Episode #165: How to Work with Brokers When You're Not Local with Logan Freeman
Passive Income Through Multifamily Real Estate
The best way to find a commercial opportunity for sale in an out-of-state market is to work with a broker local to that market. They will have access to internal listings and listings coming on to the market, as well as connections with local operators and investors. Today’s guest is Logan Freeman, a real estate investor, developer, and agent who has found his niche in the industry, acting as an investment property specialist and actually representing buyers instead of sellers in the transactions process. Logan has also completed multiple joint venture projects and equity partnerships and works as a developer. Completing over 120 transactions in less than a year, Logan has found a process and relies on his most valuable priorities to guide his profit-producing activities. In this episode, Logan shares a bit of that process with listeners and outlines some of the best ways to find the best broker to work, and establish relationships with them, as well as how to maintain those relationships. While nothing beats face-to-face, investing time and energy upfront is going to make all the difference, especially in today’s post-COVID world, where Zoom calls have become standard practice. Logan also has some tips for standing out, creating a strong presence, and getting on broker’s A-lists, as well as the importance of vesting brokers and finding someone who believes they will benefit from your success, so make sure not to miss today’s episode!
Key Points From This Episode:
- Logan shares a bit about himself, his background, and what he does currently.
- The best ways to establish relationships with brokers, starting with setting clear expectations.
- When finding a broker to work with, go with number two on the Top 10 list – not number one.
- Where most beginner investors get it wrong when starting a relationship with a broker.
- If you don’t have a track record, don’t act like you do – authenticity is key.
- A key strategy for maintaining a relationship with a busy broker is to get in their pocket.
- Nothing beats face-to-face, but be willing to invest time, effort, and energy upfront.
- Being willing to do what others aren’t will set you apart from the pack.
- Elevating yourself through a strong online presence and adding value for brokers.
- Getting on a broker’s A-list is just about time, but the more relationships you build, the more deals are going to be in front of you.
- Logan warns against the scarcity mindset of exclusivity agreements with buyer brokers.
- Just as much as you need the broker, the broker also needs you.
- The process of vesting a broker – do they believe they will benefit from your success?
Links Mentioned in Today’s Episode:
Logan Freeman on BiggerPockets
