Episode #165: How to Work with Brokers When You're Not Local with Logan Freeman
01/11/21 • 29 min
The best way to find a commercial opportunity for sale in an out-of-state market is to work with a broker local to that market. They will have access to internal listings and listings coming on to the market, as well as connections with local operators and investors. Today’s guest is Logan Freeman, a real estate investor, developer, and agent who has found his niche in the industry, acting as an investment property specialist and actually representing buyers instead of sellers in the transactions process. Logan has also completed multiple joint venture projects and equity partnerships and works as a developer. Completing over 120 transactions in less than a year, Logan has found a process and relies on his most valuable priorities to guide his profit-producing activities. In this episode, Logan shares a bit of that process with listeners and outlines some of the best ways to find the best broker to work, and establish relationships with them, as well as how to maintain those relationships. While nothing beats face-to-face, investing time and energy upfront is going to make all the difference, especially in today’s post-COVID world, where Zoom calls have become standard practice. Logan also has some tips for standing out, creating a strong presence, and getting on broker’s A-lists, as well as the importance of vesting brokers and finding someone who believes they will benefit from your success, so make sure not to miss today’s episode!
Key Points From This Episode:
- Logan shares a bit about himself, his background, and what he does currently.
- The best ways to establish relationships with brokers, starting with setting clear expectations.
- When finding a broker to work with, go with number two on the Top 10 list – not number one.
- Where most beginner investors get it wrong when starting a relationship with a broker.
- If you don’t have a track record, don’t act like you do – authenticity is key.
- A key strategy for maintaining a relationship with a busy broker is to get in their pocket.
- Nothing beats face-to-face, but be willing to invest time, effort, and energy upfront.
- Being willing to do what others aren’t will set you apart from the pack.
- Elevating yourself through a strong online presence and adding value for brokers.
- Getting on a broker’s A-list is just about time, but the more relationships you build, the more deals are going to be in front of you.
- Logan warns against the scarcity mindset of exclusivity agreements with buyer brokers.
- Just as much as you need the broker, the broker also needs you.
- The process of vesting a broker – do they believe they will benefit from your success?
Links Mentioned in Today’s Episode:
Logan Freeman on BiggerPockets
The best way to find a commercial opportunity for sale in an out-of-state market is to work with a broker local to that market. They will have access to internal listings and listings coming on to the market, as well as connections with local operators and investors. Today’s guest is Logan Freeman, a real estate investor, developer, and agent who has found his niche in the industry, acting as an investment property specialist and actually representing buyers instead of sellers in the transactions process. Logan has also completed multiple joint venture projects and equity partnerships and works as a developer. Completing over 120 transactions in less than a year, Logan has found a process and relies on his most valuable priorities to guide his profit-producing activities. In this episode, Logan shares a bit of that process with listeners and outlines some of the best ways to find the best broker to work, and establish relationships with them, as well as how to maintain those relationships. While nothing beats face-to-face, investing time and energy upfront is going to make all the difference, especially in today’s post-COVID world, where Zoom calls have become standard practice. Logan also has some tips for standing out, creating a strong presence, and getting on broker’s A-lists, as well as the importance of vesting brokers and finding someone who believes they will benefit from your success, so make sure not to miss today’s episode!
Key Points From This Episode:
- Logan shares a bit about himself, his background, and what he does currently.
- The best ways to establish relationships with brokers, starting with setting clear expectations.
- When finding a broker to work with, go with number two on the Top 10 list – not number one.
- Where most beginner investors get it wrong when starting a relationship with a broker.
- If you don’t have a track record, don’t act like you do – authenticity is key.
- A key strategy for maintaining a relationship with a busy broker is to get in their pocket.
- Nothing beats face-to-face, but be willing to invest time, effort, and energy upfront.
- Being willing to do what others aren’t will set you apart from the pack.
- Elevating yourself through a strong online presence and adding value for brokers.
- Getting on a broker’s A-list is just about time, but the more relationships you build, the more deals are going to be in front of you.
- Logan warns against the scarcity mindset of exclusivity agreements with buyer brokers.
- Just as much as you need the broker, the broker also needs you.
- The process of vesting a broker – do they believe they will benefit from your success?
Links Mentioned in Today’s Episode:
Logan Freeman on BiggerPockets
Previous Episode
Episode #164: Scaling Up with Frank Roessler
Being an asset manager can require you to keep track of hundreds of issues — and that’s just for one property. If you don’t have the right systems in place as you scale your business, then managing your portfolio becomes an agonizing task. Today we speak with Ashcroft Capital founder Frank Roessler, whose company manages over one billion dollars of assets. Our conversation opens as we explore Frank’s business model and how he runs his asset management department. A common challenge when scaling, Frank shares his insights on when you should hire people and why you need time to make each hire. We then dive into the nitty-gritty of how Frank tracks his deals and properties through clever spreadsheeting and constant vigilance. After highlighting the importance of managing people, Frank discusses the software that he uses to develop his property metrics. We ask Frank to talk about some of his early mistakes and his answer highlights how business plans unfold over years and that communication is key in sticking to your plan, especially as new people are brought on. Near the end of the episode, Frank reflects on his asset management superpower. A must-listen for any company intent on scaling, tune in to hear more on this topic from the mega-successful businessman, Frank Roessler.
Key Points From This Episode:
- Introducing Frank Roessler and the business model of his company, Ashcroft Capital.
- How Frank’s asset management department operates.
- Why Frank hires asset managers just before he needs them.
- The importance of tracking the small details in every one of your deals.
- Using meticulous spreadsheets to monitor your properties.
- Why managing people is an integral part of successful asset management.
- Hear about the software that Frank uses to develop his property metrics.
- The challenge of communicating your business plan as it unfolds over years.
- Frank’s asset management super-power; working with talented people.
Links Mentioned in Today’s Episode:
Frank Roessler on LinkedIn
redIQ
Passive Income Through Multifamily Real Estate Facebook Group
Next Episode
Episode #166: Asset Management Friday: Tertiary Markets with Nic Espanet
Welcome to another Asset Management Friday segment, focused on educating operators, building better systems, and becoming a best in class operator. Today’s guest is Nic Espanet, a Principal at Thrive Multifamily LLC and a multifamily real estate investor based in Fort Worth, Texas. Nic has been passively investing in multifamily assets since 2016 and has been a multifamily syndicator and asset manager since 2018. He has worked as a licensed physical therapist since 1996 and has run his own private practice since 2012. His experience as a small business owner combined with his detail-oriented personality has equipped the strong growth of Thrive Multifamily, a Texas-based multifamily syndication company. Nic is currently an asset manager in 3 multifamily syndications totaling 452 units, and is a passive investor in an additional 1780 units at 7 properties. In this episode, Nic shares a bit about himself and his syndication business, his experience of asset management in tertiary markets, and some of the challenges therein. He also talks about building in economic vacancy in tertiary markets and explains how he mitigates tax and insurance increases, so make sure to tune in today!
Key Points From This Episode:
- Nic introduces himself and his syndication business and explains how he got into real estate.
- Asset management in tertiary markets like Abilene versus DFW – Nic shares his experience.
- The challenges of asset managing are putting together contractors and boots on the ground.
- While underwriting on lease-ups isn’t a challenge, Nic always builds in a little more economic vacancy in tertiary markets.
- How Nic mitigates tax and insurance increases in Texas, by using a skilled tax consultant.
- Nic advises asset managers to look at rental, collections, and delinquency, but to also focus on expenses, income, and work orders too.
- The number one problem Nic’s mentees face when they come to him about asset managing.
- Nic says his asset management superpower is persistence and getting positive feedback.
Tweetables:
“On the main asset management side, it’s trying to put together contractors. Our property management company handles the biggest part of that.” — Nic Espanet [0:03:20]
“In the end, it’s what’s going in the bank is what’s important. Your NOI can be great but if your Cap X is over spending at that point and you’re not putting what you want into the bank, you’re not going to have money to distribute it. You're not going to have money to make the debt payment.” — Nic Espanet [0:07:59]
Links Mentioned in Today’s Episode:
Passive Income Through Multi-Family Real Estate Facebook Group
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