The people you have chosen to align your business with on a daily basis will go a long way in determining the amount of success you are able to realize — and failure, for that matter. All things considered, the real estate network you manage to build from day one is of the utmost importance, and can never be underestimated. In the right hands, there’s no reason to believe your network can’t take you further than anything else at your disposal.
A good real estate network is capable of helping you realize success, but a great network is capable of so much more. With the right people in your corner, there’s nothing you can’t do, which begs the question: What does a real estate network actually do for investors in today’s real estate landscape? What is there to gain from really working at building a great network of contacts? The answer is simple: a lot.
Today’s most prolific investors know it, and it’s time you did, too: nothing is more valuable to entrepreneurs in the housing market than a dependable network. Together with their trusted contacts, investors can accomplish more than they ever imagined. Here’s how:
It’s time to treat your real estate network like it deserves to be treated: the most valuable asset in your arsenal. If for nothing else, real estate really is a people business — it always has been and always will be. Nothing, as far as I am aware, can take your career in real estate investing further than the people you choose to surround yourself with. At the very least, your own company is inherently the result of a unique convergence of talent; your success — or failure for that matter — is directly correlated to the people you align yourself with. Most importantly, however, is the opportunity for learning and broadening your horizons that comes with knowing the right people. You see, if you surround yourself with a good real estate network, there’s no reason to believe you won’t be given insider insight from people with boots on the ground. And therein lies the greatest benefit of having a dependable real estate network: you can learn and glean information from any number of professional sources. After all, who better to learn from than people that have been where you want to be someday?
I won’t sit here and tell you that there’s no risk in real estate investing. It’s a sad truth, but a reality, nonetheless: investing in real estate carries an inherent degree of risk. There’s no other way around it. It is worth noting, however, that the tangible, hands-on nature of real estate investing does award savvy entrepreneurs the ability to mitigate risk perhaps more than any other investment platform. In fact, there are a number of safety precautions you can take on every deal that can greatly tip the scales in your favor, not the least of which includes surrounding yourself with a great real estate network. Not unlike my previous point, a trustworthy network of likeminded professionals will be able to teach you a lot about what most consider to be a complex industry. And, as it turns out, some of the most important things you can learn are from the mistakes of your predecessors. Remember, knowing what not to do is just as important as knowing what to do — if not more so. That said, be sure to heed the advice of those you place your trust in; it could be the difference between a good career in real estate and a great one. What is a great real estate investor, after all, if not for someone who can mitigate risk and place the odds on their side?
The housing market is a complex industry, and, as such, there are several ways to accomplish just about every single task set before you. Flipping a home, for instance, can be done in any way you see fit to do so. So long as the end result is to your liking, investors are allowed to tweak their specific system to a way that suits them best. However, you will never know if your specific method is, in fact, the best, unless you have something to compare it to — perhaps the perspective of another like-minded investor. You see, unless you actually listen to others in your own real estate network, you will essentially be cut off from potentially groundbreaking ideas. Who knows what you may be missing out on if you aren’t willing to listen to another professional’s opinion. What’s the worst that can happen? You gain some perspective? I maintain that a real estate network must be appreciated to work. After all, it’s not how many people you know, but how many people you are willing to actually listen to that will make all the difference in your own company.
Meet More People
You have heard it before: It’s not about what you know, but rather who you know. And while I will be the first to contest such a sentiment (what you know is very important), I can’t deny that the relationships you build as a real estate professional are second to none. Few assets can take you farther than the people you know. Therefore, it stands to reason that the more dependable contacts you have, the better position your business will be in. What’s more, your contacts will begin to grow exponentially once you have established a sound real estate network. At the very least, you are bound to gain access to a larger network simply by putting yourself out there and making more contacts. Think about it: Every contact you make probably has their own network, and there is no reason your contacts can’t intersect. Everyone you add to your contacts list is likely to have a rich network of industry professionals, such as investors, agents, attorneys and contractors, among others. If you play your cards right, there’s no reason you can’t add them to your real estate network as well.
At face value, a good real estate investor network should increase your chances of finding a deal — and that’s true in most cases. However, opportunities aren’t solely relegated to finding deals. Opportunities come in all shapes and sizes. A good real estate network will increase your exposure to everything from funding options to more connections, and everything in between. Remember, real estate is a numbers game, the more opportunities you have to capitalize on, the better off you will be.