Pitching To Joint Venture Property Partners - 5 Top Tips
Last updated 1st September 2019 • JaeVee Marketing • JaeVee
So, we’ve let you know why you should invest with a joint venture, so now it’s only fair of us to tell you how to create a great pitch to get joint venture property partners on board. This guide will tell you everything you need to know to seal the deal.
Read on to get yourself informed!
1. Keep it simple
Make sure you nail down your most important points and don’t include any ‘fluffy’ extras that will only waste your investor’s time.
If you can’t tie it back to your core purpose, top aims and the value you can bring, then you can keep it out.
Keep your wording conversational and to the point - nothing too flowery or philosophical.
2. Keep your cards close to your chest
You might well need ‘loads of cash quick’, but if you mention that, you’ll most likely either get binned or enter a manipulative partnership.
Instead you should talk about the main opportunities they’ll offer you - and find out their ‘pain point’ to discover what you can offer them in return.
Perhaps they’re an established property developer with a proven track record, but have found it hard to adapt to technical innovations, or appeal to a broader, younger market.
Talk about opportunities and industry knowledge to get rid of any scent of desperation, and make your potential partner see you as an equal.
This is also why you need to know your own profit margin - but not use it as leverage.
Most companies won’t be as pleased as you’d think to take a share of the profits - as it’s quite easy to bury profits in expenses.
They want to get the returns from a great, highly profitable development - not pay for the office computer updates.
Instead, most companies will prefer the offer of a percentage of your sales.
3. Pitch yourself properly
Always use concrete examples in your pitch.
Joint venture property partners will want to have proof that it’s not just talk.
Refer back to your current sales, website traffic, real costs and price points for the solid data that will help get them on board.
But also have great examples that provide tangible cases of trust and brand satisfaction too.
Include testimonials from your first happy customers or beta customers, business allies or start up investors.
Going to your joint venture property partners without this information will set you up to fail.
However, if you can describe your company’s performance, values, brand identity and how your development plans will solve industry problems - and your joint venture property partner’s problems too - you’re well on your way to a powerful property partnership.
4. Have an ‘elevator pitch’
Nowadays, a good property developer can’t avoid networking.
However you prefer to do it, you should have a simple ‘elevator pitch’.
Make sure you talk to joint venture property partners as people first - pushy sales are guaranteed to put you in their bad books.
Talk about their day, your industry or the event itself before you dive straight into your pitch.
Make sure you identify things that you can do for them - maybe set up the conversation by introducing them to a contact that they haven’t met, tell them why you’re interested in them - be genuine about it - and have a close up chat about what you’d like to help their business with.
Invite them for a Skype conversation or a coffee - don’t try and force them into a decision on the spot.
5. Attitude is everything
At the end of the day, no one wants to work with someone they don’t like.
So make every effort to come across as likeable and genuine.
Show some passion and enthusiasm - not just for your potential joint venture partnership, but for your company and property in general.
Be open to suggestions - don’t assume your way is the best or only way.
You’ll never secure joint venture property partners if you’re not prepared to compromise and collaborate.
If this blog has inspired you to take action with a joint venture partnership pitch of your own, contact our friendly advisors to discuss in more detail.