How to stay up-to-date on pricing when we're on the sidelines?
I'm in AM at a relatively small family office. We aren't really underwriting anything right now because we have some office refis on the horizon and won't deploy capital until after (maybe).
Given that, what's the best way for me to stay engaged in the market without having first hand exposure to deals right now? I hear about deals getting done and can't really assess it because I don't have access to the OM/deal info. Would it be weird for me to ask brokers to put me on their mailing list even though I will not close on anything?
I want to get a better feel for pricing, but I don't know how to do that when we're not actively seeking or underwriting deals.
We usually sign the CAs and grab materials for anything remotely interesting (even if not actionable) and underwrite it just to track the market etc
Definitely not weird to catch up with brokers to get an idea of what's going on. They get paid a lot when a deal closes. Use them.
I just don't want to develop a reputation as someone who will never close or make an offer. Do you think I should tell them up front that we aren't actively acquiring, but that I still want to look at opportunities so that I'm ready when we do start acquiring again? Or would that cause them to not send me offering?
Sorry for the stupid questions. I'm not used to dealing with IS brokers like most acquisitions folks as I only help out on the side when were active.
Tell them what you would acquire and what it would need to look like. Don't tell brokers you aren't actively acquiring, just say that you are being deliberate with deploying capital until you have some portfolio events, but you are looking for XYZ. They'll get it.
I mean this in a helpful/nice way — you’re overthinking. just talk to them
Then make offers when the market is good and reward the brokers you exercise by inviting them into the room to pitch your business when you have things to sell.
It’s a relationship business. They give a little now, you give a little later.
Get on broker blasts email lists for asset classes your FO invests in from major brokers in your target geographical areas. Sign the CAs to access the data room - if they get on you about feedback just say not a fit early on. Pretty standard, IS brokers will not care.
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