Getting a call back

[BeingChewsie]

This may have been asked before but I didn't see it. What is the best way to get the attention(call backs) of brokers, property managers, and agents? We have been calling, e-mailing, faxing, snail mailing..about to try smoke signals.. many, many, agents, brokers and property management companies with zero results in getting a call back. We are going to just keep at it but just wondered if there is something else we could/should be doing to get them to call us back. Thank you for any advice!

Sue

 

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[GoldenEggs]

If the propery managers aren't calling you back, that is one sign you probably don't want to work with them. I once called a property management company everyday, for two weeks, trying to get someone who could help me. I just wanted some information that was on their website that was password protected. I later received a call about a month later asking if I was interested in their services. Ummmm, no.

I have had better luck with calling the brokers than emailing them. With email, I only heard back from one person and the email was basically, call me before this terrific property disappears! Also, when I leave my message and say, "this is my third message to you regarding the Maple Tree apartments. I am looking to expand my portfolio and would like further details on this property so that I may submit an offer", that usually gets me a call back. Or when I call the main office line asking to speak to ANYONE because this is my third call or whatever, I get someone calling me back.

 

[GoldenEggs]

Just wanted to add one more thing....

When my husband first flew out to visit the property, the other investor who went with him asked the broker why he called us back about our offer. The other investor had sent out offers for various properties and didn't get a call back so he was curious why our offer warranted a phone call. The broker said that our offer was reasonable and not outrageously "creative."

 

[SteveO]

What size properties are you calling about? Are you calling on specific deals that you have seen?

Try signing up on the company website for property listings to be e-mailed automatically. Then try to establish a relationship with the agents from specific deals. You may be able to spot some existing deals on Loopnet and call about those. The agents want to have some confidence that you can close a deal before they will spend any time with you.

The property management companies are usually very busy and don't have a lot of extra time. Once you have a bite on a deal, they will start talking to you.

Get some listing agents attention first. Then get management recommendations from them.

 

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[BeingChewsie]

What size properties are you calling about? Are you calling on specific deals that you have seen?

They are properties between 80-100 units. We have been specific when calling about them.

Try signing up on the company website for property listings to be e-mailed automatically. Then try to establish a relationship with the agents from specific deals. You may be able to spot some existing deals on Loopnet and call about those. The agents want to have some confidence that you can close a deal before they will spend any time with you.

This is what we have been doing, we'll just keep at it. Just wanted to make sure we were not missing something.

The property management companies are usually very busy and don't have a lot of extra time. Once you have a bite on a deal, they will start talking to you.

Get some listing agents attention first. Then get management recommendations from them.

OK, thank you!

GoldenEggs and JScott thanks for the advice too!

We will just keep plugging away at it.

Sue

 

[SteveO]

I used to get very upset with the agents not giving me any attention. It did not do any good though.

The current environment is getting more difficult for closing deals. Lenders are a bit stricter these days and the money is not as available as it once was. In an agent's eyes, they are wanting to talk to buyers that have experience and available funds. Sellers are pretty demanding with their expectations of an agent and the focus is clear right now.

As you said. Keep plugging away. You will build relationships at some point. Perseverance is certainly part of the game.

 

[Sid23]

The current environment is getting more difficult for closing deals. Lenders are a bit stricter these days and the money is not as available as it once was. In an agent's eyes, they are wnating to talk to buyers that have experience and available funds. Sellers are pretty demanding with their expectations of an agent and the focus is clear right now.

Steve, do you think it is still possible for a first time buyer to put together an multi-unit deal in today's environment? I'm putting together my business plan, and one of this is one of the main questions I'm facing. I'm not concerned personally about my lack of experience, but I'm concerned how it's going to be seen in the eyes of a potential lender, and especially if the US economy keeps getting worse.

 

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[SteveO]

Steve, do you think it is still possible for a first time buyer to put together an multi-unit deal? I'm putting together my business plan, and one of this is one of the main questions I'm facing. I'm not concerned personally about my lack of experience, but I'm concerned how it's going to be seen in the eyes of a potential lender, and especially if the US economy keeps getting worse.

More difficult, yes. Not impossible. Perserverance. Attack your challenges. No fear...

You need to figure out how to convince the lender.