Acquisitions System and Process
Looking for some guidance from anyone who has worked at a larger company. We have been able to build up a decent portfolio (3,000 multifamily units) over the last few years but have recently hit a slump in growth. We are looking to hire a full time analyst soon to help manage deal flow but need to build out a process first. What should our process look like based on what you have experienced?
- How to effectively manage broker relationships/correspondence with limited resources?
- How to quickly determine if a deal meets our criteria and then build a list of "current deals" that work? Also, how to timely review these deals before CFO dates?
- As analyst, did you make property tours?
- We have not been engaging our property management groups until we are under contract. Should we be leveraging their expertise/execution strategies earlier in the process?
I am only interested in building out the pre-LOI process. We have a decent system in place once we get under contract but getting to that point is becoming a problem. I am open to any suggestions, tips, tricks, etc.. Thanks!
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