The most prolific entrepreneurs of our time will never advise against a proper real estate investment network. Nothing else, for that matter, may award savvy investors a better opportunity to grow their business exponentially. Remember, real estate is a people business. The sooner investors recognize the potential of making the right contact, the better off they will be. However, it is not enough to simply have a network; investors must expand and maintain those contacts they have worked so hard to establish. No real estate investment network is complete without a way to nurture the relationships coming in and build on the existing prospects.
The best way to maintain a proper real estate investment network is to cater to the contacts you have already made. The true strength of a proper network isn’t founded in the volume of contacts investors are able to compile in a rolodex, but rather the value they can bring to those they have met. In fact, there may be nothing more important to an investor than being able to provide for others in their own network. While it may sound counterintuitive, the best networkers are those that place the needs of others above their own. Only then will investors be able to truly maintain their network in a way that is beneficial to all of the parties involved.
Far too many real estate investors, for that matter, have it backwards; they are more concerned with what their network will provide instead of what they can provide for those they have made connections with. There isn’t a faster way, at least that I am aware of, to sabotage networking efforts than to deploy a selfish strategy. Conversely, the opposite holds just as much weight; a selfless networking strategy is the fastest way to build a dependable network. If you focus on how you may be of service to others, they are much more likely to reciprocate their appreciation.
Be sure to follow up with your real estate investment network. Once a contact has shown some degree of interest in working with you, reach out to them with the intention of building trust; only then will a proper relationship come to fruition. Consequently, any relationship void of trust can do a lot more harm than good.
Establishing a working rapport founded on trust is no simple task, and will require a lot of work on your end. However, the more you can place the odds in your favor, the better. I have found that two questions, in particular, have contributed to maintaining a great real estate investment network. If you are looking for a catalyst to spark your next relationship, make a conscious effort to ask these questions when you follow up with someone:
In my experience, nothing else has been better at establishing the foundation of a great relationship than asking these two simple questions.
Exercise humility on a daily basis and go out of your way to prove to others that you can be of assistance to them. I encourage you to be proactive in your efforts, as you shouldn’t expect others to do the same for you. A reactive real estate investment network strategy is essentially useless. Be proactive and commit to helping others, as your sign of good faith will go far in setting the foundation of a great real estate investment network.
When expanding your real estate network, there is one important thing you must remember: good networks rely on a unique convergence of talent and the inherent ability to manage it. While I already discussed how to accumulate the former, it is the ladder I want to focus on for the remainder of this article. A true real estate investment network will require an acute attention to detail and an unwavering commitment to grow your existing contact base.
If, for one reason or another, your personal network isn’t quite where you want it, there is only one logical step that will account for the alleged shortcoming: networking. The only way you can hope to expand your real estate investment network is to actually, well, network. Simple, right?
You must learn how to create a system that develops people into your greatest asset, and nothing less. Let’s take a look at how real estate investors can do just that:
Fortunately for those who are not naturally gifted at networking, there are ways in which it may be imparted to you. As with any desired skill-set, marketing requires practice and dedication. Take the time to familiarize yourself with these five steps to making connections:
Expanding and maintaining a proper real estate investment network will take a lot of time and commitment on your end. However, I can assure you that there is no activity with a greater return on investment (ROI). While it may be time-consuming, networking can exponentially increase your business reach and exposure.