by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
If you are following my journey, we moved to Tampa/St Pete FL last year. We still have a home in San Diego but spend most of the year in Florida. The reasons are plentiful but, when COVID lockdowns hit, it gave me a chance to start a new “product line” (commercial real estate loans) in a new location. The move isn’t without challenges. Although I can lend nationwide, most folks want to work with a local lender unless they have a prior personal relationship.
How did I parachute into Florida and build up a profitable mortgage brokerage business in 15 months?
1- I worked my inactive client database.
2- I added Florida agents, whom I met at industry happy hours, to my weekly email list
3- I try call 5 inactive clients and 5 agents daily. Few people answer their phones now so I usually end up leaving messages.
Last year started off really well. Our Florida purchase volume was about half of our California purchase volume. My goal for 2022 was to have our Florida volume to exceed of our California volume. 2022 was shaping up well until St Patrick’s Day-volume got weaker through Memorial Day, then even weaker by Labor Day, then it damned near dried up through now (Thanksgiving).
A month ago, I decided to try something different. Calling agents and inactive clients is still a daily discipline but it gets depressing when few calls are answered. I decided to do some “in-person canvassing”, one day each week, to meet business owners in and around St Petersburg. Pinellas County is a hodgepodge of independent businesses so I decided to make a goal of having 25 conversations each day, each time I went out.
First, I went to the charming seaside village of Dunedin. The local Chamber of Commerce gave me a map of 145 businesses within one square mile. I met:
-8 real estate agents,
-6 bar/pub/restaurant owners, and
-13 shop owners.
16 of those people owned a home and 2 owned investment properties. 12 people gave me permission to email them a bi-weekly newsletter. 4 of them said they would like to own investment properties.
Last week, I visited businesses in Clearwater Beach, Indian Rocks Beach, and Madeira Beach. I met:
-3 real estate agents,
-9 bar/pub/restaurant owners,
– 17 shop owners.
9 of those people owned a home and none owned investment properties. 8 people gave me permission to email them a bi-weekly newsletter. 3 of them said they would like to own investment properties. One homeowner asked how his daughter could buy a condo with his help.
Today, I visited businesses in Treasure Island and St Pete Beach. I met:
-4 real estate agents,
-10 bar/pub/restaurant owners,
-12 shop owners.
13 of those people owned a home and 4 people owned investment properties. 16 people gave me permission to email them a bi-weekly newsletter. 6 of them said they would like to own investment properties.
Next week, I plan to hit Downtown St Petersburg then it’s back to San Diego for the holidays. Here is what I accomplished in 24 hours of “in-person cavassing” this month:
I met
-82 people,
-37 homeowners,
-6 investment property owners, –
13 people who want to buy an investment property.
36 people gave me permission to email them a bi-weekly newsletter and I had a ZOOM meeting with one business owner’s daughter. I am betting that, after next week, I will have permission to market to 50 people, none of whom I knew on Halloween.
It’s humbling to be “canvassing” after 27 years in this business but after the grain is in the silo, you have to plant seeds for the next harvest. Frankly, it feels good to get some fresh air and meet people.
