Approaching experienced professionals as a novice in any industry can be nerve racking. Before meeting an experienced broker, master your knowledge, position, and questions. Use the following strategies when talking to CRE brokers.
Know what you want.
Brokers are a valuable resource but are very protective of their time. Make a good first impression with a clear purpose for the conversation and direction intentions with the business relationship. Your initial contact with every broker should be friendly, respectful, thankful, and to the point. Use concise sentences such as: I am looking for single family homes to flip, do you have any current properties available or recently sold comparable properties?
Understand basic real estate financial terminology.
Referrals are the cornerstone to a Broker’s success. If you can connect them to individuals in your network that help them, they will be more likely to go above and beyond for you in the future.
Come with questions.
Create a list of questions (ordered from most important to least important) that you would like answered during the conversation. This will not only show you are prepared and respect their time, but that you are genuinely interested in the information they have to provide.
Respect their time.
Again, good Brokers are very busy. Most are happy to sit down with a new investor over coffee, but if the conversation is stagnant or comes off as a waste of time, they will be less likely to engage with you in the future. Set the foundation for a great relationship from the first point of contact.
Remember these strategies when talking to CRE brokers
- Know what you want
- Understand basic real estate financial terminology
- Create value
- Come with questions
- Respect their time