Networking is a big part of being a successful real estate investor. This goes for those who have done hundreds of deals and those looking to land their first deal. Without networking, you’re missing out on opportunities and in turn, losing out on potential deals.
This is especially important for rehab projects.
Because you’re going to have equipment, workers, trash, and noise coming from the property and neighbors are nosy.
By meeting the neighbors, you can let them know your plans for improving the property and in turn, potentially increasing their property values. Give them your contact information and build a relationship with them.
This will help you mainly in 3 ways.
1. If they are going to complain to someone regarding the rehab, they’ll most likely go to YOU instead of the city. This saves you headache and allows for the problem to be taken care of quickly and quietly.
2. If they see anything suspicious going on, like someone rummaging through the property at odd hours, they’ll be able to let you know. You aren’t on the property all the time and having an extra set of eyes on the property can’t hurt.
3. Occasionally, they’ll know someone who is also wanting to sell their property and you might luck out with another deal!
It only takes a few minutes and can make such a difference in how smooth a rehab can go.
Most of the time, neighbors are both curious and protective of their neighborhood so letting them know you’re there to help the neighborhood is what they need to hear.
If you are buying and holding the property AND plan to handle the property management yourself, you can also let the neighbors know how to reach you if ever needed. Again, it’s an extra set of eyes on the property.
For a wholesale deal, it’s still a good idea to reach out to the neighbors, even if you won’t own the property for too long. They might be able to provide some insight about the property or neighborhood in general and you never know, they might know of another property that needs to be purchased!
Talking to the neighbors has various benefits and it doesn’t take much effort at all. Build this into your templated routine when visiting one of your properties and if it gets you an extra deal a year, it will have been well worth your time! If it doesn’t net you an extra deal, it most likely made your deals go smoother so it’s still a win-win.