Here’s how to get the best deals of all time. Learn this and you’ll never have to struggle to find deals ever again. This is not a magic, infomercial technique. In fact, it’s free and available to everyone. All you need is a cell phone and breath mints! Guaranteed.
Here’s how: R-E-L-A-T-I-O-N-S-H-I-P-S
Author Margaret Wheatley states, “Relationships are all there is. Everything in the universe only exists because it is in relationship to everything else. Nothing exists in isolation. We have to stop pretending we are individuals that can go it alone”.
Every single one of my best deals that I have ever been involved with or have heard of came by way of a business relationship. I did not find them by looking on Loopnet or any other listing services. They were brought directly to me or my partners by the seller, asset manager, or broker before it went on the open market. That’s how the best deals are found. Period.
So the question is, “why did they bring these deals to me first?” The answer is simple: people want to do business with people they like, know, and trust. To get them to like me, know me well, and trust me, somewhere along there, a relationship between us two exists. At some point I made an effort to reach out and get to know that person on more than just an “e-mail” level. I took time out of my busy day to make an investment into that relationship. I even took a risk of possibly being rejected by that person. Nonetheless, I sought out the relationship and it has paid off huge, life-altering dividends.
Here are 4 keys to establishing the relationships with sellers, brokers, and asset managers that will bring you the hottest pocket deals around:
#1: Connecting with your audience. In this case, your audience is going to be a seller, broker, asset manager, or maybe even a property manager. You need establish a rapport with them. This is the dating phase actually. Be on your best behavior and aim to impress.
#2: Talk about what is important to them. To get straight to the point, a broker’s profession is commissioned sales. If he or she does not produce sales, they do not get paid. Therefore, when you’re speaking with a broker, your goal is to use power or action words such as: “Offer” or “Let’s Get the Ball Rolling”
When your communication with the broker goes something like this: “Hi John, this is Mary, and I’m interested in making an offer on your apartment building on Main St.”, he’ll envision getting a commission check. This is exciting for him and you’ll have his attention. In addition, there is another statement that is just as powerful, and that is, “John, how do I get the ball rolling on your apartment building on Main St?” Once again, John’s image will be a vision of a ball rolling to his commission check. If you use these techniques, believe me, if John is eating lunch when you call, HE WILL put his sandwich down. Give it a try.
#3: Talk about what interests the seller or broker. To interest them, you must realize that they are not the sales person! You are! You are selling yourself to them. You are selling your ability to close a deal. You are selling your ability to establish a relationship with them. What do you want out of the relationship? You want pocket listings, listings that fit within your guiding principles. Sellers and brokers don’t want to speak with people that are “just looking”. We call these people “tire kickers”. They waste their time with question after question. You know what interest sellers and brokers? That you are serious about making offers and closing deals!!
#4: Give the seller or broker a reason to pay attention to you. What do you think they want from the relationship? They want an integrity-filled, enlightened, and problem-free real estate transaction. It does happen – and when it does – they remember it! Do you think they will keep you mind when another good investment comes up? You bet they will.
If you sense that the broker does have the potential to have an ongoing business relationship with you, make sure he or she remembers you! And how is that done? Very simply. Send them a Thank You note. Not an e-mail as it is too impersonal.
You can purchase a package of 12 Thank You notes at the local pharmacy or Hallmark store. It should say something like, “Dear John, just wanted to drop you a note expressing my thanks for sharing your valuable time and expertise with me. All my best, Mary.” Short and sweet, but very powerful.
The reason why this sets you apart is because of this question – what other person who calls John (he probably gets 10 calls on the apartment per day) about a listing will also take time out of their day to send a “thank you” note? Very likely, none. Except for you! Thank you notes depict a touch of thoughtfulness and class. Brokers and sellers do business with people they like.
Make these 4 keys a habit and watch the floodgates open like never before!
Til next time!