When it comes to buying property or asking for a hard money loan, creating a relationship with a broker is crucial to the success of your venture. Just because someone may place the highest bid doesn’t mean they win the prize. Sometimes brokers will prefer to go with someone whom they trust. These business deals rely on positive impressions and personability.
Creating a relationship with a broker will also help pinpoint if a loan is a scam. You can get the best advice and rates by building a solid bond with your broker. To help kickstart the relationship, here are a few tips for creating a relationship with a broker.
Schedule Face-to-Face Meetings
Get to know the broker by scheduling face-to-face meetings with them, whether you stop by their office or visit potential properties together. This step provides opportunities to gauge if they’re the right fit for your venture. Take advantage of these meetings to let them know what you’re looking for regarding properties, loans, or businesses. Regardless of what you’re there to talk about, nothing beats meeting face-to-face.
Once you’ve introduced yourself to the broker, you should communicate with them frequently. Taking the time to talk to the broker about numbers or introducing the ideas of investments is an excellent first step toward a good working relationship. You should also be transparent in your communication, meaning that if there are any delays or challenges, communicate that with them. This choice will help convey that you’re open, honest, and trustworthy.
Attend Local Broker Events
Another way to create a relationship with a broker is to attend the same events they do. We’re not saying to follow their every move—instead, you should participate in local events hosted by the broker or community events they sponsor. Seeing your face around will show that you’re serious about working together and help you build a more effective working relationship.
Use Social Media to Your Advantage
Everyone is on social media. Whether it’s Facebook, Twitter, or LinkedIn, you should connect with your broker to see if they post any property updates or early investment opportunities. This digital connection will make it easier to communicate with the broker when you can’t meet face-to-face.