up any tips for finding listings", "replies": [], "depth": 1}, {"id": "im3d4iz", "text": "Do what you say you are going to do and have your ducks in a row. No one in this climate wants to deal with a buyer that is wishy washy on their debt and equity capital and sweating over basic terms with regards to hard money dd periods etc. Also if looking for an LP, solve for a return that\u2019s reasonable in the market. Not a broker, but work in the multi space for a fund and the biggest turnoff to an equity request is a gp sending a model for a fully marketed deal we\u2019ve 100% seen with a high teens IRR  juiced by negative leverage that\u2019s not even obtainable and a business plan that\u2019s dependent on pushing market rents another 20% in the face of a recession.", "replies": [], "depth": 1}]