The most important thing you can do to quickly grow your real estate business is network. Networking has a bigger impact than education, marketing and anything else you do for your business. Not only is networking a short cut to success but it also help build long term relationships. These relationships are the key to your business. Networking is one of those areas that investors know they should focus on but rarely do enough. By making networking a priority you will not only gain more contacts but also gain more deals. The deals you do get will have a much greater chance of making it to the closing table. Regardless of where you are in your business you need to constantly focus on real estate networking. Here are a few of the impacts of networking as well as some of the best ways to get started.
Benefits of Networking
- Team Building/Contacts. Investing in real estate takes a team of people to be successful. Even though you are in business for yourself you can’t do it all alone. One of the first benefits of networking is the number of contacts you gain. Every person you meet in the business most likely has a handful of personal contacts. When you meet one person you could gain access to everyone they know. Getting to this point takes time but is certainly a possibility. The quicker you can call a contractor or realtor if you have a question the stronger your business is.
- Deals. With an increased number of contacts your access to deals increases. The real estate business is a numbers game. You may have to sift through twenty deals just to find one you like. With increased contacts you have several people that could potentially bring you deals. You never know what investor you meet has an overflow of properties they want to get rid of. An attorney you become friendly with may know an investor looking to partner up on future deals. The greater the number of contacts the more deals that could come your way.
- Education. Everyone in the real estate world has their own path. You can spend hours online gathering education but nothing replaces real world experience. There is truly something to be gained by listening to everyone you talk to. By listening to the people in your network you will gain your own unique perspective. You may pick up a way to invest that you never previously thought of. You may avoid a certain market that you learned is having trouble. By simply exposing yourself to as many contacts as possible you will gather invaluable education.
Where to Network
- Local Networking Meetings. Successful real estate investors often do things they don’t want to do. One of those things is attending local networking meetings. For just an hour or two a week you are exposed to numerous contacts in your industry. Even if your last four meetings seemed like a waste of time you never know who noticed you. One of the secret powers of networking success is consistency. Showing up at one or two meetings will not yield immediate results. It is when you show up every week for months that you may start seeing people reach out to you. Local meetings have people who are in your local market looking for others to connect with. It may not be your ideal way to spend a Tuesday morning but it could have a big impact on your business.
- Investment Clubs. If you are looking for the best place to network start with local real estate investment clubs. In almost every state you will find a real estate investment club. As the name indicates these are groups of people who have an interesting in real estate investing. Attorneys, mortgage brokers, hard money lenders and fellow investors are all represented. Not only will you take something from the education at these meetings but you will meet tons of different people. These people can range from 20 years’ experience to just starting out. Investment club meetings are the perfect place to find a new contact or to enhance an existing relationship.
- Everyday Travels. There are many networking opportunities in your everyday travels. Everyone you talk to is a potential networking partner. People like to work with people they are comfortable with. Almost everyone you come in contact with should know you are involved in real estate. You don’t necessarily need to come right out and say it but they should know. These could be the parents on your children’s sports teams, friends, family and co-workers. You can grab a business card from the wall the next time you are at the car wash or picking up a pizza. You could spend two minutes putting a post on social media. There are several little things you can do every day that will put you on someone’s radar. Once you have their attention you can set up a meeting and work on becoming a contact.
There is no excuse not to take a few minutes and network every day. If you put the time in it will eventually pay off in the form of real estate leads. These results are often immediate and will have a lasting impact. If you hold up your end of the bargain on a deal you can bet people will want to work with you again.
Do you have any networking tips? Share your advice below: