Expanding to new market

[Jason Malabute]

We recently decided to start looking into a second market. However, my mentor advised that we dig deeper into our current market before expanding into a new market. He warned that going into a new market will help us find a deal faster especially because we are going into a new market looking at big deals. 75+ deals have a longer sale cycle. It takes longer to build relationships with owners of big apartment properties because it’s harder to get in front of them. So I reviewed my stats at our current market and noticed we talked to only 60% of the decision makers on our list. So I told my team that we will hit the 75% of the DMs before we add more leads to our list. At the same time I have reached out to multiple brokers so they can start sending deals even before we start cold calling. Im going to start analyzing deals in the new market this week so we know exactly what is a good deal out here. As a business owner I’m just trying to be more strategic moving forward.