When you start investing, you may be wondering how exactly you go about finding deals and making offers. There are a lot of sources that would tell you to to market to probates, send direct mail to apartment owners, or network with attorneys. These tactics can work, and you can definitely find deals by doing this. But the best way to find good deals in commercial real estate is to work directly with a broker, specifically a commercial real estate (CRE) broker.
CRE Brokers make it their business to find the best deals. They spend their time building relationships with the owners of apartment buildings. They have the networks that you need and are able to get you the listings and properties that you are looking for, both on the market and off. Like any part of this business, you have to find the broker that will work best for you. There are excellent ones and shady ones. There are those who work hard for you and those who do the bare minimum to get by. Working with some that you trust and you have great references for is a great place to start. Whether it is your first property of your fifth, a CRE broker can help you determine exactly what will work within your portfolio.
How to Find a CRE Broker?
There are many ways to find a broker. Word of mouth or a reference from another investor is always a great place to start. Keeping in mind that just because another investor found them helpful, doesn’t mean that they are the right fit for you. But like any other business owner, if they are worth their weight in salt, they will help you find the right fit, so keep asking around. You can also start making cold calls. Letting them know if a property interests you or asking in they have one that fits your specific needs. Gauging that first interaction will help you decide if you should meet with them in person. Don’t settle for the first on you talk with, but rather, meet with a handful and the best ones will eventually surface and you will find a good rhythm with them.
In the real estate business, there isn’t a lot of time to waste. If you are lucky enough to find a deal that interests you, you should jump on it quickly. When your broker sends you a deal, it is in your best interest to analyze it quickly and decide if you think it is a good fit for you or not. And communicate that clearly and quickly with your broker. This not only shows them that you are serious, but it helps them to determine what your criteria is and how to better serve you by feeding you properties that you are more likely to interested in. At first it may seem a little slow and you don’t even need to go through the work of analyzing the deal, but the more you work with a broker, the more familiar they are with your wants and needs.
If you have more questions about how to find a broker, how to analyze a deal, or even where to start in real estate investing, we would love to connect. We are a commercial real estate investment company that deals in multi-family properties in the B and C class assets. We provide real estate investing not only in North Carolina, but also in South Carolina, Georgia, Virginia, Alabama, Tennessee, Kentucky, Mississippi, and Florida. We are true investment professionals who are committed to the long term and properly managing assets. We focus on building relationships every day, every step of the way with everyone we meet. So head to our contact page and let us know how we can help!