Think-Realty-Magazine-January-2018

MARKETING

BUILDING YOUR NETWORK

FOUR TIPS TO HELP YOU START NETWORKING

reaching out to a lot of people with a lot of different types of expertise. Although lend- ers and realtors should be on the list, you need to think beyond to people such as: • Other investors • Contractors and subcontractors

G etting started networking is not hard, but it will take some persistence. Here are three things to keep in mind as you begin investing in your network. ACCEPT THAT NETWORKING TAKES TIME Some people assume that they can go to one networking meeting, shake a few hands, hand out business cards, and be set. The truth is that networking is a process that takes time. Go to meetings and collect cards. Talk about yourself and listen. Repeat at the next meeting. Real networking may begin at a meeting or event, but it never ends there. GET INVOLVED INREALESTATE INVESTINGCLUBS Real estate investing clubs are designed for the purpose of networking. They bring people together who have an interest in real estate investing. There are many real estate investing clubs to choose from, but you won’t have the time or the need to join them all. Instead, find a club that meets your needs. Con- tact the founder or president and ask some questions about the members and the focus of the club. DON’TSTOPWITHREALESTATE INVESTINGCLUBS Some real estate investors join an REI club but never look any farther. Don’t make this mistake! There are many other groups in your local area where you can meet the right kinds of people and learn about great deals, such as: • BNI -Business Networking International • Chamber of Commerce • Convention and Visitor’s Bureau • Jaycees • Kiwanis • Lions Club • Local Merchant Associations • MasterMind Groups • Optimists • Rotary Club • Women in Business Networking DEVELOPASTRONG ELEVATOR SPEECH Although you should listen more than you talk, those you meet need to know what you do. You should be able to describe what you do in one to three sentences stating the who, what, and why of your business. Once you have this down, you can tailor it to suit specific networking events. TIP #1: TIP #2: TIP #3: TIP #4:

• Inspectors • Appraisers • Lawyers • Accountants • Property managers

•  Anyone else who might be tied to real estate, investing, or your personal strategies and interests The more you can connect with people who are already involved in real estate, the more you will be able to learn and create the bonds you need. Then, when it is time to make a real estate purchase, you will have a working relationship with people who will be able to help you. THE 3 PHASES OF EFFECTIVE NETWORKING The reason the word “work” is part of the word “networking” is that this process takes effort. You must be deliberate when you create the relationships that will lead to great connections for your business. Let’s look at the three phases of networking to see what you will need to do: Have your business cards ready. Be able to tell others what you do in a 30-second elevator pitch. Learn how to listen. Always ask what others do and what they need. The focus at this stage of networking is to meet people and begin building relationships. PHASE ONE GET IN FRONT OF THE RIGHT PEOPLE

Building the Best Network for 2018 A GOOD NETWORK IS KEY TO GREAT RETURNS.

by John Trautman

A

a particular area, you will come to find that real estate is, in truth, a very small world. People know one another, value one another, and work together on deal after deal. If you don’t have these connections, you will not be as success- ful with your investments as you would have hoped. First thing, invest your time into creat- ing a truly valuable network.

what you know, but who you know: • Who has a good deal? • Who has money to lend? •  Who understands the rental market in a particular neighborhood? •  Who can provide a realistic estimate for a new roof? • Who understands the tax implications of a potential multi- family purchase? Real estate investing is not something you can do entirely alone because it is a relationship-based business. When you invest, especially if you are investing in

s a new real estate investor, you may wonder where to start.

•  Should you be looking at neighborhoods?

• Should you be finding funding? •  Should you be learning about renovations?

Although you need to start focusing on all of these things, the best way to handle all of the new things you must learn to do successfully is to start by sur- rounding yourself with people who have the answers to your questions. After all, in real estate, it isn’t so much

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WHO SHOULD HAVE MEMBERSHIP ON YOUR NETWORKING LIST? Building a networking list involves

John Trautman is an active real estate agent and investor in the Phoenix area. He may be reached at john@realestateki.com.

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