What does networking have to do with real estate investing?
Networking is an essential component of the real estate investing business. That is no surprise to anyone who has ever run their own business, yet networking has some mystique surrounding it. Whether that is about real estate investors who are lone ranger types or those who hand out business cards without engaging others, networking is an art and a science.
Surround yourself with like-minded investors. Being able to share your views and advice with each other is a great way to support each other and helps you focus on what it is you want to achieve. This makes perfect sense considering people do business with those they like and trust. Often unexpected opportunities arise directly from networking with other investors and with professionals in fields aligned with real estate.
Find like-minded investors by joining a local real estate investment club (REI) or group. Then, cultivate relationships with professionals that are essential to the real estate investment business. Without these people, you could very well lose a deal. Such professional include inspectors, contractors, insurance agents, real estate attorneys, accountants, realtors, mortgage brokers, and title companies.
Make sure that any and all of these professionals are savvy in real estate investments and preferably are real estate investors themselves. You’ll have to do some homework here as many of these professionals may not have the knowledge that is vital to you as a real estate investor. But start with a conversation and explore what others have to offer.
Some investors unfortunately believe that they are competing with other investors or with the professionals I just mentioned. This attitude implies disdain for others. It lacks collaborative spirit and shows up in networking. Any investor must know how they approach others and especially the effect their approach, conversation, and attitude has on others.
Since we are discussing attitude, hanging around with people who believe real estate investing is not worth the trouble or who have no intention of doing what’s required, leads to accomplishing very little. It also becomes a mental and emotional obstacle. This also shows up in networking, so take a look at those who surround you.
Real estate investors face obstacles as do all people. Networking well can help them overcome obstacles and reap the rewards of great professional relationships. – In summary, networking and doing it well has a huge effect on real estate investing success. Doing it well is worth the effort.