Getting a call back

This may have been asked before but I didn't see it. What is the best way to get the attention(call backs) of brokers, property managers, and agents? We have been calling, e-mailing, faxing, snail mailing..about to try smoke signals.. many, many, agents, brokers and property management companies with zero results in getting a call back. We are going to just keep at it but just wondered if there is something else we could/should be doing to get them to call us back. Thank you for any advice!

Sue

If the propery managers aren't calling you back, that is one sign you probably don't want to work with them. I once called a property management company everyday, for two weeks, trying to get someone who could help me. I just wanted some information that was on their website that was password protected. I later received a call about a month later asking if I was interested in their services. Ummmm, no.

I have had better luck with calling the brokers than emailing them. With email, I only heard back from one person and the email was basically, call me before this terrific property disappears! Also, when I leave my message and say, "this is my third message to you regarding the Maple Tree apartments. I am looking to expand my portfolio and would like further details on this property so that I may submit an offer", that usually gets me a call back. Or when I call the main office line asking to speak to ANYONE because this is my third call or whatever, I get someone calling me back.

Agreed with GoldenEggs...

If they aren't responsive now when they have an opportunity to get some of your money, they likely won't be responsive later after they already have.

I've had a similar situation recently where I've been trying to locate a CPA in another city where I'll be moving, and all most of my emails have gone unresponded to. I have a couple theories:

1) It's very possible that many professionals haven't quite adopted email as a common means of communication (I've also noticed that the websites of many of the CPAs I've contacted have been very poorly designed and kept up to date). I live in Silicon Valley, so maybe my expectation for everyone using email is skewed; but that said, if I can't communicate with my CPA by email, I probably want a different CPA;

2) I've noticed that the bigger firms tend to be less responsive than the smaller ones. While I like the idea of working with a larger, more established firm, I'm not willing to give up the personalized service, so I'm highly considering going with a one- or two-person shop (assuming they have the experience I'm looking for).

Open to any other suggestions as well...

Just wanted to add one more thing....

When my husband first flew out to visit the property, the other investor who went with him asked the broker why he called us back about our offer. The other investor had sent out offers for various properties and didn't get a call back so he was curious why our offer warranted a phone call. The broker said that our offer was reasonable and not outrageously "creative."

What size properties are you calling about? Are you calling on specific deals that you have seen?

Try signing up on the company website for property listings to be e-mailed automatically. Then try to establish a relationship with the agents from specific deals. You may be able to spot some existing deals on Loopnet and call about those. The agents want to have some confidence that you can close a deal before they will spend any time with you.

The property management companies are usually very busy and don't have a lot of extra time. Once you have a bite on a deal, they will start talking to you.

Get some listing agents attention first. Then get management recommendations from them.

They are properties between 80-100 units. We have been specific when calling about them.

This is what we have been doing, we'll just keep at it. Just wanted to make sure we were not missing something.

OK, thank you!

GoldenEggs and JScott thanks for the advice too!

We will just keep plugging away at it.

Sue

I used to get very upset with the agents not giving me any attention. It did not do any good though.

The current environment is getting more difficult for closing deals. Lenders are a bit stricter these days and the money is not as available as it once was. In an agent's eyes, they are wanting to talk to buyers that have experience and available funds. Sellers are pretty demanding with their expectations of an agent and the focus is clear right now.

As you said. Keep plugging away. You will build relationships at some point. Perseverance is certainly part of the game.

Steve, do you think it is still possible for a first time buyer to put together an multi-unit deal in today's environment? I'm putting together my business plan, and one of this is one of the main questions I'm facing. I'm not concerned personally about my lack of experience, but I'm concerned how it's going to be seen in the eyes of a potential lender, and especially if the US economy keeps getting worse.

More difficult, yes. Not impossible. Perserverance. Attack your challenges. No fear...

You need to figure out how to convince the lender.

I haven't done any deals yet, but talking to various people who have (and who have gone through the lending process), it sounds as if there are a couple things you can do to help yourself along:

- Know what you're talking about so you can converse with the lenders in their language

- Have a good, detailed business plan that lays our what you're doing; this will give confidence that you're not just some guy who woke up one morning thinking, "I need some cash, and I hear real estate is a good way to make cash...I'll try that!"

- Make sure the numbers work. My guess is that if you can prove to a lender that the deal works (with or without you), then they won't care as much about your lack of experience.

Just some thoughts...and hopefully correct, as I'm in the same boat you are...