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Development Plan ("HEAD DOWN"/BACKGROUND WORK (Proposals…
Development Plan
"HEAD DOWN"/BACKGROUND WORK
Marketing Property
Proposals
Obtain for Proposal
Current Rent Roll
2 or 3 years of trailing income and expenses
Leases
The mortgage note
Other items specific to apartments
List of Capital Improvements over the last 5 years
Tenant Expense Reimbursements
Details and age of major systems (HVAC, Roof,etc.)
Appraisal
Includes
Seller NOI vs Buyer NOI
Rent Comparables
Sales Comparables
Should include conditions of sale, financing, and information on buyer and seller
On-Market Comparables
Expenses
Cap Rate
Cash-on-Cash Returns
Cash-on-Cash Returns + Principal Reduction
GRM
Price Per Unit
Price Per Square Foot
Misc Loan Information
Cash Flow Leverage and Financial Leverage
MMCC Loan Originator Contact Information
include a lot of excellent pictures (street shots, shots of property, and shorts of differed maintenance or other issues affecting the property
Lease comps (don't use CoStar)
Bring MMCC Loan Originator
Rent Survey from driving to every competing property in X-mile radius
Cursory due diligence with inside and outside (fix issues/boost curb appeal)
Include Refinance Analysis
Resume/Bio
Creating Investment Value for Property
Understand BEST Technology to Use
Creating Competition for Property
Database Building
Increase Ownership Record Accuracy
Take quality notes and pictures for each building
First Listing Appointment
What to Bring
Check Client's Investment Real Estate Portfolio
Visit the Property(ies)
Know the local market (how does subject property fit into it)
On Market and Close Comparables
Rent Comparables
Gather all ownership information
Bring MMCC Loan Originator
What to ask for next if proposal is warranted
Request Books and Records
Obtain Conditional Agreement to Exclusively List/Leave Listing Agreement with Client and Ask them to Read before Second Appointment
Schedule Second Listing Appointment
Second Listing Appointment
What to Bring
Proposal! See below...
LANGUAGE
Contracts
Read Isaak's past contracts
Lingo/Acronyms
M&M Training Manual Glossary & Finance Terms
Legal Language
Read Isaak's past contracts
LIHTC/HUD/TCAC Codes/Knowledge
Read Isaak's past contracts, visit TCAC website, read LIHTC books, check forums out, novovo's numerous webcasts on tax credits, etc.
DRE Provisions
Read Isaak's past contracts/DRE material
M&M
Corporate Legal Expense Program
ID Policy Manual
SOCIAL
Sales
Cold-Calling
Suspect lists
Primary, Secondary, and Tertiary Interest Generators
Create Calling Plan
Cold-Call Sales Journal w/ statistics
Negotiation
Objections
Identify & Overcome
Motives for Raising Objections
Classifying Objections
Creating Good Environment for Overcoming Objections
Classifying Objections
Rational
Irrational
Listen for Windows of Opportunity!
Proposal Presentation
Sales Aids
Testomonials
Deal Stories
Client Relationship Building
Rapport / Credibility
Rapport
Break the Ice
Avoid cliches/"How did you get into real estate"/"How did you end up buying this property"
Match & Mirror
Some clients like small talk and some don't... mirror their personality
Anchoring
If conversation is not progressing, restate reason for meeting ("anchor" to reason for meeting)
Information Exchange/Learning Needs
Selling Process
Have Goal for Action for Prospect to Take
Have Strong Personal Point of View
Change Client's Point of View
Have Understanding of Client's Point of view
Demonstrate Benefits
Encourage Client to take Action
First Listing Appointment
Goals
Recap what was communicated on call
Learn about clients' needs and goals
touch on value of represenation
Discuss sale of property
Gather necessary information for proposal
Create action items for you and client
Set date for second listing appointment
Convert Features to benefits (focus on client's needs - time? then MMC closing, etc.)
Professional Presentation
Attire
Professional Writing Techniques
Voice Tone/Volume
Body Language
Creating Broker/MMCC/Firm Value
Converting Features into Benefits!
Firm-Wide Specialization
Individual Specialization
Exclusive Listings
MNet
Market Research
Largest Pool of 1031 Exchange Buyers
Largest Pool of Qualified Buyers Nationally
Monday Morning Sales Meetings
MMCC
Networking
Events per month?
Types?
Professions? Lenders? Appraisers? Etc.?
Building relationships with MMCC Originators
LinkedIn Targeting