In this episode, you’ll learn how to approach developers, what to say to them, and the smart questions you need to ask. At the HyperFast “Hangover” Event, host Keri Shull speaks with developer Andrew Greer about how real estate agents can expand their opportunities by approaching developers. In this episode, you’ll learn how to approach developers, what to say to them, and the smart questions you need to ask.
Episode Highlights:
- Andrew Greer is a developer in San Diego, California. They have three ten-plexes actively under construction and another thirty-eight units in the permitting stage.
- You can do more deals. You can do more expensive deals. Or you can do more repeat business.
- Andrew likes to do more deals with the same people over and over again.
- Many realtors overlook the fact that interest lists are gold.
- You can provide value to that interest list while bringing them into your network.
- If you work with a developer you'll develop a buyer box. You'll have quick decision making. They are non-emotional clients.
- With the right developer, you'll always know you can get certain deals done.
- Keri and Andrew talk about feeling out prospects when approaching them to buy their home for redevelopment.
- Try to figure out what developers are buying before approaching them.
- Instead of asking people if you can pick their brain, ask if you can have a conversation where you can add value to them.
- Keri studied the builders in the market she wanted to take over and she noticed they had agents that were not helping them with the acquisition piece.
- Tell people you have the ability to acquire the assets they want if they define those assets.
- Understand how the developers look at the money and what their benchmarks are.
- Understand how they get the money. Ask if they're able to write a non-contingent offer.
- Review the properties they buy upfront.
- Request their buyer box.
- You need to request their buying strategy.
- Ask if you could bring them a dream deal, what would it be.
- Keri always wants to understand their capacity.
- Listen to what's inhibiting their growth.
- If you help others lean into their growth and come up with solutions for them, you're creating a long-term partnership.
- If you're an agent that can help developers raise money, that's helpful.
- You can give your clients another stream of income when you give them an opportunity to invest.
- You can host webinars where your builders can present to your clients to create opportunities for investment.
3 Key Points:
1. Know why you’re meeting with a developer upfront. Do your research about what they’re buying.
2. Get the developer to define what they’re looking for, then bring it to them.
3. You can present your clients with opportunities to invest.
Tweetable Quotes:
- “Interest lists are gold.” – Andrew Greer
- “Most of my job in figuring out how to get the developer was getting them to define what they wanted.” – Keri Shull
- “You have to understand how the money works.” – Andrew Greer
- “If you've never raised money before, it's not hard.” – Keri Shull
- “Define what they would jump on and buy right away.” – Keri Shull
Resources Mentioned:
