How can real estate investors build strong relationships with brokers to win more deals in a competitive market?
In this episode of the podcast, Agostino Pintus shares valuable insights on how real estate investors can build credibility and win more deals by fostering strong relationships with brokers. He emphasizes the importance of creating a professional credibility book, which serves as a high-level business plan that showcases an investor's company, target assets, and team. Agostino also discusses the significance of understanding brokers' needs and structuring deals accordingly, rather than focusing solely on the investor's desires. Additionally, he introduces the PASE (Practical, Action, Social, Emotional) methodology, which helps investors calibrate their communication style to better connect with brokers and build lasting relationships.
Agostino Pintus is a real estate investor, developer, and entrepreneur with more than 17 years of experience in real estate. He currently oversees strategic partnerships, capital development, and platform development for Realty Dynamics Equity Partners, an investment firm specializing in commercial asset acquisition and asset management services.
00:00:00 - 00:02:00 - The Importance of a Credibility Book
- A credibility book is like a high-level business plan that showcases your company, target assets, and team.
- It should be professionally put together and include information about your business, target properties, and team members' bios.
- A well-crafted credibility book can make the difference between getting a call back from a broker or not.
00:02:01 - 00:07:00 - Structuring Deals to Meet Brokers' Needs
- Always call the broker and find out what the seller wants before sending an LOI.
- Structure the deal to meet the seller's needs, which may include terms, timing, or even non-monetary incentives.
- Be mindful of your reputation and avoid submitting lowball offers that could damage your credibility.
00:07:01 - 00:11:00 - Building Your Personal Brand
- The real estate community is tight-knit, and your personal brand is crucial to your success.
- Your personal brand encompasses the way you look, act, speak, and present yourself through marketing collateral.
- A strong, cohesive personal brand can help you win deals, while a disjointed or unprofessional brand can hinder your success.
00:11:01 - 00:17:00 - The PASE Methodology for Effective Communication
- PASE stands for Practical, Action, Social, and Emotional, which are qualities everyone possesses to varying degrees.
- Understanding a broker's dominant PASE trait allows you to calibrate your communication style to better connect with them.
- Adapting your language and approach based on whether a broker is action-oriented, practical, social, or emotional can help you build stronger relationships.
00:17:01 - 00:22:00 - Cultivating More Than Just a Handshake Relationship
- Building strong relationships with brokers is essential for success in real estate investing.
- Remembering personal details about brokers, such as their dreams, kids' names, or unique facts about them, can help create a more meaningful connection.
- By helping brokers achieve their goals, you can leverage the reciprocity bias, making them more likely to help you in return.
Quotes:
"Reputation is everything in this business. And if you lose it, you're done. You're baked. You're done." - Agostino Pintus
"One broker will make you money. Two brokers will make you rich. Three brokers will make you super wealthy." - Agostino P