The previous lesson covered the strategy of broker relationships. This lesson is about the tactics — the exact words to use in calls, meetings, and follow-ups so you sound like a professional and not a tire-kicker.

The first cold call to a new broker

You've identified a broker you want to work with. They've never heard of you. You're about to call. Here's the script.

The opening (15 seconds)

"Hi [Broker name], this is Ryan Solberg with MaxLife Investments in Orlando. We're an active buyer of multifamily and net-lease retail in the I-4 corridor — $1.5M to $5M deal size. I'm calling to introduce myself and see if you'd be open to a quick conversation about what you're seeing in the market. Do you have 5 minutes, or is there a better time to call back?"

Notice:

Identifies you and your firm immediately
Specifies what you buy (asset class + size + market)
Uses "active buyer" — not "looking to buy"
Asks permission for time, doesn't assume

The "5 minutes or better time" frame is critical. It gives the broker an out and signals you respect their time. Brokers who feel respected respond better than brokers who feel hijacked.

If they say "yes I have 5 minutes" — the body (3 minutes)

Explain your buy box in plain language:

"Great, thanks. So we're focused on three things right now: first, B/C class multifamily in the 12-50 unit range across Orange and Seminole counties. We like value-add but we'll do stabilized at the right cap rate. Second, single-tenant net-lease retail with 8+ years remaining on the lease, $1M-$3M, ideally credit tenants or strong franchisees. Third, multi-tenant retail strips up to $5M.

We have $400K of equity available right now, we use bank or SBA debt depending on the deal, and we typically close in 60 days. Last 12 months we've closed two deals — a 16-unit MF in Casselberry and a $1.4M Dollar General in Polk City.

I'd love to hear what you're seeing in the market. What kinds of deals are you working on right now?"

Three things just happened:

You communicated your buy box concretely
You proved you're real with two specific recent closings
You handed the conversation back to them with an open-ended question

Listen and ask (the broker talks now)

The broker will tell you about deals they have, the market, what's selling, what's not. Your job is to LISTEN and ASK FOLLOW-UPS. Don't pitch yourself anymore. Pitching is over. Now you're learning.

Good follow-up questions:

"What's the asking on that one? What do you think it'll trade for?"
"Why is the seller selling? Any pressure on timing?"
"Has anyone been through it yet? What did they think?"
"What's the rent comp situation in that submarket right now?"
"Are you seeing any distress yet? Refi pressure?"
"What asset class do you wish you had more of right now?" (this last one tells you what they're getting calls about)

The more they talk, the better. Every minute of broker talking is intelligence and rapport.

The close (60 seconds)

"This has been really helpful. Look, I'd love to be on your radar for anything that fits our buy box. I'll send you a one-pager that summarizes what we're chasing — easier than us trying to remember it on a call. If anything comes across your desk that fits, I'd love first call before you list it. We can usually sign an LOI within 7 days and close in 60.

What's the best email for me to send the buy box to? And do you mind if I follow up in a few weeks to check in?"

That's it. You've:

Asked for a specific action (sending the buy box)
Asked permission for follow-up (so the next call isn't cold)
Reinforced your value (sign LOI in 7 days, close in 60)

Total call: 5-10 minutes. Effective and respectful of their time.

After the first call — the follow-up sequence

Don't drop the relationship after one call. The follow-up sequence cements you in their memory.

Day 0 (right after the call): Send the buy-box email.

Subject: Buy Box — MaxLife Investments — Per our call

Jane,

Great to connect today. As mentioned, here's our current buy box:

[Embed the buy box content]

Recent closings:
- 16-unit MF, Casselberry, closed Feb 2026 at $2.4M
- Dollar General single-tenant NNN, Polk City, closed Oct 2025 at $1.4M

Happy to share more on either of those if useful.

I'll check back in a few weeks. In the meantime, feel free to call or text anytime.

Thanks,
Ryan Solberg
MaxLife Investments
407-555-0101

Day 14: A short check-in.

"Hi Jane, just following up — anything new come across your desk this week that might fit our buy box? Also, I'm in your area Thursday and could swing by for 20 minutes if you have time."

Day 30: Another check-in, this time leveraging market activity.

"Jane, I saw the [name] property hit the market this morning at [price]. Quick reaction — the cap is too tight for us at that price, but I'd be interested at [different price]. Anything else in your pipeline that might be more aligned?"

Day 45: Try to convert to in-person.

"Jane — let's grab coffee. I'll come to your office. What works next week?"

By day 45, you've had 4-5 touches with this broker. You're now firmly in Tier 3 and possibly Tier 2. The next deal that fits your box, you'll get called.

The in-person meeting

When you finally get the in-person, here's how to make it count.

Before

Pull comps for their listings (look at Crexi, public records). Show up knowing their market.
Pull their LinkedIn. Know their background. Know what firms they've been at.
Have a specific deal or two in mind to ask about.
Bring your buy box on paper (one page, printed).

The first 5 minutes — small talk

Don't dive into business. CRE is a relationship business. Small talk for 5 minutes:

How long they've been with their firm
What asset classes they specialize in
Where they live, where they're from
Family / kids if they bring it up

These minutes are not wasted. They're the relationship building.

The next 15 minutes — them talking about the market

Ask open questions:

"What are you seeing right now in [their specialty]?"
"How are deals trading vs. asking?"
"Are buyers from out of state still active or has that slowed?"
"Anything that's been hard to sell lately? Why?"
"What part of your pipeline are you most excited about?"
"What part of your pipeline keeps you up at night?"

Your job: shut up and learn. Take a few notes (visible note-taking signals you're paying attention).

The next 5 minutes — your buy box and credentials

Hand them the buy box. Walk through it briefly. Mention specific recent closings. Mention specific assumptions (LTV, rate, hold period, return targets). The goal is to make them feel like you're a real, sophisticated buyer who they can confidently send deals to.

The last 5 minutes — the ask and the next step

"Look, here's what I'd love. If anything comes across your desk that fits, please call me before you list it. I move fast and I close. And if there's anything you've got that's been sitting and might need a creative buyer, let me know — I'm not afraid of complicated deals.

In return, I'll send you fast yes/no on anything you send, and I won't waste your time. I know you have 50 buyers calling you. I'd rather be one of the 5 who make your life easier."

End with a specific next step: "I'll plan to check in monthly. Sound good? And if you have anything urgent, my cell is on my card."

The "no for now" call

Sometimes a broker sends you a deal that doesn't fit. Don't ghost them. The "no" call is one of the most important calls in the relationship.

Subject: Re: Off-market 32-unit in Lakeland

Jane,

Thanks for sending. I went through the package — interesting deal but it's not the right fit for us right now. Specifically:

1. The cap rate is tighter than our target (5.8% trailing vs. our 6.5%+ minimum)
2. The submarket is outside our primary footprint (Lakeland north vs. our Polk south thesis)
3. The deferred maintenance budget feels light — we'd want $5K/unit reserved at closing

If the seller would entertain $X (which works out to a 6.5% in-place cap), I'd take another look. Otherwise, please keep us on your list for the next one.

Thanks,
Ryan

This email does more than say no:

It thanks the broker for sending
It gives SPECIFIC reasons for passing
It makes a counter-suggestion (price) so they have something to take back to the seller
It reinforces the buy box

Brokers love this email. Most buyers ghost. The "no with reasons" buyer is memorable and respected.

After a deal closes — the broker thank-you

When you close a deal you sourced through a broker, send a real thank-you:

A handwritten note (not an email) — rare and memorable
A nice bottle of bourbon, wine, or restaurant gift card
Public recognition on LinkedIn ("Closed 16-unit MF in Casselberry yesterday — huge thanks to Jane Smith at CBRE who brought us the deal off-market")
A referral if you can ("I told my buddy Mike about you — he's also looking in your space")

These aren't bribes. They're acknowledgments that the broker did something valuable. Brokers remember the buyers who acknowledge them and forget the buyers who don't.

The post-deal review call

A month or two after closing, call the broker for a "how's it going" check-in. This isn't a deal call — it's a relationship call.

"Jane, just wanted to circle back. The Casselberry deal is performing well — leased up the last vacant unit, NOI is tracking 5% above pro forma. Couldn't have done it without you finding us the deal. What are you working on these days?"

The broker now knows: you closed cleanly, you're operating successfully, and you're staying in touch. Your stock just went up.

The "wrong number" recovery

You called a broker and the conversation went poorly. They were busy, you were nervous, you stumbled. It happens.

Recovery: send an email the next day acknowledging the awkwardness lightly and re-pitching cleanly.

"Jane, sorry for catching you at a bad time yesterday. Quick re-introduction in writing: I'm Ryan with MaxLife Investments, we buy MF and NNN in the I-4 corridor, $1.5M-$5M. [paste buy box]. Recent closings include Casselberry MF and Polk City Dollar General. Happy to call back when you have 10 minutes — what works for you?"

This recovers gracefully. Don't pretend the awkward call didn't happen, but don't dwell on it either.

A year in the life

To make this concrete, here's what a year of broker relationship work looks like for a new investor:

Month 1-2: Identify 15 brokers in your target market. Cold-call all of them. Book 5-7 in-person coffees over 8 weeks. Send buy-box emails to all 15.

Month 3-4: Monthly check-in calls with all 15. Two more in-person meetings. Receive 8-12 deals via email; respond to all with fast yes/no. Underwrite the 2-3 that pencil seriously.

Month 5-6: Submit 1-2 LOIs. Maybe go under contract on one. Continue monthly broker calls.

Month 7-9: Close first deal in market (or fail to close — both teach you things). Send thank-you to the sourcing broker. Update your buy box based on what you learned.

Month 10-12: Now you have a closed deal in market. Brokers who were lukewarm in month 1 are now warm. Pocket listings start arriving. Tier 3 → Tier 2.

Year 2: With one closed deal under your belt, broker activity doubles. You're getting first-call invitations from your top 5 brokers. You close 2-3 deals.

Year 3: You're Tier 1 with several brokers. Most of your deals come from off-market broker relationships. LoopNet has become a market intelligence tool, not a sourcing channel.

This timeline feels long. That's because it is. The patience is the moat.

What to take away

The cold-call script is short, specific, and asks permission for time
Lead with what you buy (asset class + size + market) and end with proof (closed deals)
Listening matters more than talking on broker calls
Send a buy box one-pager after every first call
Maintain monthly contact with every broker on your list
Quarterly in-person meetings beat monthly phone calls
The "no with reasons" email is more valuable than ghosting
Acknowledge brokers after closing — handwritten notes, real thanks
The patience to do a year of "low-yield" broker work is the competitive moat

Next lesson: using LoopNet, Crexi, and CoStar productively — turning the public listing platforms into a market intelligence tool instead of a deal trap.

The Broker Call and the Broker Meeting — A Playbook