The Importance of Networking for Real Estate Investor
Networking for Real Estate Investor: Networking is an important skill in any business if the goal is a profitable business. The same holds true for real estate investing, at least on behalf of those who are serious about pursuing real estate investing as a business rather than a part-time hobby. Either way, in all honesty, the ability to network for potential business partners, investors, and join ventures along the way can be critical to providing the type of diversity your real estate portfolio needs in order to be solid in a market that is nothing short of volatile.
With the recent collapse of the subprime lending market, networking has become more essential than ever before for real estate investors. Networking can not only lead you to potential properties that might prove profitable but also to people who need your specific specialty or maybe looking for a property you have access to. Even if you share your profits, as long as you are also sharing the workload, you can find a very favorable working environment when you join someone else in a venture such as wholesaling properties, offering lease options, or even working together on a quick flip situation (though caution and clearly defined parameters are best in any of these situations it is critical when flipping a property).
Whenever you have the opportunity to network with other real estate investors it is in your best interest to do so. Don’t limit yourself to only networking with those who engage in the same sort of investing you are most comfortable with as diversity is important to all real estate portfolios and you never know when an ideal flip will come across your desk that you can pass along, while making a bit of a profit from the transaction of course (to a flipper) or a perfect buy and hold unit will catch the eye of someone who generally purchases properties with the intent of flipping. Contacts work both ways and you can all stand to profit from the eyes and ears of others, whether as a joint venture, equity sharing project, or simply acting as business partners on specific projects for quicker results and an extra set of hands and eyes on the job.
If you aren’t a part of a real estate investor networking group in your area, take the time to find them and join. The contacts you will make are invaluable if you intend to make real estate investing your primary business now or hope to make it your primary source of income in the future. Join as many groups as possible today (locally and within a reasonable driving distance) and see what a difference they make in the volume and scope of your real estate investing business.
Real Estate Investor Training-Choosing a Coach and Mentor
Have you noticed that the sports teams and individuals that have the best winning records are the ones with the best coaches? If a professional team does not have a winning record who do they replace first? Of course it’s the Coach! Real estate investing is a business where just one mistake can cost you many thousands of dollars and for that reason alone the most important member of your investment team is your coach and mentor.
Another thing your coach will bring to the table that is essential is the element of accountability. In order to become really successful in Real estate investing it is imperative that your form successful habits quickly. Legendary football coach Vince Lombardi said “Winning is a habit. Unfortunately so is losing.” A good coach will help you put together a business plan and give you a track of things to do to help insure your success. But you can only become successful if you stay on that right track and make doing the right things a habit. A good coach will hold you feet to the fire so to speak. Nothing can keep you moving like a good coach and mentor! He or she will help you through the rough times, answer questions and through encouragement, support, and motivation, help you keep your focus.
Here are some things that you should consider when choosing a coach and mentor.
He or she should be…
“The real thing-someone who really invests in real estate and not someone trained to help you learn to invest “A successful investor with many verifiable properties “Local-Local is better–because you can get face to face time, training & answers
And they should
“Have time to spend with just you “Have been a real estate investor for years “Have the respect of their peers in the real estate industry “Be sincerely interested in your success “Be someone you can trust and with whom you have a good rapport
Also, the price for their coaching/mentoring program should be reasonable and they should have a good guarantee for their program. While searching for the right coach you need to be aware that you may encounter a number of unscrupulous programs. Some of these will offer you the moon and stars and they will gladly take your money. After a short time you will find that all you got was the moon and stars but not much here on earth. Some things you should avoid when searching for a coach and mentor include… Programs that say “You can quit your job and increase your monthly income! “You don’t need any of your own money to get started! “Purchase many properties even if you have bad credit! “Own a million dollars in real estate in less than a year! “Start earning $22,000.00 per month immediately!
Don’t be fooled by promises that sound to good to be true. Before you start writing a check for any of your hard earned money-get the phone numbers and e-mail addresses of five or six of the people who are experiencing these great successes. Then make some calls to those people to get the true picture. Don’t get caught up in the mystique of the expert from afar. Remember local is better.
So how do you find a good honest coach and mentor? Look for the investors in your area that are having success. Use search engines to find successful investor’s REAL ESTATE websites. Visit Real Estate investment clubs and ask for references. If you cannot find local talent carefully check out programs offered in near by communities and surrounding states.
Choosing the right coach and mentor can make the difference in success or failure real estate investing business. Take the time and make the effort to find one that will put you on the fast track to reaching your goals.
How Can We Benefit From Networking?
- Strength business connections. Networking is about sharing, not taking.
- Get fresh ideas.
- Advance your career.
- Get access to job opportunities.
- Interconnected business contacts = more knowledge.
- Get career advice and support.
- Build confidence.
- Gain a different perspective.
How Do You Build A Real Estate Network?
- Surround yourself with a great team. Having a team that is comprised of competent and trustworthy people is critical to the success of any real estate business.
- Create a professional website and blog.
- Social media.
- Attend conferences and industry events.
- Engage in your local community.
How Do I Succeed In Real Estate Business?
- Partner with other agents.
- Use a publicist.
- Pitch stories to reporters.
- Tap vendors and investors for leads.
- Host lots of open houses.
- Don’t turn down any deals.
- Maintain connections with past clients and referral sources.
- Hire a real estate coach.