How do you leverage local networks and partnerships to find and close CRE deals in new cities?

1 Use referrals and recommendations

One of the best ways to access deals in new cities is to get referrals and recommendations from your existing contacts. These could be other investors, brokers, lenders, contractors, or property managers who have experience or connections in the target market. Ask them for introductions, insights, and feedback on potential deals. They can also help you avoid pitfalls and scams that you might not be aware of as an outsider.

2 Join local associations and groups

Another way to expand your network and find deals in new cities is to join local associations and groups related to CRE. These could be industry organizations, trade associations, chamber of commerce, or networking clubs. By becoming a member, you can access valuable resources, information, and events that can help you learn about the market, meet key players, and discover opportunities. You can also showcase your expertise and credibility by participating in discussions, panels, or workshops.

3 Partner with local experts and professionals

Sometimes, the best way to enter a new market is to partner with someone who already knows it well. You can leverage their knowledge, skills, and relationships to find and close deals faster and easier. You can partner with local experts and professionals such as brokers, agents, consultants, attorneys, or accountants who can help you with sourcing, due diligence, negotiation, financing, or closing. You can also partner with other investors who have complementary strengths, resources, or goals.

4 Use online platforms and tools

In today's digital age, you can also leverage online platforms and tools to find and close deals in new cities. You can use websites, apps, or software that provide data, analysis, listings, or leads for CRE in different markets. You can also use social media, blogs, podcasts, or webinars to connect with influencers, thought leaders, or mentors who can offer advice, guidance, or referrals. You can also use online platforms and tools to market yourself, your brand, or your deals to potential partners, clients, or investors.

5 Follow up and follow through

Finally, once you have established your network and partnership in a new city, you need to follow up and follow through. You need to maintain regular communication, provide value, and deliver on your promises. You need to show that you are reliable, trustworthy, and professional. You need to nurture your relationships and build long-term rapport. This will help you secure repeat business, referrals, and testimonials that can boost your reputation and results in the new market.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?