Appropriate to ask developer their viewpoint on the side as a broker?

Hey guys,

Background I (with other brokers in my office) sent this developer a large vacant building that they passed on. I've been a broker for two years out of undergrad and am always looking to learn more. I wanted to underwrite this property, see what assumptions I thought made sense and then reach out to the Partner (2nd in command to CEO and only two on email chain).

I've personally (including this deal) sent them 10+ deals. This is the first I wanted to do this for - to learn more about how he saw the deal being a very experienced developer, share what I thought about it and see if he agreed/what I maybe missed. 

I plan on making it clear this is not in a official capacity and purely to learn. I'm on the fence if this is appropriate/unprofessional and he might see it as a waste of time. It's purely to learn more about a developers viewpoint and to hopefully build a better connection discussing deals in more detail. Thoughts and can this backfire?

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Comments (6)

  • Associate 1 in RE - Other
Jun 11, 2021 - 10:01am

Don't send him all of this in an email. Email him to grab coffee/breakfast/lunch saying that you would like to pick his brain on investment ideas while learning more about him and the firm. You're young, the guy will get it.

When the time is right during your meeting bring it up and explain that you're trying to understand why they passed for your personal knowledge. 

Jun 11, 2021 - 10:24am

Definitely this. Make it into a networking experience where you can actually interface with him beyond the question. Then just bring it up while you're chatting and run him through the high level metrics and your thought process and ask him about how he looked at the deal.

Jun 11, 2021 - 11:36am

Just my 0.02 as a developer where brokers ask me this all the time. You could suggest coffee but a phone chat might be better and more convenient for the developer. You should really stress that this is really for your learning purposes and you're not trying to sell/convince him on it. A lot of brokers send me shitty deals and after I pass on them they start arguing with me about why it's such a great project and use assumptions that are waaay too optimistic. It bugs the hell out of me. I have no issues explaining my thought process and teaching someone trying to learn, but no one likes being sold to, esp from someone who doesn't know what they're talking about and just trying to get their paycheck

Jun 11, 2021 - 11:56pm

I don't really see much "harm" unless you are a jerk or being a best. I totally agree this is better for informal chat/call, not via email (I wouldn't respond, in part, I'd think it was a sales gimmick). 

Just something to keep in mind, they may have spent little time analyzing it or thinking about it. Something just triggered the "no thanks" response (too busy, don't like that area, whatever). So, don't just assume they have some grand thesis as to why they passed, may not get much more of a shoulder shrug. So, be sure you have questions or something ask to make a good conversation. I'd have at least one (better more) of their projects they actually did on your mind, developers will talk forever about the projects they are doing/done, not the ones they didnt do! 

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