Originally Posted by John Dessauer on December 21, 2015
Real estate investors should never underestimate the awesome power of networking. Nowhere else can a business person gather so much valuable information, make contact with trustworthy professionals, or find lucrative property leads for potential investments. Used correctly, networking is a powerful tool that is absolutely necessary to the future success of the property investor.
“If you want to go fast, go alone. If you want to go far, go with others.” — African Proverb. One of the best things we have done to help you as a real estate investor and entrepreneur is to build a networking site. Networking is the direct link to success. Networking is literally a way to get whatever you want in business!
It’s not only who you know that is powerful, it’s who knows you. Some of the best deals I have ever done have come from people that have brought them to me. Make sure you have a marketing or networking component that is consistently in your schedule. That means making ongoing time segments for meetings, community events, and introducing your self to people and companies that do not currently know you.
When searching for unwanted or distressed properties to buy, put the word out to all friends, family, colleagues and acquaintances, especially if you are new to property investing. Take the time to talk with every person you meet, no matter how trivial a role they play in your life. Even the friendly receptionist at the doctor’s office could offer a potential lead on a property the owners are desperate to sell. Perhaps her brother and sister-in-law are involved in a not so amicable divorce and they need to sell their home quickly. The savvy investor is always on the alert for possibilities and they don’t discount any person or situation.
Networking can not only offer a goldmine of leads when it comes to property investing, it can assist the investor in many other ways as well. For example, the problem of finding financing for real estate investing can be solved in this manner. Seek word-of-mouth referrals from other investors regarding what financial institutions and loan officers they recommend. Keep putting out feelers until a money lender is found.
Also, I have all of the people that are in my ELITE Membership program and higher participate in putting together their 60 second elevator speech and one-page. The elevator speech is one of the most powerful things you can do in planting the seeds in looking for deals, money or partnerships. The one-page, is a document that explains either a specific or typical property or scenario. It has the what, where, why, and hows of what your doing.
After the investment property has been purchased, networking will continue to help the investor in locating reliable workers for the tasks of renovating and property maintenance. It’s a good idea to hire contractors and landscape companies based upon solid recommendations from friends and business associates. When it comes to renting or reselling the investment property, talk with as many people as possible to find which attorneys, inspectors, loan officers, or rental agents are trusted members of the community.
The property investor should also strive to be a trusted member of the community networking chain. Always treat others in a fair and just manner, for the sake of a good reputation and future success if nothing else. People naturally want to do business with professionals they can trust. When they find such an individual they return with repeat business, and so do their friends and family. Building trust as a professional of integrity will bring individual success and respect, and becoming a strong link in the networking chain is very important to attract future business.
After the initial contact with a referral is made, it’s vitally important to keep in touch with that person. It’s a good idea to keep a permanent record or database of all professionals, their contact information, and any other additional data that may be relevant to the nature of the business. Don’t just rely on memory, keep good and thorough records for accurate future reference. Also, don’t stop collecting those important referrals. People can always switch jobs, move away, or retire from their profession. Keep refreshing your database with new names and contact information, just in case.
“Remember, wealth has nothing to do with money, failure has everything to do with success, and life is a simple as you want to make it.” – John Dessauer