I've heard heard countless times that knowing the right people and sourcing deals is way more important than your ability to build a model in CRE acquisitions. How does one typically go about sourcing deals in this space and do you have to be a social butterfly to be good at sourcing deals? I'd assume that since the acquisitions guy has the checkbook and the CRE brokers are trying to sell property, that this should be a relatively simple process for the acquisitions guy. So, what is it exactly that makes someone good at sourcing deals? I'm guessing:
1) Brokers don't always go with the highest bidder, so if you're known for keeping your word and moving quick with the deal process, then you have the ability buy properties without being the highest bidder.
2) Brokers like you and let you know about things before someone else.
3) Maybe I'm thinking about some cheesy house flipping book I read when I was 12, but maybe the ability to source a deal without using brokers? E.g. knocking on doors at beat up looking houses and making low ball cash offers to someone that bought their house 60 years ago for $15,000.
So basically, what I'm getting at is how much of the deal sourcing process is sales vs. track record of successful execution vs. just being a likable guy?