Approaching Apartment Complex Owner - face to face or letter?

Question

Researching apartment complexes, it's fairly easy to track down the owners.  Most recently I found an owner who is local and his place of business is fairly close to where I live.  Does anyone recommend blindly dropping by his work to approach him?  Leaving my name and number with his secretary or hopefully seeing him face to face.  Or do you think it would be better served to mail him a letter in hopes he gets it then follow up with a drop in?

Michael Ealy · Answer

Totally agree with this.

Call, then drop by his office.

Letters get lost and most get thrown away.

Guy Harper · Answer

Thanks for the feedback guys. @Michael Reilman I go to assessors website to find entities that own the complex, then go to Secretary of State to dig through the entities. Usually I’m able to get a name or two out of that and at least some correspondence addresses. Kind of mix and match names to businesses to addresses and narrow it down. We aren’t talking huge complexes usually less than 60 units, in smaller markets.

Scott Mac · Answer

Hi Guy,

If it were me, I'd go in person.

It gets the job done and an answer very quickly.

Good Luck!

Michael Reilman · Answer

@Guy Harper is it easy to find the owners directly? Are you using auditor website info or paying for a service? I don’t think I’ve ever heard that finding the true owner was easy....

Anyway, aside from my own questions, I feel the more personable you can get the better. In person is better than a phone call, which is better than an email which may be on the same level as a mailer. If they are anyone of important they probably wont have time for a drop-in, without an appointment. Show up, drop something off and follow up with a meeting scheduled. I seem to get the best response when the person knows what our meeting is about and can prepare for it.

Chris Salerno · Answer

Great question. I would say think of it as if you're an owner. If I was an owner I would rather my assistant come to me and say hey a gentleman is here wanting to buy your property on 123 smith street. Compared to a letter in the mail I will throw away. You want to work and make the effort don't make a seller have to work to sell. Meaning sending a letter will make the seller take time and call you and hopefully you pick up compared to you stopping by.

Plus, He will then know how serious you are about purchasing one of his properties.  You can then build a strong relationship with him for future properties and potential deals.

Alina Trigub · Answer

@Guy Harper

The phone calls are much harder to do than letters, but will bring much better results in the long run! It's all about building the relationships with the property owners. And the best way to do it is to have a conversation - either phone or face to face.

Best of luck!

Erik Hatch · Answer

Certainly in person if you can. A letter likely goes in the trash and doesn't convey much. Id even do a phone call before a letter.

Erik W. · Answer

"Real estate is done knee cap to knee cap."

I do not recall who told me that, but it is good advice.  In person gives you a better chance at being heard and finding out if you can mutually benefit each other, and after all that's what this game of real estate investing is all about.

As an investor who owns many single family and some "plex" properties, I routinely receive letters and post cards... "SELL ME YOUR HOUSE!"  They all get filed in the circular drawer (i.e. trash can).  My guess is anyone who has an apartment complex for sale does the same.

Greg Dickerson · Answer

You should definitely call first and not just show up.

Approaching Apartment Complex Owner - face to face or letter?

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