If you want access to the best funding options, real estate deals and motivated sellers, you need to establish a strong and expansive network of industry contacts. The strength of your network has a direct impact on your ability to find and secure deals, the speed at which you can close transactions and how much profit you can potentially make.
Build a solid network, and the best opportunities will start coming to you. In some cases, having the right contacts can mean you don’t need to risk your own money to make a profit. So, if you’re just starting as an investor, how do you go about gaining these connections and networking in real estate? Omid Akale with Twin Cities Portfolio Group explains a few tactics you can employ to start growing your network.
You’re not the only budding investor looking to build some strong connections in the real estate industry. The most successful investors are always trying to expand their networks, and one way they do just that is by holding, sponsoring, or just attending networking events.
People hold networking events to target people just like you. They’re often widely promoted – take advantage of that. There will almost certainly be some interesting people for you to meet and get your name out there.
The internet now plays a vital role in networking for real estate. You’ll find plenty of networking events advertised online. Meetups, for example, is a large online community that connects people with similar interests. Some people host webinars on Meetups, but the focus is on arranging face-to-face meetings. Don’t just aim to meet people who specialize in real estate investing. Think about the types of people you might want to engage with in the future; they could be car fanatics or stockbrokers. The aim is to get your name out into the world and establish yourself.
Seminars and Conferences
You can build your list of industry contacts by attending seminars and conferences that focus on real estate investment. Some people you meet might end up helping you make a profitable investment. You can learn plenty from other investors willing to share their success stories and insight. At conferences, you have the chance to start networking in real estate and converse with lots of people in one place. This enables you to scale your network rapidly.
Attend Open Houses
By attending open houses, you can build relationships with real estate agents who might one day notify you of a lucrative opportunity. For them, the benefit is that they may secure a quick sale. For you, it means finding attractive investments without even having to search for them. Always try to form relationships with the people in your area who might have an incentive to keep you in the loop.
Auctions are among the best places to expand your network of buyers. Most people who purchase property at auctions must close the deal quickly, meaning that when you have real estate to sell, you’ll already know serious investors who can pay rapidly. Attend as many auctions as you can with the intention of meeting people. Let people know what you do – and don’t be afraid to let them know you can find lucrative investment deals.