Brokers, Finding deals and and Finding Brokers

[Nick Newby]

Hey Everyone, so I've been listening to a lot of the podcasts basically on loop and a few thoughts and questions keep coming up that I want to see what people think about them.

I'm new to multi-family and keep hearing that most brokers won't take you seriously without having closed any deals before.  This makes sense, and is unfortunate, but I'm curious.  In these discussions, is it common to be representing yourself and trying to reach out to seller agents to find properties, and attempting to build the relationship with them?  The reason I ask this is that it doesn't seem like most people are searching for and finding properties with a broker of their own, but are hoping to try to talk to brokers that have listings, and convince them to work with them on a deal they are listing, or preferably to have them provide deals that are off market.  It makes sense that they would run into issues simply coming off the street to a broker, saying, hey show me the best opportunities that you have, that you aren't showing to anyone else, trust me I'm worth it.

A follow up to this is, if it is common to not have your own broker help you to find these deals, why do you not want your own broker from the start?  Is it cost? Is it ego?  Is it simply customary?  When I bought my home, I solicited a broker before even looking at a house.

Next question is if you are looking at a market you are not in, and your broker is in your market, is it beneficial to seek out a broker in the other market, or again is it worth using brokers you know, and have them work in a new market just like you are?  I understand that broker may not know the market, but isn't it better to have someone in your corner, even with less knowledge, than flying completely blind in a new market?

Finally, and this may be a very newb question, but is it a joke to think that finding a Deal on Loopnet, or another public site is a possibility?  I know you can get the best deals off market, but is it unreasonable to think that there are still decent deals available on these listings?

Thanks for the insight!

Nick Newby (not an adjective :) but my last name)