Mar 22, 2019
It may seem obvious that we should build strong relationships with key players such as brokers and property managers. Seems pretty obvious to me - no need to talk about it.
But is it really that obvious? I've seen other potential buyers tour properties with brokers and although I agree that we should treat it as business and get straight to the point, I believe even more that we should try to learn more about the brokers and their background.
Case in point - I toured 4 properties yesterday with a broker and property manager and I spent ALL day with them. Surely it didn't take all day to tour just 4 properties. That's not how the time was spent.
I learned a ton including: where they were from originally, their marital status, kids, had lunch with them, drove around the whole city in the same car, learned what they like or don't like about the market, the history of some assets, who owns those assets, what they plan on doing (either selling or developing soon), other insider information and so on...
You see, if we JUST go straight to business, I wouldn't have learned about all of the above. It is THAT important.