Finding new business deals is as much an art as it is a science. It takes time a practice, and it’s something I like to teach as I mentor young up-and-coming professionals in the business.
So, today, we’re going to review how to find business deals. This is nuts and bolts stuff. It’s basic blocking and tackling.
And, as you’ll see, what’s old is new again.
1. If you’re out and about, drive up and down the street your surveying several times. You’ll see something different every time.
2. Record your thoughts and ideas in an orderly manner. I think the best way is to simply get a legal pad, draw a line down the center, and start jotting down concepts as they come to you. Number them as you go. Stay organized.
3. Call everyone you know. All the time. Take some time to catch up, then ask if there are any business opportunities available.
4. Go to lunch, by yourself, in places where you’re likely to collide with opportunity. These are places that are frequented by folks who may be looking to do deals or who can benefit from your expertise.
5. A good name can lead to good opportunities. Keep a good reputation. Be kind to people. Help people advance in their careers. They are more likely to remember you when the time comes to do some business.
6. Remember, the broker is your customer. I want the person who’s got the deals to be my friend. I want him to know that I’m out there to make him money.
7. Go to events, especially CCIM events. Don’t stand in a corner. Circulate while you’re there. It’s how I met one of my best family office clients.
8. Be in step with today’s approach to business. It’s cooperative, not cutthroat. You can be tough, but you have to also be open, caring and create a comfortable environment around yourself. My niche in the industry is this: I know a lot of people, and I can help you get your deal capitalized.
9. Be a visionary. Look into the future and see opportunities that others are probably missing.
In the end, finding new business deals is about more than your knowledge and skills. It comes down to the relationships you build and maintain.
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