Personal Experience: How Networking Shaped My Real Estate Journey
Networking has been the cornerstone of my success in real estate, transforming my journey in ways I never imagined. By building a team of exceptional talent sourced from all aspects of my life, I’ve unlocked opportunities that would have remained out of reach. From hard money lending to converting long-term rentals to medium-term rentals, and ensuring quick repair times for my units, my network has been the key to these achievements. It’s a testament to the power of relationships and the doors they can open.
The Essence of Networking in Real Estate
Networking isn’t just important; in real estate, it’s indispensable. The beauty of networking lies in its chain effect—everyone knows someone who knows someone. While you might not know how to fix a toilet, someone in your network does, or knows a reliable handyman. Networking is your gateway to essential services and connections. If you’re a landlord, your network gives you access to trusted repair technicians. As a realtor, your network includes potential buyers and sellers. Regardless of your role, networking is the lifeline of your real estate strategy.
Types of Networking: In-Person and Online
Local real estate meetups have been the most fruitful for me. There’s something irreplaceable about looking someone in the eye and shaking their hand. These meetups have introduced me to my realtor, property managers, and even close friends. While online networking is valuable, the personal touch of in-person events seals the connection. I highly recommend attending free local real estate groups. If in-person meetups aren’t an option, online forums like those on BiggerPockets.com and Facebook groups are excellent alternatives.
Building Authentic Relationships
My strategy for building relationships is simple: be genuine and make meaningful connections. When I attend real estate meetups, my goal isn’t to find someone for a specific task but to forge real connections and offer help wherever I can. Authenticity is my guiding principle. I approach potential mentors, clients, or partners with sincerity. If we can hold a conversation and I can see you as a potential friend, we will likely work well together. I gravitate towards people who share my mindset and passion, forming friendships with those who strive to be kind and push themselves.
The Benefits of Networking
The benefits of networking in my real estate career have been immense. I’ve found my realtor, main contractor, lending partners, and property management companies through networking. One notable example is a 15% return on investment from a hard money deal with a developer I met at a networking event. Our initial conversations weren’t even about real estate, but as trust built, opportunities arose. Another example is my medium-term rentals. I met my property managers at a networking event, followed their social media, and eventually decided to work with them based on their service quality.
Overcoming Networking Challenges
Scheduling conflicts have been my biggest challenge in consistently attending networking events. For introverts, the key is to focus on one-on-one conversations or small group discussions. Joining smaller groups can be less intimidating and allows you to contribute meaningfully without the pressure of carrying the conversation. This approach makes networking more manageable and productive.
Tips for Effective Networking
The most practical advice I can offer is to be yourself. Authenticity matters. Pretending to be something you’re not, like claiming extensive investment experience after buying just one property, doesn’t benefit anyone. When I have a good initial conversation, I often suggest grabbing coffee or ask about the next networking event. If local meets aren’t feasible, phone conversations or social media connections work too. Casual, pressure-free chats often lead to stronger relationships.
Balancing Networking with Other Priorities
Networking is crucial but only takes up about 5-10% of my real estate business time. Since I’m always building my contacts, I don’t need to network more when I need something; I tap into my existing network. I don’t allocate specific times for networking but ensure I attend at least 1-2 local events or meetups annually.
Long-Term Networking: Sustained Success
Consistently building and nurturing my network has been vital for long-term success in real estate. While I don’t have an official mentor, I continuously learn from podcasts and those around me. This ongoing learning and relationship-building ensure continuous growth and success.
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