Tips on building relationships' with multi-family brokers

[Jonathan Bell]

I'm diving 100% into real estate now and I've decided to choose the multi-family route, syndication in particular. Can anyone recommend tips on making sure I build the best relationship with brokers possible, and not leave a bad name for myself?

[Jared Prevost]

Hi Jonathan,

I recently started managing a syndication with a friend (and now partner) of mine.

Here's my advice:

1. Show you can close a deal. In other words, don't be the guy talking up the brokers all the time and not closing on any deals. Even if the first deal isn't a home run, it will prove that you're worth the brokers' time.
2. Know your stuff - the brokers who have been around will be able to tell right away if you know what you're talking about or not. So, make sure you allocate time to education and connect with other syndicators who are willing to teach you what they know (of course you want to offer to help them in any way you can)
3. Have your financing in place. If you're deal shopping, but don't have any money raised there's very little chance you'll be able to close on anything with the break-neck pace of the market right now, especially in multi-family
4. Hope that helps!