Once you’ve built up experience knowing which deals are worth your while and which are not, you’ll be able to get your teeth sunk into the wealth that follows.
The real estate business is ever-changing.
People are always coming in and out of the industry, properties are always being exchanged, and money is always moving back and forth.
There are so many moving parts to this business that if you’re a newcomer, you’ll have to know where to begin when it comes to finding new deals.
But like most things, when you’re first to start out, you need to be doing absolutely everything and anything to get your name out there to pull in new deals. You constantly need to be underwriting, finding investments, prospecting, and pipelining in new transactions.
But you’ll get burnt out if you’re doing this forever, and It’s not a wholly sustainable way of working.
That’s why as you start to get into the real estate business you need to think about how you expect to attract new deals.
What do I mean by that?
Well, it’s simple, you just need to build relationships with others and market yourself properly.
Building relationships – The learning curve
Many people starting up in this industry are usually nomads.
Sure you may know a few people who have used the multifamily mindset before and have a few connections already dealing in property, but ultimately you’ll be floating on your own out there.
And to overcome this and to attract new deals, you need to meet people, build relationships with experts in this field, gain their trust, and show them that you’re human while also targeting them for business.
Look at who you are trying to attract, the type of deals you want to get into, and assess how you might find these people. Then take the plunge, go out there, and start networking!
In multifamily real estate, it is critical to build relationships and form a power team of people who you can trust and rely on to help you source new deals. And the human element of this business is perhaps why it’s so great. Working with others, learning from them, and actually making friends along the way is a great reason why real estate is such an awesome industry to work in.
But who should I be looking to market myself too?
You need to market yourself to commercial brokers.
Their experience working with investors, sellers, property managers, and lending brokers is a surefire way to get your foot in the door to sourcing a ton of new deals.
Commercial brokers also won’t market themselves to public persons unlike a residential agent might, meaning they’re also in this business for the long term to make money.
Build relationships with these people, as they can give you a greater insight into the real estate business and help you take steps to make your business stronger.
Remember, it’s all about finding commonalities, building trust, and adding value to help people’s lives. Once you’re striking at this, then you’ll start to attract more deals.
Marketing Campaigns – Not just an online game
Putting yourself out there either online, via email, or by word of mouth are all viable ways to pull in new deals.
The important thing to remember is to keep your marketing presence up. You’re always looking for buyers, investors, and sellers and on that basis, you need to maintain a constant presence so people can act on your marketing materials.
But you’ll need to learn how to market yourself properly and find the best avenues to market yourself through. It’s best to find someone with the tools and the expertise who can advise you on how to do this.
Yet in a world where everyone is constantly operating online, you should be sure to utilize the social features at your disposal like Facebook, Instagram, and Twitter to capitalize on all the people who use social media daily.
Here you’ll be able to attract a wealth of new deals.
Finding new deals isn’t the hard part
Now you have an idea of how to source new deals, you’ll be able to bring in new clients through your relationships and marketing strategies.
But, unfortunately, this isn’t the hard part.
The hardest part about attracting new deals is knowing which deals you want to get into. Finding and understanding which opportunities are the goldmines and which are the landmines is a hard process that takes years of getting used to.
Once you’ve built up experience knowing which deals are worth your while and which are not, you’ll then be able to get your teeth sunk into all the wealth that follows.