comprehensively outlines the apartment syndication process from start to finish. Now that makes quite an impression! The idea is the same: Add value to the person’s life in an immediate way that addresses their major pain points. BUILDING AND MAINTAINING RELATIONSHIPS If providing immediate value isn’t possible, the next best thing is to schedule a follow-up meeting or connect them with someone else who can help. Make sure to get enough information to conduct these activities while maintaining your presence in the mind of your new contact. This could be a small piece of relevant personal information, for example. Use it to remind them of how you helped them to solve a problem. Finally, don’t be dissuaded if you meet someone at a conference who is new to making these deals. The person might control considerable resources or have a net worth that they’re interested in using as leverage. They came to the conference seeking information, so be the person to provide them with relevant answers. KEEPING AN OPEN MIND Use this strategy to network with everyone you meet. Don’t reserve it just for people you think are likely prospects. Doing so can blind you to the presence of a real gem in the room. Find out how you can add value to the lives of the people you meet. Let it lead to the opportunities you seek. This can help you to find a new partner, investor, or even a friend. You never know what the results will be until you go through the process of actually doing it.•
communicate your understanding of the issues your clients are facing inside their business.
type of knowledge, outsource the work to someone who has a solid background in this area. This approach is simple, effective, and requires little extra time. Think about how it can be applied at real estate conferences, meetups, or in casual settings in general. First, don’t think about setting an arbitrary goal like the number of business cards you can pass out to people. Quantitative goals often eat up time that can be better spent crafting valuable relationships. Building one relationship each day might be a feasible goal for a conference that lasts several days. However, the focus should remain on quality instead of quantity. Get past the surface of the conversation and create value in any way you can think of at the time. At the very least,
GETTING STARTED IN APARTMENT SYNDICATION Apartment syndication is often pursued after an initial period of activity. During this time, the potential partner might have done fix-and-flip deals before transitioning into multifamily units. Once they reach this stage, they might become interested in apartment syndication, but they often lack the ability to raise the capital to close the deals. Just imagine meeting someone at a conference at this stage of the process and being able to instantly produce a manual that
28 :: INVESTOR REVIEW :: NOV-DEC 2022
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