MARKETING
Monroe and Pearl Street
NETWORKING
Breaking Down the Networking Process to Meet “Big Players” in Real Estate 3 TIPS FOR CREATING PRODUCTIVE CONNECTIONS.
by Samuel K. Freshman
Secrets for Effective Follow-Up Once you get really good at networking, you will start meeting so many people at events you will have trouble keeping track. I always say the best way to keep up is to get a card from everyone and give a card to everyone, but there are a few other “secrets” to keeping in touch with people as well. Here are three that work for me: NO. 1 I publish a newsletter. I use my newsletter to help get people into my system so I’m building a relationship with them even when we’re not interacting directly. I ask everyone if they would like to receive my newsletter when I get their card. NO. 2 I offer helpful content. Putting a few really valuable, helpful articles or other information on your website is a great way to encourage people to remember you and go to your website or reach out in the future. Be sure to mention that content when you exchange cards. NO. 3 I am clear about the opportunity I represent. In my business, we are always looking for deals. That is a really valuable thing for me to mention in every network- ing situation because lots of investors have good deals, are looking for investment or lending opportunities, or need partners. I always make sure people I meet know we are looking for deals and, if they are interested, how to find out what types of deals meet our criteria.
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n real estate, it's common to hear people say, "Your network is your net worth" and other one-liners that basically show how important is is to make connections. A good network will make every aspect of investing better and probably more profitable. However, this often leads investors to act a little “crazy” when they go to industry events because they think they have to meet the biggest players in the room. When they do, they shake the individual’s hand, introduce themselves, and then either become completely speechless or start asking for favors. Neither strategy will likely get that person in your network. If you really want to get a “big player” in your corner, create a situation where you are prepared to make an impression. You are not likely to become best friends in the 30 seconds you have at a meeting to shake that person’s hand. However, if you set the stage for future interaction, you can strategically add that person to your network over time. If you are going to be nervous about meeting someone, make sure you have something to fall back on so you do not become tongue-tied. When I go to meetings, I may meet more than 100 people in the space of a morning. Unfortu- nately, if you are one of those 100 people and you did not say anything to me, I probably won’t remember who you are even though I likely took your card. If you told me something in- teresting and wrote it on your card, however, I probably will. SECOND, BE READY TO ASK A QUESTION. This is really important if you are trying to create a network- ing relationship with a very busy person, especially one who may be a keynote speaker or a celebrity in the room. Be prepared with a question that is relevant to that individual’s expertise and shows that you are an informed investor who probably has HERE'S HOW TO DO IT: FIRST, PREPARE SOMETHING TO SAY.
education & health services each garnering between one- fifth and one-sixth of local market employment. Govern- ment and professional & business services also employ be- tween 10 and 13 percent of the community. The presence of Spectrum Health, which is headquartered in the area, con- tributes to local job growth, and the company has invested nearly $1 billion into its Lemmen-Holton Cancer Pavilion for oncology specialists and services and the Helen Devos Children’s Hospital. Along with multiple higher learning institutions in the area also dedicated to health, medicine, and health services, the area constantly attracts new health science-related business. Additionally, the city is a historic center for manufacturing and boasts thriving furniture, automotive, and aviation manufacturing businesses.
a significant rise in foreclosure starts according to ATTOM Data Solutions reports. This could indicate potential for mov- ing into the market with longer-term strategies. At present, however, it is also important to remember that Grand Rapids homeowners remain in place for relatively short amounts of time, an average of 51 months according to Realtor.com and CoreLogic. Some analysts credit this turnover to strong ap- preciation in the market, while others say relocation and rela- tively high rates of new construction cause this fast turnover. “Hottest ZIP Code in America” Title courtesy of Realtor.com based on speed at which homes sell in the area and median list price. The “hottest ZIP code” rankings are based mainly on how quickly homes in that ZIP code move and, as such, as specific to the ZIP code in question. In this case, the magic number is 49508. However, Realtor.com analysts noted that all 10 markets on the list had some broader support for their heated markets, including affordability, high wages and employment, millennial earnings and homeownership, and credit ratings. Clearly, not all of that support can fit into a single neighborhood, so the surrounding area is likely also attractive for these reasons. Grand Rapids is a particular hotspot for millennial homeownership and has been for nearly three years. More than half of millennials living in Grand Rapids (57.3 percent) were homeowners in 2017. •
#7th-Best Mid-SizeMarket forHomebuyers Title courtesy of WalletHub based on real estate market and affordability.
Around this same time WalletHub released its study on homebuyers, TheStreet.com released a similar study rank- ing cities as “best real estate markets for homeowners” in the United States. This report added on to the WalletHub study and evaluated market health, negative equity, listing prices, and median sales prices. Grand Rapids placed on this non-ranked list as well. Despite local housing affordability concerns, the area is still considered very affordable on a national scale with a median sales price of just over $156,000. The market appreciated more than 6 percent last year, but prices seem to be leveling out. This could be good news for households hoping to buy in the coming months. As far as investors’ interests are concerned, the area is experiencing
Samuel K. Freshman is the founder of Standard Management Company and the author of Principles of Real Estate Syndication. Learn more about his predictions for real estate in 2019 at www.CRE2019.com.
Carole VanSickle Ellis is the editor of Think Realty Magazine. She can be reached at cellis@thinkrealty.com.
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