One of the most important aspects of real estate investing is building and maintaining a strong network of professionals. These people will be your go-to team for advice, financial help, repair work, etc. in your quest for success as a real estate investor. In real estate, it’s not so much what you know as it is who you know, so read on to learn how to build your own strong real estate network.
1. Work Hard To Be Trustworthy
As a new investor, it can be difficult finding people who are willing to work with you simply because they don’t know you. As time goes on and you complete deals with various professionals along the way, you’ll slowly build a reputation for being trustworthy. You’ll probably even have certain individuals who come to you first with good deals because they know you’re dependable.
While this step takes time, the trustworthy reputation you build will help you maintain a network of all the right people with all the right opportunities.
2. Honesty Is The Best Policy
You can say you’re an honest person, but actions speak louder than words, so be ready to prove it. Always communicate your intentions from the beginning and don’t pretend to know it all if you don’t. By being honest upfront if you aren’t sure of something, others see you as honest and are more likely to listen to you when you do know what you’re talking about.
3. Be A Giver
As a successful investor, you have a responsibility to help others grow and succeed as well without expecting anything in return. Ultimately, when you give to others in your network, you sway the tide of success in your direction because when they succeed, you succeed.
In the short term, people who give to others live longer, are less depressed and are happier overall.
4. Offer Mentorship
Your expertise is valuable and can help others achieve their real estate investing goals. Offer mentorship to others in your network by giving advice and sharing your experiences to help them work through their problems.
5. Be Gracious
Let the ones who impact your life most know how much you appreciate them and their help. Write a thank you note or send a small gift. Even a simple phone call is often enough to let another person know they’ve made a difference in your life. After all, without your network of people to rely on, your investing career will go nowhere fast.
6. Keep Track Of Your Connections
Over the course of your investing career, you’ll come in contact with hundreds of people. Some will be more important than others, but you just never know when you might need a specific person’s help. It will become difficult to keep track of them all, so it’s important you devise some sort of tracking system that contains all the pertinent information for each connection you make.
It can be a spreadsheet or an address book, but it should be easy to edit or add to and it should be always accessible.
Having a network of people you can count on will help skyrocket your real estate investing career. Whether you’re a seasoned investor or one just starting out, use the tips above to help build and maintain a strong real estate network.