Whether you are new to real estate investing or an old pro, networking is a critically important skill for profitable investing. Successful networking as a real estate investor enables you to find deals, connect with other real estate investors and effectively conduct your business. In essence, cultivating this skill will make you a better, more-profitable investor.
A large percentage of networking for real estate investors takes place at actual real estate events. These events can be quite daunting at first. Just thinking about networking can make people feel very uncomfortable. I can relate to that, because that’s how I used to be.
When I started attending real estate events, I found that my initial attempts at networking were very awkward. I was nervous just thinking that I had to introduce myself to strangers and talk to other people. I was preoccupied by concerns that others might not even care about what I was doing in the real estate arena.
Over time, however, I became more confident. I learned a few techniques that I would like to share. I came to realize that networking is a great way to build long-lasting relationships with people that help fuel my success in real estate. Indeed, I have sold and bought properties at networking events, and the best part was that these events are generally free. In summary, I became friends with other investors with whom I can discuss, refine and consummate potential money-making ideas.
I now realize that networking is a great way to connect with real estate investors. I have met lenders, owners of title companies, attorneys and CPAs, who help me with my business on a daily basis. Additionally, I have the pleasure to help other numerous other people that needed solutions to investing problems they faced.
I now believe that there are essentially two groups of people that attend the real estate events: The doers and the naysayers.
The doers are people that meet and greet folks, share conversations and collect a stack of business cards. When they leave the event, they are happy, and excited, and ready to consummate profitable deals. On the other hand are the naysayers: They attend real estate events, but leave disappointed and think networking is a waste of their time.
So, which of those two people do you want to be?
In theory, networking is very simple. It’s about enjoying meeting new people that share the same passion you have for real estate. Remember that to succeed at this, think about how you can help others first instead of thinking what you’d like to get out of it. Figure out what others need. Connect them with others that can help them without any personal benefit to you. As you do this, the rewards will come back to you.
Learn how to find investors in your area to network with.
Here are 5 tips that I learned when networking at real estate events. Think about and act on these and you’ll soon become confident in your own networking skills.
Tip Number One – Research and Plan Ahead of Time
Take a few minutes to study and absorb the particulars of each real estate event that you will attend. Keep the following in mind: What the event is all about? Who will be attending?
This will help you become more confident and prepare you to have great conversations. You will prepare mentally what topics are likely to be discussed at the event. This will enable you to formulate insights on what topics to bring up at the event and what topics not to discuss. Part of this pre-meeting thinking will revolve on figure out how you can help others.
For example, if a key meeting topic is about creating a successful rental portfolio, I can use my own experience in owning single-family properties to add feedback or value to people I meet.
Part of my pre-meeting planning is also determining a goal of deciding the people who are likely to attend the event that I would like to meet. At most every event I try to have one ideal person I intend to meet.
For example, one of my business goals is to create a database of wholesalers. This will enable me to buy more properties and decrease my marketing and acquisition costs. So, when I go to real estate networking events, I want to meet as many wholesalers as possible, permitting me an opportunity to add them to my database. Likewise, if I go to a multifamily meeting, I would like to meet people that own multifamily properties, so I can build business relationships with them.
I always keep in mind that I add value to their business objectives as well because I am a buyer to whom they can sell their deals. In summary, I create a win-win.
Finally, before you attend the meeting, get familiar with a few non-real-estate topics. Having some knowledge of current events can help you take the lead in the conversation and avoiding awkward pauses.
Remember to be open, friendly and honest. These are attractive qualities that help people to remember you.
Tip Number 2 – Listen First. Then Talk.
People feel good when they talk, and they feel appreciated when someone is listening to their stories.
So make sure to you are actually present and listening to their conversation. Listen first so that so you can offer valuable feedback or insights.
This will help you solidify the conversation. You may likely create an opportunity to reconnect later on outside the networking event.
Tip Number 3 – Make Eye Contact at All Times
Make sure to maintain eye contact with the people with whom you are talking. Doing so gives them comfort that you actually care about what they are saying.
Otherwise, it may appear that you are not interested about what they are saying. They may disengage and lose trust in you. Profitable deals may be missed.
I have attended many events where there are several people who don’t appear interested in what I say. They are just there to ask for information, documents or contacts they need. I can tell they are looking everywhere for their next victim. I try to just try to walk away as fast as I can.
Tip Number 4 – Know When to Stop the Conversation and Leave
Discern when the conversation is getting to an ending point. Stop throwing random topics to keep the conversation going when there is not much else to talk about.
Likewise, you may come across a person that likes to talk a lot, but you want to network with others. It is better to stop talking and move on. End the conversation on a high note. Give them an indication that you want to continue that discussion in the future.
When I started networking I didn’t know how to stop and exit a conversation. Over time, I learned to say this: “Here is my card. It’s so great too meet you. Let’s stay in touch”. Then walk away. That simple.
Or, if you want to be more direct, just tell the person “I want to make sure I meet a few more people tonight, it has been great talking to you. Enjoy the rest of the event”.
Finally, here is the ultimate exit strategy: Give them the “I am going” phrase. For example, “I am going to grab a drink”, “I am going to grab some food” or “Excuse me I am going to the restroom”. Make sure you do what you are saying you will be doing.
Tip Number 5 – Maintain Contact with Them
The worst thing someone can do is waste a day or several hours of your time at a networking event and never follow up with the people you met. Follow up with key people you have met within 24 to 48 hours after the event, so they reconnect with who you are. Connect with them on social media and write them a short email.
Here’s a general way to start this type of follow-up: “It was nice meeting you at the event. If you need help with x, y or z, here is my contact information for future reference.” Another good opener is this: “Thank you so much for your time and our conversation. This is the takeaway that I took from it and I was really thankful for the information. Take care”.
Following up with people in this way shows you learned something from the conversation. It will set the stage for further interaction in the future.
At the end of the day networking is connecting with people that share similar interest with you. As Robert Kiosaki says, ”The richest people in the world look for and build networks, everyone else looks for work.”
Until next time, good-bye and happy investing!