You should know who is chasing the same properties as you and who is after other types of deal. You never know when you might come across something that you can pass on for a fee, even to a direct competitor.
It helps to know who’s doing what deal & when, like knowing what cards your opponent has in a game of poker, knowing that your main competitor has just committed to a big deal might just be the information you need to know when pitching your next ‘offer’ because perhaps you know they are not bidding against you!
If you know them and they know you – there will be times when they will approach you to offer something which they have heard of or want to dispose of. This kind of trade sale is ideal because you will be dealing with a fellow professional so the deal should be smoother and you will both be working to make the deal work as smoothly as possible. The other benefit is that you will be able to make ‘special arrangements’ between you that might make it a win-win situation for you both.
Keep a database of everyone in your chosen area and record everything you can about each one of them, try to meet up with them informally for a chat. If you don’t know certain people find someone to introduce you, keep it light and informal so that they don’t feel like you are picking their brains.
Remember to listen much more than you talk, ask questions casually and listen hard to the answers, don’t try to impress by talking about what you know, it is better to seem a little naive by asking questions than making a mistake by saying too much. Try to be genuinely interested in them and their views, you will learn a great deal.
Task of the day: Study your competition
