Networking Tips To Build Your NetworkBy JD Esajian on June 21, 2019
The best investors are constantly focused on finding the next deal. Even if they are in the middle of a big rehab project or a new rental acquisition they understand the importance of keeping their pipeline filled. This is often what separates success from mediocrity.
Many new investors understand the importance, but don’t know exactly how or where to network. The reality is that there are networking opportunities in just about everything you do in real estate. On every deal there is a buyer, seller, real estate agent, attorney and possibly a mortgage broker or lender. That is roughly five potential warm contacts you should reach out to on every transaction. There are also plenty of local investment clubs and networking meetings you should make part of your weekly routine. Networking can be tedious at times but is a must if you want to grow your business. Here are five places you can help grow your network.
- Social Media Groups: Social media is no longer something that only a handful of people are part of. It is not a stretch to say that almost everybody you know is on at least one social media site. This should be your starting point for networking. By doing a quick Facebook search of local real estate investors you will most likely find at least a half dozen groups. They may be closed initially, but a simply request can probably get you in. Once in, introduce yourself and ask if there is anyone in your specific market. If you are part of five local groups there is a good chance you will find someone that is local and shares your vision for the business. These groups are constantly sharing deals and ideas. You can meet more people with a few clicks of a mouse than anything else you can do. Utilize social media and get active in as many real estate groups as you can find.
- Investment Club Meetings: There are plenty of investment club options if you are willing to go out and find them. Most markets have monthly meetings specifically focused at local real estate investors. These clubs allow non-members to walk into any meeting for a small fee, usually under $25. These meetings offer a goldmine of networking opportunities. In every meeting there are usually plenty of local investors, wholesalers, hard money lenders, attorneys and mortgage brokers. There is usually an hour or two before the meeting that is dedicated to networking. There may be local vendors set up and an area to exchange business cards or simply talk shop. Meeting new people may not be your thing, but this is a perfect opportunity to grow your network. In just one weekly meeting you can meet three people that can change your business. After six months you will have a nice pool of local contacts you can tap into any time.
- Local Networking Clubs: Local networking clubs are not the same as monthly investment club meetings. Investment clubs are specifically focused on real estate investing and the real estate business in general. Your local networking meeting can have people from various different businesses. There may be contractors, painters, carpenters and insurance agents in attendance. These are the people on the ground level that you can share referrals with and ultimately get deals from. It is generally easier to grow your networking on the local level than anything else you do. You have the advantage of physically meeting and talking to these people every week or two. You should go the extra mile and take them out for a quick cup of coffee or even a breakfast to cement the relationship. Don’t take for granted the fact that just because you spoke at a meeting that they are going to work with you. Most business is done on the local level. Utilize every local networking group that you can find.
- Start A Meeting: If your networking is missing the mark, or you simply want to expand take the initiative and start a local meeting. Between your social media groups, local networking and personal contacts you can probably get at least a few dozen people to attend if you really tried. Talk to a local restaurant about doing something if they have an event room or even just a large open space. They will most likely want the business and offer some discount on food or take something off the bill. Your meeting can be run any way you see fit. If you are not a formal meeting person invite your group to a happy hour. Some investors have a weekly meeting they run on the golf course. Don’t be afraid to start a meeting anywhere you see fit.
- Talk To People: There are networking opportunities with literally everyone you talk to. Real estate doesn’t have to be the primary topic, but at some point, hobbies or business will come up. When it does you need to be ready with a one minute “pitch” on what you do and how you do it. You will be surprised at just how many people either want to invest or know somebody who does. You can pick up a deal a year simply by being nice and talking real estate in your inner circle.
You don’t need to change your life to build your network. Simply, get out there and make this happen. The stronger your network, the stronger your business.