This is one of the best and most efficient ways to get your business going. The cost is low or free, the availability of Commercial Real Estate Online is very good, and sellers are usually serious about selling.
The downside to this method is that there is a lot of competition. This is the first thing that new-school investors think about when they want to find a good deal on commercial property. Ever heard of loopnet? Of course you have, so has everyone else.
The key to sourcing commercial deals online is to be different. Everyone is going to loopnet to find Real Estate online. There are many other places to look, you just have to be creative and consistent.
Here is a list of different sites that you may or may not be aware of:
This should get you a great head start into finding deals quickly, making relationships with commercial brokers, meeting owners, finding other professionals in the industry, knowing your market, and most importantly finding hidden gems which will boost your business.
Another important component of finding commercial real estate online is knowing what to say. You can have all of the commercial listings in the world and if you sound new to the industry, your success rate will be much lower.
I would recommend creating your own seller script which you can use to talk to owners on the phone. Once you have made it, memorize it and then throw it away. You don’t want to sound like you are reading off of a script. You want to start a conversation with the owner and build rapport.
Here is a link to my apartment building seller script which you can use to get some ideas to build your own. This script is designed to talk to owners via a cold call. When you are prospecting an owner via a listing they have created, the motivation is different. They have already decided to sell the property. You don’t have to ask the first few questions. In fact, it is wise to know as much about the property as you can before you call the owner (within a few minutes of research, don’t get bogged down with information overload). You will sound much smarter and separate yourself from the pack of other buyers.
The best way to make money investing in apartment buildings and all types of commercial real estate is to implement as many marketing strategies as you can which fit your budget. Using the internet to find apartment building deals is a great strategy, but when used in conjunction with cold calling, direct mail, and brokers, you will have a lot of chances to get a great deal in the near future.