Shop talk: Brokers give their two cents about CRE market

Recapping the fourth quarter and looking ahead to where the commercial real estate market is headed, the Business Journal talked to brokers who specialize in office, industrial and retail space – Buck Forcum of Grubb & Ellis | Centennial; Drew Robinson of Nashville Commercial Real Estate; Services; Ben McKnight of Horrell Co.; Monte Turner of Turner & Associates; Peggy Sells of Colliers Turley Martin Tucker; and Steve Horrell of Horrell Co. Here are some of their thoughts about commercial real estate in the Nashville area:

How To Find Motivated Sellers in the Spanish Market

One of the things I have discovered in my business as a real estate investor is that there are many ways to reach many types of motivated sellers. The main way I like to reach specific sellers in my market is by using a very targeted approach, which for me is primarily direct mail. I also discovered that there is a whole other market place outside the English speaking market with folks who have homes they need to sell for a variety of reasons. The market I am talking about is the Spanish speaking market. The obstacle was that many of these folks don’t speak any English and I don’t speak any Spanish.Many of my students had also contacted me to find out how they too could use direct mail to reach the Spanish speaking market in their areas. They are finding, as am I that these folks have homes they need to sell and no one is tapping into this market. Part of the reason for that is the difficulty caused by not speaking the language and not being able to make ourselves understood. I found the way to solve that problem.

I have recently taken all of the direct mail campaigns that I do to find motivated sellers and had them translated into Spanish. Then I send these letters to the specific market areas where I want to buy houses. I send them out English on one side and Spanish on the other. One of the things I discovered quickly was that while I was getting a lot of response from the Spanish market, I couldn’t understand any of them.

I solved this problem in two different ways. The first was to send the calls to a 24 hour recorded message I had recorded in Spanish. I used a professional interpreter to do this for me so that the grammar and the language were correct. The other way I solved this was to use a Spanish answering service to take the calls and translate the responses into English so I could read them. I then used an interpreter to put the deals together with me. They are very reasonable in their costs and easy to locate. I found mine in the yellow pages. By putting a system in place to deal with this market, we were able to do deals, make money and solve the seller’s problems.

The other thing you can do is to use a Spanish speaking realtor to help you with your deals and then pay them a fee for doing this for you. If you already have a realtor on your team performing a variety of services for you, this shouldn’t be difficult to do.

Once you get past the language barrier, there are lots of great deals to be made. I also had Spanish business cards and signs made to increase the number of motivated sellers I could locate. In my system, Marketing Magic-Spanish Upgrade, I have samples of all of my marketing pieces, both in English and in Spanish. I have basically done all the work for you so all you have to do is get busy and find some houses to purchase.

Check out this and other products at Marketingmagiclady.com