You want to explore a new market/City where your firm does not currently acquire/build anything. Looking to buy existing or raw dirt for development opportunities. You are not from the Acquisition/IO type role so do not have real RE contacts there. What is the first thing you do? Cold call some brokers and go meet them? Start there?
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Contact alumni. Look for brokers that you have mutual connections with. Research RE events in the area and attend them while you're there.
Ask the brokers, lawyers, consultants, lenders, etc. you currently work with to put you in touch with their colleagues in the city you want to break into. Contact them and go spend some time in the new city getting to know some of the players in that market. Then hire someone with local market knowledge and experience in that market.
I would attend events and put yourself in front of brokers in the city. A little research and a few calls will quickly lead you to the top brokers in the city. Meet with them, explain your strategy, show them your firm has money to deploy and begin developing a relationship with them.
Brokers, but discount everything they say. If you are an LP shop or even co GP start identifying strong operating/development partners in the area. Acquisitions vs Development in a foreign market is DRASTICALLY different. I would not allocate capital to a controlling position in a ground-up project in a market we are not familiar with - I would however, take a good hard look at JVs with regionally renown development partners. I would also start researching best in class property managers.
In acquisitions you cannot be scared of failure or building relationships. Email and call people you do not know. Eat up everything you can. Fly out there on a weekend - walk the submarkets, public transit, etc.
Brokers, transaction attorneys, bk attorneys (if you are a distressed buyer), city officals, etc as mentioned above are all great suggestions. Pending your target development type (MFR/Office/etc.?), I would also consider industry specific networking in the area (eg. you into MFR developing, then I would try and get to know the apartment owners of D and C Class apartments that have considerable deferred maintenance but strong land value in your eyes)
That all said, capratecompression brings up what I think is the most important element...Boots on the ground. Get out to the submarket and walk it.
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