Entering a New Market? Networking Tips for Real Estate Investors
Real estate investors are constantly on the hunt for new places to buy property. These networking tips will help you grow your business in any market.
Investing out of state or in new markets are great ways to grow your real estate investment business. As you know, every market has inherent advantages and disadvantages. Diversifying markets allows you to get the best of each. However, expanding to new markets can be challenging if the numbers look good but you don’t know anyone in the area.
Don’t let that deter you.
In most cases, your wealth is based on your networking capabilities that lead you to the best deals. Business relationships can create new leads and opportunities, especially when you’re investing in a new market. So how do you build connections when you don’t know the real estate, and more importantly, anybody in the area? Here’s how you can get started.
Build your team out of state
When we think about real estate, it’s easy to overlook just how many members could make up a successful team. Building a successful business requires a host of team members. You’ll be relying on these experts as your boots on the ground so that you can manage everything remotely. To do so successfully you, need to find people such as:
- Real estate agents
- General contractors
- Insurance agents
- Other local investors (to potentially partner with)
As a seasoned investor, you’d never blindly purchase a property without conducting due diligence. The same is true when finding reliable team members in a new market. Even if you’re not in the market, there are ways to network from your phone or computer that have proven fruitful to many people.
- Local meetups. In most markets around the country, there are investing meetups or other networking events for real estate professionals such as agents and lenders. Start by searching on Google to check for upcoming events.
- Social media. It’s common for people to share their stories and to network by using LinkedIn, Facebook, Instagram, and other social media platforms. By joining groups and reaching out to people who seem knowledgeable, you’ll be able to start making connections.
- Online forums. Like social media, online forums provide opportunities to talk with real estate experts. Most people in real estate have a presence on BiggerPockets, where you can see their profiles, interests, and qualifications. Other great resources include Reddit and Quora.
- Referrals. Referrals are often the most trustworthy source for building a team. Even if you’re new to an area, you can snowball one relationship into a list of referrals. Ask each person you meet for a recommendation and soon you’ll have a whole network!
- Reviews. This is a great way to affirm that licensed professionals such as contractors or real estate agents have proven track records of success. It’s also a good way to spot red flags before you get started.
As the saying goes, “your network is your net worth.” Keep meeting people and form connections so you can mutually benefit each other down the line.
Provide value first
Networking relationships are a two way street. Always consider how you can provide value to people as you network, instead of just thinking about how they can give value to you. This requires some big-picture reflecting on your own personality. What drives you to do what you do everyday? How can you help others achieve their goals?
Maybe you have a knack for listening to problems before coming up with a solution. Or you can easily make beneficial mutual relationships between others. Your gift doesn’t always have to be a physical asset to people. It can also be sharing an article and telling somebody, “ I think you’ll enjoy this read” or sharing a post about an in-person networking event and telling them, “Check this out, I would love to catch up with you here”. Give value in the form of resources, experiences, or even your own connections and let people know you care.
Be authentic and genuine
Productive relationships are built on trust and a mutual likeability between individuals. While being genuine may seem like a given, not everybody knows how to reflect their personality upon a first impression.
Sometimes this can be as simple as following the Golden Rule. By treating others the way that you want to be treated, it serves as the foundation for a great relationship.
Being genuine in business is important because you attract others with a positive attitude. Stay open-minded and be an active listener to make people feel important. Hear their goals, passions, and relate to anybody that you meet in real estate. Walk your own path as you invest and remember that there is no need to compare yourself to others. Your own success is defined by you, which is a fantastic attitude to have as you network.
This way, you don’t compare yourself to others or judge them. Instead, be excited about your ambitions, show passion about what you do, and look for common ground with networking opportunities. People will naturally be happy to hear about what you do, but also show genuine interest in their goals and ambitions too.
Take advantage of Sundae’s resources
Sundae’s Marketplace provides a way to invest in several places across the country. You can find detailed home listings with quality photos along with title reports, 3D home tours, and findings from inspections. In addition to property information, you’ll be equipped with an equally valuable asset: a local Investor Advisor.
Investor Advisors communicate with investors by identifying new deal opportunities and notify investors right away about trends they see in the market. They also help investors come up with an action plan and talk about their goals to make sure they are building out a strategy that works for them.
Your Investor Advisor is also a resident of the area you’re investing in. They will be able to share connections with lenders, real estate agents, contractors, and other professionals so that you can easily build out your network.
Networking in new markets
You don’t have to be a lone-wolf investor who walks the path of success on their own. By keeping your eye open, you can always meet somebody new with similar goals, who can be a valuable asset to your network. By building an extensive real estate network, you’ll have people that will have your back when life gets tough, just like when you’re in a new market. You’ll be able to ask for recommendations, advice, and you can take advantage of the unique skills of the many professions in real estate. Just remember, your network is a two way street that works best when you give just as much value in return.