*A great example of creating value and interest
One of KJF Partners’ Core Values is:
“We are driven by our personal commitment to create value for our investors, tenants, teammates and brokers.”
To serve our broker partners, we send occasional emails that focus on things that I have learned through my brokerage history or that I notice from my current role on the principal side of the business.
Brokerage is a very challenging business and, creating value and interest for your prospects, opens the door to relationship building and future business.
I recently received a call from a young broker, we’ll call him “Jack.” I spent a fair amount of time with Jack on the phone and, subsequently, I referred him to a friend that might have a need for Jack’s special knowledge. Jack specializes in selling properties that are occupied by coffee tenants such as Starbucks, Dutch Bros, Dunkin etc. During our conversation, Jack impressed me with his knowledge.
Below are some examples of the information that Jack shared:
- Jack knew exactly how many properties (for each tenant) were currently on the market for sale.
- He was able to create some meaning about that number by explaining how many properties were on the market, for each tenant, a year ago. In most cases there are more than twice as many properties on the market today than a year ago.
- He knew the offering cap rates for deals available today, deals available last year and for the deals that were actually closing escrow in today’s market.
- He knew the average sales per unit for each of the operators and knew which operators were struggling to hit projections.
- Jack was very familiar with market rent numbers for each tenant and was able to contrast those numbers between tenants.
- There were other facts and figures that Jack knew well but the above items were enough to keep me interested throughout our call.
I have been entrenched in real estate for 35 years and have a lot of knowledge and experience that Jack doesn’t yet have, and, although he has been in the business for only a couple of years, he really knows his product and he taught me numerous things during our conversation. As I’ve written before, you do not have to know everything to create value for your prospects but, it’s beneficial to prepare yourself with knowledge that is interesting and useful for your prospects. Jack took information that is available to most of us and used it in a way to create value…..to teach me something. I will remember Jack as an expert in his niche and I’ll be happy to take his calls in the future. That is a great start to building a beneficial relationship.
I hope you’ll use the above description to help you accumulate useful knowledge for your prospects and to help build meaningful relationships that will lead to future business.
Happy Hunting!
Joe