EP 319: What Not To Do When Working with a Commercial BrokerNov 08, 2022
Breaking into the commercial real estate market may be challenging to do on your own and hiring a commercial broker will help you get the best deals with minimum risks and maximum returns.
In this minisode, Liz discusses what it takes to build a relationship that is beneficial both for you and your commercial broker. She lists things every owner-operator should avoid doing, including not being clear on your deal criteria and borrowing power, not giving feedback, wasting the broker’s time, and more. Always remember that the broker is vetting you as much as you are vetting them, so it’s important that you know what they want and show them that you are true to your word.
• “There's levels of value add, and you need to get really clear on what you're looking for in terms of value add. They're not all created equal.” (3:32-3:39)
• “ Know your numbers. Know your deal criteria. Know what you're looking to spend and how much money you're looking to put to work.” (4:23-4:28)
• “Worst thing you could do is waste their time, meaning ignore the message or don't give them feedback on it.” (5:42-5:47)
• “Most brokers are sending out deals. They're taking their time to do that, right? They're trying to feed their families too. For you not to even give them feedback is really a slap in the face.” (5:50-5:58)
• “What I mean is being known as someone who's always looking for a negotiation technique, if you will. Brokers don't take kindly to that.” (7:42-7:48)
• “I think that's really a level that we sometimes forget in this business, with brokers and with anyone you're trying to build a relationship with. Get to know them as people.” (8:34-8:43)
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