“Passive Income” is a term that most people use to describe Real Estate. However, every real estate investor knows that while properties can produce cash flow, building a portfolio requires hard work. Most of that hard work is involved leveraging the right people: agents, contractors, bankers, and other investors. To build a network of reliable people, investors must put in the effort to make these connections.
Why Real Estate Networking is Important
Expanding one’s circle of contacts can put new opportunities on an investors radar screen, which might have otherwise been missed. Investors never know when someone they meet at a seminar will reach out with some information about a good deal. The wider the net an investor casts, the more fish they will catch!
When a person invests in real estate, they are often faced with issues that require expert assistance. They might need a good contractor because their primary contractor is already busy, or a good tax advisor who understands the ins and outs of real estate taxes. Real Estate Investors could find themselves needing a real estate agent who is familiar with a specific area to help them expand into a lucrative neighborhood. Whatever the case may be, having an established network will help Real Estate Investors connect with the right people when they need them most.
As every entrepreneur knows, you never want to have all your eggs in one basket. Creating an extensive network will help savvy investors tap into other areas outside of real estate in their quest to generate wealth. Having a large network can set investors up for the possibility of finding other types of investments, such as startups, retail operations, and stocks. Investors might have read about all these different avenues of cash flow, but it is not always about what someone knows. Allot of the time, it is about who someone knows.
Attend Industry Events
Industry events, seminars, and get-togethers are a great place to network with buyers and sellers—and many other types of real estate professionals. For starters, people in the real estate industry will congregate at these events, giving investors an opportunity to network face-to-face, which is the best and most impactful form of networking. Investors also have the chance to meet high-powered investors and successful real estate agents. Continuing education is also available at these events through classes, keynote speakers, and workshops. Some of these classes will help investors get a better grasp of important topics like real estate negotiation and real estate marketing.
These events can provide a social outlet, which is a great way to strengthen the connections investors make with people in their network as they get to know them. People tend to go out of their way for people they know and like. To that end, networking groups and events can be a great way to deepen the relationships in their growing real estate investment network. Check out information on our next Real Estate Investor networking opportunity: The Real Estate Investors Summit.
Learn How to Network Well
Networking takes effort, but it also requires skill. Anyone can post on Facebook, but people who develop their networking skills will find that they build the most meaningful, impactful connections. The art of networking successfully involves many components, such as social manners and tact, body language, and how to express oneself.
Real Estate Investors may want to pick up some tried-and-true literature on the subject, such as How to Win Friends and Influence People by Dale Carnegie (it has been a cornerstone of sales and marketing for almost a century). Somewhat ironically, investors can even reach into your network to ask how to network well. Investors can ask socially successful people in their network for tips. They may be surprised to learn that many of them focus on diet, exercise, and mental health—especially around the areas of confidence and anxiety—to improve their game.
Real Estate Networking
Building a real estate portfolio is easiest to achieve when investors have a network of people to help them. Investing in real estate is not just about investing money; it is also about investing time. Networking is one of the most important skills a real estate investor needs to be successful.
Whether an investor is renting properties or flipping houses, it’s important to reach out to dependable contractors, bankers, agents, property owners, and other investors in order to grow and maintain their portfolio. Without a good-quality network, investors will find that real estate investing is full of challenges that are difficult to overcome alone. But with an extensive, ever-increasing network at their back, they will be ready to take on the world—one deal at a time.