Real estate investing can be a lonely business if you don’t have a network of other real estate investors and industry-related relationships.
You can easily fall into the routine of talking with leads, going through the process of getting a deal closed and repeating the process. Sure, you talk with the seller, the title company, and other vendors, but it’s easy to go through the motions without building solid relationships with key people in your market.
In this business, you should always be building rapport because you never know how it will help you out in the future.
That seller who wasn’t ready to sell last week? They might be ready in a few months and if you’ve built rapport with them, you might be first on the list for them to reach out to.
Those investors you spoke to at last month’s REI meeting? They might have a deal that fits your criteria next week.
The roofer you used on your first rehab? He could make a deal with you to do all of your rehabs for rock bottom prices.
You need to always be networking. Have business cards with you and when it makes sense, take the extra time to learn more about them and let them know a bit about what you do, or what you’re looking for.
With real estate investing, it’s not uncommon for other investors to become private lenders for each other. They also partner or JV on deals together.
Before this can be done though, investors need to know who you are, and how you do business.
The more genuine connections you make, the more opportunities you’ll have.
If you’re a newer investor, start attending REIA meetings in your market and make a goal to make 3-5 connections with other investors and even potential vendors. Start that line of communication and be a listener!
Once you leave the meeting, don’t toss the business cards you get from the night! Instead, send them a short email letting them know you enjoyed talking to them and hope you might be able to do business together in the near future.
It’s a simple gesture that will make you stand out from the others.
You never know where your next deal is going to come from.
One connection you made might help you close 10 extra deals this year.
You never know.
Build strong and trusting relationships with those around you and your network could end up helping you 10x your business down the road.