Dealing with brokers to find deals.

[Matt Hernandez]

Hi everyone, this is my first post.

I am looking to do a multi-family deal in the Atlanta, Columbus, or Dallas areas.  I have been doing research on the areas, and I know them well enough to feel comfortable looking for investment opportunities there. I am looking for something that is a B- or C+ property in a A/B area with value add potential.

I understand that deals listed on the likes of Loopnet will not be the good deals, and that those come from building a rapport with brokers.

My question is, how many brokers do you tend to contact when beginning a search with intent to purchase, and how often do you follow up with them.  I've found  that brokers I contact set up an auto-search and notify in their sytem that sends me everything in the size range I'm looking for.  I follow up with them every couple weeks, this means potentially 20 properties that they've "sent" me to discuss. 

My thought here is that I should devote some time to look at everything theyve sent me, and find the best 2 or 3 deals among those to give them feedback on, and contact them every 2-3 weeks.  I should note that if a broker contacts me directly about a deal, I would get back to them much more quickly (within 24 hours)

What are all your thoughts on this?  What is the volume and frequency of contact with brokers?

[Steve Vaughan]

@Matt Hernandez  I don't do much with brokers, but I would also contact some larger PM co's in the areas you are looking.   Especially if they're not very good.  They will have more motivated sellers to direct you!   I get most of my multi's from owners frustrated with their PM.