Time may be money, but in the world of a real estate investor, the time spent networking could be priceless. You’ll meet others with similar experiences and the drive you have to make the most of your money and the effort you put into it.
You may also find complements to your own real estate business, whether you’re looking for an investing partner, trusted contractors, or top-notch property managers. Going to networking events may fill you with dread, or you might look at them as your next adventure.
Regardless, these real estate networking tips for investors might help you find like-minded others and make the most of your ventures in the world of real estate.
Real Estate Networking Tips for Investors
Consider getting a real estate license. Although you don’t need it to buy, hold, or manage properties, it will give you an inroad into networking and provide other benefits besides. You’ll have an inside loop to newsletters, have access to the multiple listing service (MLS) and have the credentials that will open more doors.
Most states have a minimum number of class hours you need and you’ll have to pass a state-administered test. Once you receive your license, you might need to find a designated broker if you want to engage in real estate sales yourself. Once you start networking, you may be able to participate as a third party, or earn finder fees.
Networking Tips for Online
The website, BiggerPockets.com, has a large network of members who engage in investments of all kinds and they’re well represented within the real estate community. Once you join, you can pick the groups and forums that interest you, whether they’re local or national.
Singling out local groups gives you a chance to meet others from your town. Such contacts could be highly valuable for learning more about your market, give you an objective opinion about properties you’re considering, or put you on the inside track for new acquisitions.
Meetup.com is a trusted resource for scheduling and finding meetings by category. Joining is free and fast and gives you access to the group calendars that interest you.
And, of course, don't forget social media sites such as LinkedIn and Facebook. People make valuable connections for business on these sites all the time. Find a couple of groups you'd like to participate in and spend some time offering value and engaging the conversation before you reach out to people with any business propositions. Many of the tips below for networking in person apply to social media as well.
Want more tips and advice like this? Find JWB on Facebook!
Networking Tips for In Person
- Practice your pitch. Practically every great movie or book starts with a one-sentence pitch to an agent that encapsulates what it’s about. Put together a concise statement about why you’re in real estate and what your focus is.
- Bring along business cards to meetings and events. Rather than handing them out to everyone you talk to, pass them onto people with whom you’d like to learn more about.
- Learn to be a good listener. People want to be heard and are more likely to remember you if you spent time listening rather than talking. If the conversation strikes a chord, follow up later via email or a phone call.
- Study the local issues. Unless you’re someone for whom small talk with strangers comes easily, choose a few local issues that affect real estate investment to use as conversation starters.
- Watch the language (body language, that is). You have no control over anyone else’s, but it’s helpful to learn how to signal to others via your facial expressions and body position that you’re interested and receptive to what they’re saying. Learn at your own pace from books and websites.
- Avoid follow-up spanning through email or phone calls. When you do write emails, keep the content focused on them and avoid using “I” as much as possible.
JWB has over 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.