Cold reach out to brokers/acquisitions/development shops during this time
Thoughts on cold reach outs during this time? Any thoughts on if it's a good idea to reach out to different brokers/acquisitions guys/developers during this time to see what they're seeing and share what you're seeing in your market? I've been a broker for a little over a year.
What are your thoughts if you're in one of these roles and received an email from a broker you don't know, are you perceiving it as offensive that an new/unknown broker is asking for your insight and may not have much to provide in return? It's my understanding many of these guys might be busy during this time dealing with the fallout.
I think given we've been in this ordeal for over a month and it's becoming the new norm, it's fine to reach out. I would kick off the email with "Hope you are well and that you and your family are staying safe."
Think of this as the ultimate personality test - do you have enough self-awareness to not come across crass or inappropriate during this crisis? If you do it appropriately, this is a perfect time to reach out because people have a bit more free time. If you come across like a clown, well, people will remember.
I'm not coming across as rude. I'm asking nicely to see what they're seeing and share my opinions from another perspective.
Ok? If that's the case, you'll be fine.
What you consider as "nicely" can easily be construed as being rude.
Cold calls/emails are inherently rude. You're starting from a bad position. And this site is first hand evidence of the fact that people who mean to ask innocuous questions, or make generic points, end up couching it in language that comes across as entitled, out-of-touch, or mean-spirited. Don't assume.
The few cold emails I've sent, I first send (without forewarning) to close friends/associates within the business to get their reaction (and who obviously won't care or will accept the explanation that it was meant as a gut check).
It depends on what you want. If you really want their high level thoughts, colored by personal experience, and are willing to share what you've been hearing, than this is a very good time to reach out.
If what you're looking for is a foot in the door to take one of their assets to market, or to sell them something, or promote yourself, it's a worse time than usual. Landlords and/or buyers have enough problems right now without beating off vultures at the door. And just remember that however charming and polite you think you're being, you need to be twice that, because starting from the position of sending a cold email means you're already imposing on someone else.
As an acquisitions person who is sitting on their hands right now, I talk to brokers for 2-3 hours a day now just kicking shit around. A lot of them are tracking collections stats and are talking to tons of other owners every day and have good intel to share. I talk to most of those folks every week regardless and we're a well-known firm so people want to take our calls and share info generally, but you may get a more mixed response if they have no idea who you are.
Just don't be a douche and it'll be fine.
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