Junior Brokers who cold call
I used to get 2-3 cold calls a day, haven't been active at conferences so not so many lately.  

I've been an investor/LL since 1998.  Been through and seen a lot.  

I got a call yesterday, his voice said young kid (20's).  He proceeded to tell me exactly where we are at in the cycle and how I needed to sell everything right now because the market is about to go down.  Kid, if you're that smart you're a billionaire and don't need to be making cold calls to anyone.  

Just don't.
[{"id": "fhftdzl", "text": "I love these calls? I always go one step further to try to try to make them actually think. \n\nIf I sell everything, then what? I get crushed by taxes, have a stack of cash, and am now looking to buy in the same market you just said we\u2019re at the peak of...", "replies": [{"id": "fhfuqe2", "text": "I battle that thought every day.  I've thought we've been at a peak for 3-5 years.  I make around 12% a year between cash flow and principle pay down.  So say I sold and went to cash 4 years ago, I just missed out on 48% return.  \n\nOne thing I do know, I'm not smart enough to call a top or a bottom to anything.", "replies": [{"id": "fhfvjmn", "text": "Makes sense. My issue is everyone assumes since it\u2019s a peak that means investors should be doing something about it. Rents and cash flows are still steady. Asset values might fluctuate, but if I\u2019m not planning on selling who cares. \n\nI\u2019ve run a couple of these cold calls through the numbers of actually selling everything and it\u2019s great to get a reaction. Most of these Jr brokers are just hammering the phones because their managers told them to make calls, and not with any thought behind it.", "replies": [{"id": "fhgp97b", "text": "True, I use to work for a similar company. They want the face to face, cause closing a deal statistically just went up then.", "replies": [], "depth": 4}], "depth": 3}, {"id": "fhghq23", "text": "What asset type are you invested in?  I work in Acquisitions for a healthcare REIT so I'm always interested to hear other investor's perspectives in their respective asset classes.", "replies": [], "depth": 3}, {"id": "fhirgqx", "text": "What are your thoughts on cashing out with a Deleware Statutory Trust? (Since it allows your cash flow to continue while deferring the capital gains taxes - among other benefits.)\n\nIt doesn't make sense for everyone, but depending on the market cycle and life-stage of the investor it can have some great upsides and pay a bigger return than holding the property. Sounded like a good fit for you because you've owned for decades and the market has seen rocketing prices. (Not sure where in the nation you're located, speaking from SoCal experience.)\n\nWould love to hear your perspective on why/why-not you've considered a DST!", "replies": [{"id": "fhiw9m7", "text": "If you're asking me, I never heard of it, going to look it up!\nUnfortunately for me I'm mostly in Pennsylvania, where the real estate market has stagnated at best.  The good thing is I have tremendous cash flow compared to urban markets/CA.  The bad thing is I have negative appreciation on most of my properties.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fhgap0d", "text": "1031 into ANOTHER property in this market that\u2019s going to shit!", "replies": [{"id": "fhgbcen", "text": "Exactly. 1031 to an overpriced asset where you\u2019ll be on a tight timeline, so even less negotiating power.", "replies": [{"id": "fhhomwg", "text": "I think if you 1031 into something like a STNL asset that has a corporate guarantee with a solid parent corp (I.e., investment grade credit) then you should be safe in any market", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fhiypr4", "text": "they should then respond with a 1031 exchange strategy, but I think for most brokers you don't know shit the first year.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fhftlq7", "text": "This call could have been a bit greasy by fear mongering to get you to sell. Alternatively, the kid may have been trying to 'add value' by bringing up trying to speak intelligently of macro factors and the market. People gotta start somewhere - this is definitely sounds better than many cold emails/calls I've received in the past", "replies": [{"id": "fhfuyem", "text": "I agree with you, he was trying.  That kind of trying doesn't resonate with me though.  The broker I've paid the most over the years was about 2 hours away (was a M&amp;M guy at the time) and he came to my office just to meet me.  He's made very low six figures off me for at least the last 4-5 years.", "replies": [{"id": "fjc1e0m", "text": "Question for you. First I crept and saw that you live in Wyoming (great choice for skiing) but in another comment you said you have most of your property in PA?\n\nAs an investor tho what made you go with this guy you describe as, what sounds like, a main broker for you?", "replies": [{"id": "fjcalrr", "text": "He worked for me for a while, along with a bunch of brokers, till I figured out he was one of the better ones.  Then I basically offered him all my listings for a 1% sellers agent fee, which IDK, averages $150k/year.  We still pay whatever the market rate is on the buyers agent side.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fhfu8i4", "text": "That has to be annoying to hear. I'm a broker so I get what he's trying to accomplish, but pretty cheese on his part.", "replies": [], "depth": 1}, {"id": "fhg2w5j", "text": "I remember when I started cold calling if an investor would put me to the test I literally would freeze. Had no idea what I was doing but it was the best way to learn and grow my investor base.", "replies": [{"id": "fhiefef", "text": "I wish I had seen these threads when I first started. I had no clue what I was doing and didn't know that was the norm", "replies": [], "depth": 2}], "depth": 1}, {"id": "fhga4sj", "text": "Just starting out and I know I have to make a lot of cold calls, are there any tips you can give me?", "replies": [{"id": "fhgne3v", "text": "Embrace the suck", "replies": [], "depth": 2}, {"id": "fhgqsn9", "text": "Be causal and try to have a conversation. Be interested in them. Figure out there investment strategy and how you can help them. Don\u2019t be afraid to ask for ways you can add value but obviously go into the call with way before. Be able to talk about markets, deals you have, comps stuff that going on but don\u2019t act like a know it all cuz most the guys you talk to are sophisticated investors like OP who know what the hell they are talking about. Ask them what they think about the market. Have fun most importantly and understand that people are busy and get calls from brokers a to stay positive", "replies": [{"id": "fjc08vs", "text": "Thats solid advice. One question tho, what are some good examples of \"ways you can add value\" that youve seen before?", "replies": [{"id": "fjc0sn6", "text": "Depending on your product type but as someone who used to do net leased retail I made sure I knew pros and cons of each tenant and what cap rates they are traded at and why. Constantly stayed up to date with the markets and interest rates and news within the market and news related to tenants and shit. It doesn\u2019t come over night but just being able to talk like you really know what the hell is going on helps a lot. But generally adding value doesn\u2019t just come on the first call. Figure out what they are trying to accomplish and why. Then bust your ass", "replies": [{"id": "fjc26qf", "text": "Nice that makes sense, thanks. \n\nOne other question tho regarding the work you described, when you say \"what cap rate they are trading at\" i dont follow, are you trading the tenants leases or something? i am familiar with cap rate with evaluating properties but in the context you said I am unfamiliar.\n\nSorry if I am phrasing that question poorly, i am interested in learning more on that because I love watching the markets and interest rates etc but I cant connect the dots with how markets would effect tenants unless you are talking about massive leases with fortune 100 tenants or something?", "replies": [{"id": "fjc2g05", "text": "Talking about tenants like Walgreens, McDonald\u2019s, auto zone, etc.", "replies": [{"id": "fjc3qcg", "text": "Gotcha that makes sense then. I havent worked with massive tenants like that but its crazy how you can use their market moves as talking points during lease negotiations, Ive never knew those aspects existed. I appreciate you sharing your knowledge, thanks!", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fhie2r8", "text": "Accept that you don't know anything and you aren't supposed to since you are just starting. You learn from the owners and hopefully your team/mentors...otherwise find a new company.\n\nThe point of these calls and the job is to provide value to owners (that's why they pay you), so position your calls from that perspective.", "replies": [], "depth": 2}, {"id": "fhzgec2", "text": "Go read Fanatical Prospecting. It was a great resource for me.", "replies": [{"id": "fi837u4", "text": "Thanks it looks interesting. I'll definitely give it a read.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fj30h13", "text": "Make at least 50 cold calls a day, taking extremely dubious notes on your calls, ALWAYS follow up in at least six months, eat your lunch at your desk, don\u2019t fall into the glamour of the industry because you\u2019re nothing until you are a consistent originator. \n\nDon\u2019t Give Up and take advice at every corner. Making six figures in your early to mid twenties is not easy and takes serious discipline. Also, don\u2019t go nuts once you start closing deals you originate.\n\nStarted in Debt Originations (Primarily CMBS) for a boutique firm and originated $183MM from ages 27-29 after underwriting over $3B of deals. A few of the deals I worked on have hit the WSJ. I\u2019ve beaten out Eastdil, HFF, and JLL on numerous occasions. Those big corporate offices ain\u2019t shit once you circumvent the entire markets and can predict most of the treasury markets\n\nI also provided shadow ratings for two of the big four bond rating agencies and developed a data penetration model that would go into most states\u2019 websites until they updated their security protocols.\n\n\nI ended up almost working myself to death and had a health scare so now I\u2019m taking some time off. Feel free to message me if you need any advice. It\u2019s a tough road ahead but the spoils are worth it if you can live life healthy.", "replies": [{"id": "fjc0nfl", "text": "That sounds like you have tons of good experience in several areas. if you dont mind me asking more about your story, where are you at now in the industry (besides taking time off) like what role and are you freelancing for those agencies or what.", "replies": [{"id": "fjc9s5g", "text": "Originator (primarily CMBS) and Independent Contractor for a Bond Rater. I rolled a portion of my fee into every acquisition deal I\u2019ve closed and now have semi-passive income as my partners utilize 3rd party management companies.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fhgd6wp", "text": "I\u2019m 20 year vet. Ex colliers... watch the market tank in two weeks. \ud83d\ude02", "replies": [{"id": "fhgfyqn", "text": "At Colliers now \ud83d\ude0f", "replies": [], "depth": 2}], "depth": 1}, {"id": "fhgg3kz", "text": "It\u2019s also possible we hit a recession and we get negative interest rates just like Europe and Japan and real assets appreciate further.", "replies": [], "depth": 1}, {"id": "fhi7frt", "text": "I've gotten the same VM from a kid trying to get me to come to what is obviously a waste of time BS breakfast.", "replies": [{"id": "fhiej5b", "text": "I wouldn't be surprised if someone (like his broker) told him that's how he is supposed to go about business", "replies": [{"id": "fhla0in", "text": "Oh sure, very possible if not even likely. Still annoying.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fhiebl5", "text": "Plot twist: he's right", "replies": [], "depth": 1}, {"id": "fhiyjem", "text": "yeah, thats a bad call, i'm a young broker (about 2.5 years in) and make about 20 or so true cold calls a day. The goal of these calls is to get a meeting if they are looking to sell, which I know they are cause they have it on the market. \n\nThat kid is just not the brightest.", "replies": [], "depth": 1}, {"id": "fl4gb8x", "text": "Plot twist... coronavirus!", "replies": [{"id": "fl4kbj3", "text": "Lol dude you\u2019re amazing!  Did you remember this post? Or just come across it?\n\nActually his timing is a bit late. Had we  even gone under contract the next day I doubt will be able to close", "replies": [{"id": "fl4m06t", "text": "Lol just came across it. True on the closing timeline. But its still funny how things are so unpredictable.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fpkgp12", "text": "This aged well...", "replies": [], "depth": 1}]