In multifamily, everything hinges on your relationship with brokers.
How do you differentiate yourself from all of the other groups out there? Your reputation.
What can you do to really enhance that reputation, stand out and have the best in the market?
For us, it was to close deals quicker than most groups. When we say we are going to close a deal faster, we have to do it. Every time. And it has allowed us to win deals over other bigger groups that had bigger offers.
So obviously, you have to make sure that you can meet the expectations you set on your reputation.
Do what you say you are going to do. (This is actually one of our core values).
If you say you are going to get feedback on a deal back to the broker by XX time, then you get the feedback to the broker at that time. It's very simple.
If you say you are going to close the deal in 45 days, you close the deal in 45 days.
This is how you build reputational capital.
Not only will brokers give you access to off-market deals but even in a competitive scenario because the broker advises the owner.
Competing in a marketplace where there are people that are bigger than you and they have more money. You figure out ways to differentiate yourself from them with your reputation.
We just had a situation where there were 42 groups offering on a deal. When it got down to 3, the two larger groups were neck and neck with their terms. We came in and did the exact same.
They selected us because our reputation is flawless. Every time we've done exactly what we said we're going to do. And we become the group that's the easiest to work with. That's our MO.
Work to enhance your reputation in the market and it can work in your favor.