Any advice to keep client motivated to buy after they have been discouraged by multiple rejections?
Hi there. I have been working with *very* motivated buyers for the last 9 months in Pinellas County, FL. My clients are looking to purchase an owner-user industrial/flex building (single tenant preferred), which is a property type that is in incredibly high demand for the market. Prices are absurd, and when listings hit market they maybe last a day. We have been outbid by investors multiple times. I’ve made 100’s of cold calls to owners, with no luck. I don’t want to lose my clients or disappoint them, but I’m feeling discouraged. They are busting at the seams in their current lease space, and so ready to buy. Should I suggest they move to a new lease space with a first right of refusal clause? Any advice appreciated.
[{"id": "g5q3kv0", "text": "Making that suggestion to your client is admitting defeat and as soon as you do it, you just lost all credibility. You\u2019re firing yourself.", "replies": [], "depth": 1}, {"id": "g5q3t3y", "text": "Good luck I\u2019m an industrial broker in the Rocky Mountain region and same feelings. Keep looking and try to find a better deal. I know easy to say but you call enough you\u2019ll find someone looks to exit. Especially now with Covid changing some people\u2019s plans for the future.", "replies": [], "depth": 1}, {"id": "g5q5k2t", "text": "The right deal will show up. Keep hunting!", "replies": [], "depth": 1}, {"id": "g5q5xnm", "text": "I only have patience for a few weeks. After getting frustrated they typically fire the buyer agent and strike a deal directly to maximize listing agent income.  So hurry up.", "replies": [], "depth": 1}, {"id": "g5qiy9x", "text": "I know the industrial market is hot, but users shouldn't be getting outbid by investors. A user can always pay more since they don't have to underwrite the leasing/vacancy risk an investor would. Sounds like they need to be more aggressive in their offers and probably open up the search area outside of Pinellas. There's a ton of that product in Hillsborough. \n\nAlso, I would also start looking at buildings bigger than they need - 1. it allows them room to expand in the future and 2. they can lease up the balance and have the tenants pay the bulk of their carry cost. As long as they occupy 51%+ of the building, they can still get favorable financing. A good way for you as a broker to turn a single transaction into multiples as well. Have to get a little creative in these times.", "replies": [], "depth": 1}, {"id": "g5r14k6", "text": "Are you looking for turnkey or willing to build out? We\u2019ve had good success with an investor buying and paying for a build out of they will sign a good lease", "replies": [], "depth": 1}, {"id": "g5rmi3q", "text": "Wondering about your client's willingness to make an aggressive (and currently market) offer? Are they shooting low?", "replies": [], "depth": 1}]