Secret Search Tip #2 - Build Relationships

I've been at this business a while now, and like any good Property Scout, I've learned a few things about where to find properties. In fact, not only WHERE to find them, but HOW to find them, and WHO can find them.

Early in my career, I'd found a couple of properties on loopnet listed by the same broker that looked interesting. After doing my initial homework on the area, checking information on demographics, and market growth, I called the broker and inquired about the properties. In this case, the properties were not even in my state, much less within easy driving distance. But the broker and I hit it off. I was honest about what I was doing, and was super sensitive about not wasting his time. Having the great property information sheets I got from the NACREPS.org website really helped me to get down to business quickly and efficiently.

Within a very short time-frame, I'd gathered enough information to know the first property was not going to fit the criteria the NACREPS investors are looking for, but the second property had real promise.

I spent a bit more time on the second property and called several players in the area so I could check my assumptions. When I called the broker back, he was impressed with the initiative I'd shown and was glad to offer me his opinion on the property. Basically, it suported what I'd already found out. I quickly submitted the property to the NACREPS.org website where it went in for prescreening. I'd told my broker about the process and that it does take a little time to work through the system.

Even before I heard back on the property I'd just submitted, the broker called me to see if I might be interested in another opportunity he'd just learned about. He knew what the criteria was that I was looking for and he had a property that had not been listed. One thing led to another, and it was a PERFECT match. In fact, it turned out to be my biggest payday so far. That broker and I have remained in contact and he often calls me with listings that fit our criteria.

I'm convinced that building relationships with your brokers are one of the greatest ways to find property ever. Build relationships by being respectful of their time. When you call and ask for information, know what you need. Learn the lingo. Do whatever leg-work you can do on your own. They'll appreciate helping you when they see you're serious to do some of your own work. Treat them as trusted partners -- they are part of your team. Be friendly and courteous. Do what you say you're going to do. Communicate well.

As you get more experienced, you'll find the best tips come from people you've built relationships with. Nurture them. Treat them kindly. You'll be glad you did.

Happy Hunting!

To your EXTREME SUCCESS!

Maggie
www.NACREPS.org