Real estate investing masterminds can be a powerful accelerator in your business. While they vary in price and benefits, there are commonalities between them all. A typical real estate mastermind is geared for active investors and meets multiple times a year. During these meetings, networking is done over hallway conversations, dinners, breaks, etc. There may also be presentations that include sharing struggles and new strategies so that the group can grow together. Outside of these meetings, members often meet up individually or chat online to continue their growth.
I’ve heard so many stories about how a mastermind helped double or triple someone’s business, purely from an idea they got from the group or an opportunity that was opened up through the group. Before founding my own real estate mastermind, I was part of another group for years, and not only did it help me fine tune my own business, but I also formed long-lasting business connections that are still in place today. Here are some of the most common ways I’ve seen masterminds benefit real estate investors.
1. More Deal Flow
Increased deal flow presents itself typically in a few different ways. From networking with other members, you’re finding out ways you can potentially partner with each other. Many times, if a member gets a lead that isn’t in their market, they’ll pass it along to another member who it would work better for.
2. Keep Up With Latest Strategies
By discussing the latest strategies that are currently working, the group as a whole has an edge on competitors. In this industry, lead generation strategies are changing constantly, and new apps and tools are evolving our old-school ways with more automated systems. By knowing what’s working now across the nation, the group is able to adapt quickly and stay ahead of the game.
3. A Sounding Board
We know it’s never good to compare your business to another, but let’s face it: Sometimes you need to see where your weaknesses are so that you can become a stronger investor and business. Meetings encourage you to be vulnerable so the group can quickly analyze your business and where you can improve. While not the most comfortable idea, it’s heavily impactful. In addition, if you have a question about a new strategy or business idea, you have a group of like-minded investors with giving mindsets who can help you at any time of the day.
Real estate investing can be a lonely business. Sure, we talk to vendors and sellers, but they’re transactional relationships; you typically aren’t learning about the newest strategies, and your growth isn’t being optimized. You’ve probably heard the idea of your network is your net worth, and it’s true. The more you network with like-minded investors, the better your chances are for growth. Without it, you’re missing out on deals. Through networking, you can find alternative strategies to close deals, get advice on how to optimize a deal that might not be in your buying parameters and partner on deals that you never had the chance to before.
So, let’s talk about finding the right mastermind for you. Here are a few important questions to ask about any mastermind you’re looking at joining.
What criteria are required for me to join?
Some masterminds require a minimum number of deals per year in order for you to qualify. This is important so that you’re in a group with like-minded investors who are at your level or even higher so that you can learn from those who have been in your shoes. Some masterminds limit how many members they have per market so that you aren’t sharing your secrets with all of your direct competition. There’s also usually a cost involved. This can vary drastically, and it needs to be in your budget comfortably for it to work.
What is expected of me once I join?
The more active you are in the mastermind, the more you will benefit, and the more other members will benefit. While meetings usually aren’t mandatory to attend, it’s highly recommended that you attend as many networking events as possible. You want to have a giving mindset as well. No one wants a member to only attend to take information and never give back.
How do I know which mastermind group is the right fit?
Some masterminds let you attend on a trial basis so that you can meet the group and see if it’s a fit for you and your business. You want to make sure you aren’t the most experienced investor in the group, and you don’t want to be the tiniest fish either. By being in the middle, you can both help other members and also receive valuable information from more experienced investors. Also see how many times the groups meet, if those dates work for you and if you feel comfortable with the mastermind layout, its culture and its members. Your first meeting is a great time to tell if you fit the mastermind and if the mastermind fits you.
Mastermind groups are for the investors who are ready to up their game and scale their businesses. Each mastermind is different, so it’s key to find the one that fits your business needs the most.
This blog was previously published on Forbes.