Wouldn’t it be great if you could attract people like a magnet and form alliances that last? In this episode of the Self-Storage Podcast, we are discussing building strategic alliances and partnerships in real estate with our guest D.J. Moultrie. D.J. is the founder and managing partner of the Black Equity Network, with a focus on building strategic partnerships and alliances around the world.
As the founder of the Acquisitions Network, D.J is a connector in various areas of acquisition and joint ventures. He also hosts two podcasts: How to Acquire Podcast and the Black Equity Podcast. He has volunteered in community leadership roles in Charlotte, North Carolina.
D.J. has observed that there is a racial wealth gap, which was highlighted when he started studying and talking to black entrepreneurs and investors. He aims to reduce this gap through his podcasts and help people get access to resources and build generational wealth. With his excellent conversational skills, D.J. has helped many connect with the right people for the growth of their businesses. He talks about creating value and building alliances in real estate in this episode.
Why Are Partnerships Beneficial in the Commercial Real Estate Industry?
For us to grow in harmony and form lasting alliances, research is important. D.J. Moultrie introduces the guests on his podcasts to people who may benefit from their skills. For example, an investor in hotels and a women-led hotel acquisition firm could best support each other’s skill sets. The firm, Epiq Collective, is a real estate investment fund that focuses on hotel, multifamily, and development projects.
The power of networking can be leveraged to assist your search for an alliance partner in the real estate industry. A strategic partnership can help in business and marketing, as well. When the partners involved understand business, partnership, strategy, and collaboration, both can derive immense benefits.
How to Identify Potential Partners for a Real Estate Partnership
Paying attention can help you understand how to find others who can engage in a mutually successful venture with you. You can utilize the digital space to find a prospective partner for a strategic alliance.
Facebook and LinkedIn groups can be of service to connect you with like-minded people – exactly what you need! Commercial real estate groups on these networking platforms can familiarize you with potential partners and share opportunities in self-storage investing, for example.
Like the movie Inception, a simple search in groups within groups can bring forth a strategic partner, agents, or a new deal for your company. If you are looking for improved brokerage costs, having contact with the people in these groups could help you there, too!
For instance, you could be acquainted with a membership website that may be perfect for your real estate enterprise. If you have self-storage facilities, you could be presented with other professionals who want to learn from you and who in exchange could revamp marketing materials for your business, for instance.
Does a Strategic Alliance Create Value?
As the pandemic has challenged all of our daily lives, it has become even more vital to collaborate and form partnerships. D.J. believes that a partnership is built on knowing that there could be downturns and that partners can sail through them together. In most cases, this most recent downturn could scare many away from investing, but others see an advantage and invest in commercial real estate properties.
To deepen your bond with real estate partners, it is important to be a part of what they are doing. This also implies that you need to be multifaceted in your approach and find partners and customers in various industries and companies.
When talking about a silent partnership, D.J. mentions the startup Health in Her Hue. Designed to improve health education and elevate available services for black women, the startup was recently featured on Good Morning America.
What Are the Steps in Alliance Building?
D.J. believes that networking goes best when we are not discussing business at first. Talking about common-ground subjects can bolster a partnership. This can be anything – from a sport you and a potential partner like to art, hobbies, etc.
In Japanese culture, business meetings are conducted differently. They eat, drink, and talk about themselves and their families, keeping business discussions with the clients for the end. Negotiations and working details are peripheral until investors know their clients and partners well. If you think that a business relationship mirrors getting married in some ways, you wouldn’t be wrong!
Does Racism Affect Investments in Real Estate?
Many people continue to be afraid of talking about race. It is not racism that causes this fear but the lack of knowledge and the shame attached to the issue. The racial wealth gap is continually noticed in credit, financial markets, jobs, commercial real estate, and the pay scale.
We tend to gravitate toward people we are familiar with. Not being able to understand others can cause us to avoid communicating with them. In the field of real estate, this translates into having difficulties in raising capital, attracting resources, and building partnerships and strategies.
To make a change, we must shed light on the issue and have difficult conversations. The atrocities in recent times have made it imperative to discuss and address this unfortunate inequality, especially in the real estate business.
How to Develop Successful Partnerships
To develop a successful partnership, both you and your partner must trust and care for each other. While client acquisition could cost a lot of money, networking and talking to people can alleviate this. You can discover a new idea, interested clients, or valuable investors in a market you have not tapped before. Consequently, you can create a partnership and work on a great idea with a partner (or partners)!
You must move toward a real estate partnership with an awareness of the humanity of others, knowing that everybody has the right to pursue a life of happiness, no matter what gender or color they may be. Each one of us deserves the ability to acquire generational wealth and pass down a legacy to our children.
Let’s say you have put a lot of time into finding the right clients and real estate partners to talk to; now it’s time to take it up a notch. D.J.’s podcasts will give you much-needed advice on acquisition and equity and his services can further help you launch and learn about franchise ownership.
And for more advice on how to ensure your self-storage business is a success, check out our FREE Blueprint that will provide you with all the information you need!