5 Quick Ways You Can Expand Your Real Estate Investing Relationships
In business, relationships are the cornerstone to success. In the real estate investing business, this is even more important. We rely on our network to gain clients, and we also rely on our network to get our work done. Finding like-minded people who respect people and operate with integrity is the only way to build a powerful network. I have been in this business for years, and I still take time to develop my network each day.
The first thing when it comes to building your network is to determine who you need. For me, a variety of people and businesses keep my company humming:
- Title Companies
- Mortgage Brokers
- Other investors
Now that we know who we are looking for let’s dig into how we find them. In my experience, these five things keep my network growing and my business profitable.
As the world starts opening again post-pandemic, travel should be on your list of things to do. Researching new markets in person is a great way to expand your business and your network. A little networking while traveling can often more than pay for your trip. Set up a few meetings with real estate investors, mortgage brokers, real estate agents, etc., on your next vacation. Not only will you be building your network, but you can also make your trip costs tax deductible (talk to your accountant to make sure you take advantage of all the tax breaks).
Become a Connector
Introducing like-minded people to each other is often overlooked when it comes to expanding your network. The first question I ask myself when meeting someone is, how can I help them? Usually, helping them means pointing them in the right direction for introductions. When you start creating valuable relationships for your colleagues and peers, something really cool happens; people begin to see you as an expert in the industry, and often they will begin introducing you to their network as well.
Be More Social
We are in the people business. The more you are out in the world with people, the more opportunities you have to make new connections. Building your network should always be in the back of your mind. Bring a stack of business cards with you wherever you go, and don’t be shy about striking up conversations. Even if the conversation doesn’t lead to a business contact, you can find valuable information about your community and market by chatting with the people who live and work there.
If you are like me, you have been doing this for a while. I have already made every mistake! Take some newbies under your wing, share your knowledge, and provide tips for people you know might be new to the business. There are various ways you can do this, speaking engagements, mentoring, writing articles or blogs, sharing on social media, or teaching classes. Again, this positions you as an expert and expands your visibility to new people.
I have resisted social media for years. I thought it was a waste of time, not to mention time-consuming. I am officially a convert. With the limitations put on my face-to-face interactions this past year, I turned to social media, and I was pleasantly surprised. Right now, I am focusing primarily on LinkedIn and Facebook. I use LinkedIn for general business presence and personal connections. We use Facebook for branding as well as their advertising platform. It is truly the best “bang for your buck” when it comes to digital ads. It is also an excellent place for my company to tell our story and post about our business in general. The big surprise for me, however, is the value of joining Facebook Groups that focus on our business. I can’t tell you the number of connections I have made as well as several deals I made directly through Facebook and Facebook Groups.
In short, spending time on your network is like going to the gym: investing a bit of time each day will pay off over the long term. And just like when you stop working out, if you stop investing your time, the difference may not be noticeable at first, but it will impact the health of your business.
If you or someone you know is looking for hard money lending options, contact me by clicking here or calling 248-385-3750.