Building relationships as a broker w/ acquisitions guys on calls
Anyone here as a broker build relationships with acquisitions analysts/associates/execs on cold calls. I get you send them deals and they obviously learn who you are through that. But anyone here who got drinks or coffee with these guys/girls after sending them deals and maybe building a better professional relationship?
Seems to me like it could be a little unprofessional to say on a call with analyst going over a deal you sent to ask for coffee or drinks if what they're doing job wise interests you?
Curious people's thoughts because I had a cold call with a top executive at a large developer, they took time (at least 20 minutes) discussing the deal I was going to send, when they/I are from, what our parents did to get us into the business, their background and I asked if they would meet for coffee because I'm interested in hearing more. Vs most times it's a few minutes, if that, going over the deal and yes/no/we'll get back to you.
Any brokers have experience with this?
sounds like a good broker to me
Can you elaborate? I'm saying it more as building the relationship to jump there if you wanted to.
Being a broker is about building relationships. Go for it.
You already have your answer, but what you described is how relationships are built.
Do not ask them on the call to get a drink, just send a side email afterward. Doesn't have to be more than, "Hey man, good call. Are you around for a coffee at 3pm tomorrow?"
Brokers and acq folks are always getting together for lunch/coffee/drinks...
and golf. I know several times guys have gotten deals cause of the game on a thursday or friday.
And cycling it seems, at least here. I'm not a big cardio guy, but an increasing amount of people in the industry go on mountain biking trips or do road cycling.
Probably one phrase I've heard more than any other from the brokerage community is "next time you're in town lets grab a coffee or a drink." Everyone does it but some more tactfully than others.
My response is always "absolutely, I'll keep you in mind next time I'm there." Really, if you cold called me with some fake sounding shit or just to ask what my investment criteria is I'm definitely not going to do that. But if you're bringing me product, as long as they are in the ballpark of what I need, I'll be interested in meeting. But bring me some product to at least look at first, even if its ultimately not a good fit.
So my advice is definitely do it, that's part of being a broker and building relationships from nothing, but show at least a little value first. Its amazing the amount of brokers who want to waste their time and mine by meeting up after talking to them once and about nothing important at all.
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The absolute worst, I don't know how you don't reach through the phone and choke the kid.
Also, OP - work the analysts/associates if that's where you are. Someone else who knows how to lube this up with the higher ups should get the entire acq team together and intro the juniors to juniors, mid to mid, top to top. Then you sit and bitch with the analysts and associates and then in 5-years you'll all be relevant and you'll already have put in that time. The old washed up brokers who don't do this get left behind as the new blood fills the ranks on the buy-side. We have entire associate/analyst pit events where they can go commiserate about the VPs and MDs together. Builds lasting bonds.
Yes and it works both ways. 5-7 years later you're both at a vp/director level and have a long relationship. Now I have my stable of guys who will give me guidance. Acquisition people are only concerned with two things, bring me product and give me guidance. A lot easier to get both when you've known the broker since you were both associates.
Closing dinners with brokers and sellers MD's are fun early in your career but its the drinks with their associates that are going to pay dividends in 5-7 years (which will fucking fly by) and really get you paid.
Exactly - play the long game. Those acq teams are getting younger and younger too!
I wish this was the case, seems like such an obvious thing but then again I'm not at one of the bigger shops (CBRE, Newmark, etc). I've been going to Young Real Estate Professionals events so meeting younger guys through that.
I've reached out to two acquisitions guys and I'm assuming they both saw it but didn't answer. I think I'll follow up once more in a week then leave it at that. I want to do more and defiantly feel it'll make the calls more interesting if we've both got drinks and had good time. Builds a better relationship so it's not the same boring follow up call and you know the guy on the other side of the phone.
definetly*
Reach out to the junior guys on the deals you've done with their company. Much harder for rando's. Keep going to the young real estate professionals stuff. I like the one(s) in NYC
As others have said, be relevant when you contact someone. You're reaching out because you want something, so always offer something useful in return. Having momentum in the market makes you default relevant since you can offer live deals, recently closed deals, and/or insight into what's moving. If you don't have momentum, try to manufacture some relevance by hunting down comps and other data that your target audience ought to care about.
If you can establish yourself as a reliable source of relevant info about some market -- and the trick here is to segment the market smaller and smaller until you legitimately can -- then people should want to take your call. Or better yet want to call/email you. "Relationships" are a byproduct of consistent communication over an extended period of time.
I've found that socializing over drinks/etc helps build a comfort level with others. Being relevant is what makes the wheels turn in the long run, though.
Toward that end, I built a product that helps you be explicit about the markets you focus on, the activity you have there, and the people you've worked with: https://towerhunt.com
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