So far we learned about what markets to go shopping in for potential apartment deals and we learned the path of least resistance which is calling brokers, finding them on the internet, social media and building relationships with them so they can potentially send us deals.
This critical component here is getting organized and creating a database or a list.
Because once you start calling these brokers, if you don’t keep yourself organized and streamlined, then you’re going to be sloppy and your business will not be running as smoothly and operating as effectively as it could be.
Because if you have a lot of these people that you’re talking to on a regular basis, and especially if you’ve got large numbers of them, that you’re communicating with, they’re sending you deals, you’re corresponding back and forth, email, text, phone calls, meetings, one person is telling you this and another person is telling you that, you want to be prepared for all of this ahead of time and the best way to do this is to keep a list.
Now, you can use software, but you don’t have to. You can just use a simple notebook.
If you’re just bootstrapping right now and you don’t have any money in the budget for software, you can just use a simple Microsoft Excel spreadsheet, it will do the trick, which is what I recommend and which is what I’m going to show you here. But again, you can just do this with a notebook.
So, the name of the game is keeping track of:
- the name of the broker that you’re speaking to
- their phone number
- the email
- what territory they’re operating in
- what they’re saying to you
- what action you or the broker needs to take next
The secret sauce is gonna be the follow-up action.
Follow-up is one of the most vital components to this whole business.
So many people that I speak with, they’re always looking for the magic bullet and the secret sauce, you know.
“Where are the motivated sellers?”
“How do I find deals?”
“Are there any deals left out there?”
This is what makes or breaks the whole business: the follow-up.
Taking the action, doing it, getting out there and pounding the pavement, building relationships with these people, but then so many people drop the ball with following-up.
You could call Joe broker today, have a fantastic conversation with him, but if that relationship goes to sleep and you don’t talk to him ever again after that, you know, it doesn’t quite go to the next level the way it could and the way it should if you don’t follow-up.
Now, follow-up can take a variety of formats.
It can be email, it can be face to face, it can be text, it can be social media in-boxing, it can be phone calls, whatever.
You just wanna keep the fire burning with these people that you meet and don’t let it ever die out.
So, if you do that from day one, you can be dialed-in and you can keep track of everything that’s going on in your business, because it’s going to get hectic, especially if you’ve got these brokers and you’re making progress with them and they’re sending you deals.
What will elevate you and separate you from other people is the follow-up and the feedback that you give these brokers once they do send you a deal.
You get up over that hurdle and you start to stay organized with your notes, for example, you call Joe Broker… You have his phone number off of LoopNet.
You typically exchange emails when you call him.
Okay, so we’ll just say Joe operates in the Georgia and in the Florida areas, and he said that he’s got lots of multi-families in Atlanta.
So now you should engage Joe in a conversation, using my scripts that you can get by clicking here.
These conversations are going to take different twists and different turns, and you should not be a robot.
It’s not going to be perfect, but you will learn.
You just have to put the work in and be persistent with it.
So, let’s say Joe sends you some deals and you have to take a look at these and maybe they don’t turn out to be anything.
Maybe the seller is just asking way too much money….
I mean, the Atlanta market is on fire right now.
So sometimes you’ll get many of these deals and they are simply overpriced.
If Joe Broker sends you some deals, you should follow-up with feedback for him.
Joe will now respect you more because not too many people do that!
Call Joe back and for example you say-
“Hey, listen, Joe. I was looking at that deal you sent me regarding that deal in Atlanta and the numbers are not working. It’s like $5 million away from what would make for a good cash-on-cash return for me and my investors. So I am gonna have to pass on this one, but hey, listen Joe, if you get any future deals, anything that comes on to your plate, keep me in mind. I’d love to work with you.”
So if you just give Joe a little bit of feedback, tell him about the expenses or whatever the case may be, whatever the reason the deal doesn’t make sense is, he will respect you significantly for that.
You want to be the go-to person and that Joe will think of you when he has something that comes on his plate, that’s an apartment building deal.
It’s going to be the same thing for Mary. You’ve got Mary Agent, phone number, email and Mary works in the Carolinas.
Sometimes you’ll call these brokers and they’ll be like, “Oh, I don’t have anything now,” and then they’ll say, “Well, how about a mobile home park or how about some land?” And you should say, “Well, Mary, that doesn’t really meet my criteria. I’m not really into land or mobile home parks (unless you are). Let me know if you have anything in apartments.”
So it’s a great way to really keep all these conversations organized.
Then when you get the things that come onto your plate, you’ve got it all sorted out and you can keep track of these conversations as you have them.
So if you’re looking for the golden goose …it’s this:
It’s staying organized and following-up.
Following-up is what makes or breaks you in this business.
Once you get your list of brokers, you make those phone calls. It’s not as bad as you think it is. It just takes a little getting used to. It’s an acquired taste.
I’ll help you with role playing, handling objections, using the different scripts, etc.
You can eventually get to the point where you can have these conversations backwards and forwards.
It’s much easier once you get your first deal done, then the brokers, they start calling you, and then the flood gates open up at that point!
Most people, they just don’t have the intestinal fortitude to get up off the couch, turn the television off, and take care of business and go out there and look for deals.
They’re not going to come to you so much when you’re just starting out.
You have to go hunting and you’ve got to go out there and get these deals!
But with a little bit of perseverance, a little bit of hard work, for the first year or two, once you get yourself out there into the industry and you make a name for yourself, and even despite the fact that you’ve never done a deal before, the behaviors you demonstrate, the actions that you take, and like I said, following-up, building a rapport with these brokers and other deal sources.
You could find an apartment building from a private seller themselves or you could find one from a property management company or you could get bank-owned deals.
I mean, there’s so many deals out there to be had!
So, it’s all about the execution and just taking the necessary steps consistently over time is what really makes it happen.
Like I said, your average person will get distracted, derailed or they’ll just give up or they’ll go onto the next shiny object, and I really don’t want you to be one of those people.
I want to support you, as you are looking for deals!
If you are looking for a mentor… I can definitely help with that.
Feel free to click here for more details on how we can work together.
We can definitely make something happen together!
Please reach out…I look forward to hearing from you, meeting you, and doing business with you.