Whether you are a professional real estate investor with years of experience or a novice, building and working your network should be a high priority item on your to-do list. Why? Because as you build contacts, you will also build your business, and as your business grows, so will your net worth.
Why Networking Matters
There are many benefits to creating a network as a real estate investor. Let’s examine a few of them:
- Education – Those you network with can provide you with new information and help you gain valuable skills
- Providers – As an investor, you will always find yourself in need of some kind of service provider from lenders to contractors to inspectors. As you network, you will learn of providers recommended by other investors.
- Mentors – A good mentor is an invaluable resource, and mentors are typically discovered while networking.
- Contacts – Networking exposes you to those buying and selling properties, giving you more access to investment deals and potential buyers as you exit a property.
By building a strong real estate investing network, you will ultimately be able to do more deals and ultimately make more profit.
Here are a few ways to build a stronger network.
Look Where You Live
Believe it or not, you are likely to find some of your best contacts by talking to those you already know. Consider having personal events in your own home to learn more about neighbors, friends, co-workers, and those who work in your community.
These events could include:
- Holiday gathering
- Super Bowl party (or another sporting event)
- Block party
Expand Your Horizons
Of course, you will eventually have to move beyond those you already know. That is why you need to talk about what you do with everyone you meet. Be sure to always have your business cards with you so that you can pass them out to anyone who appears to be interested.
Remember, however, that not all deals will happen in your backyard. Consider researching new market areas and then visit in person. As you do so, you can expand your network of individuals to those beyond your normal investing boundaries. An easy way is to Google real estate investors, lenders, lawyers, title companies, agents, and other REI team members.
Professional Networking and Educational Events
In most areas, you will be able to find networking events for real estate investors. These events include such things as:
- Lunch and learns
- Happy hours
- Trade shows
- Open houses
Since these events are geared for those in real estate investing, you can easily meet many contacts that could prove useful as you go along your investing journey.
Real Estate Investing Clubs
Real estate investing clubs can be in-person or online. Most clubs have regular meeting times, featured guests, and a time for networking.
Where can you find these clubs? Search:
- “Real estate investing club + YOUR CITY”. Be sure to put these in quotes.
- com for REI clubs – also consider joining other meetup groups where your target contacts might hang out
- Social media such as Facebook or LinkedIn
If you already attend local networking events and are a member of local REI groups, it is time to think outside the box.
- Host a Class: Host a class on something you feel confident about that will draw in those connected to the real estate field. Even if you are new to REI, you may have skills that someone in REI would like to have, such as time management, using a particular app, or small business skills. Be sure to give it a name that encourages investors to participate, such as Time Management Skills for the Busy Real Estate Investor.
- Host a Charity Event: This is a great way to meet people with similar concerns while helping in your community.
- Sponsor an Event: If being in the limelight is not for you, consider sponsoring someone else’s class or event. As part of the payment, ask for a copy of their participation list and be sure to be there on the day of the event for a meet and greet.
The biggest key for building a strong network is learning to communicate and keeping in mind that listening is as much a part of communication as speaking. Forging real relationships with your network will help you be successful. To get more tips on building your network and your net worth, contact Real Estate Knowledge Institute (REKI).