I’ve read that building networks is essential to building a good foundation for REI.
-Do you agree with this?
-Of your network, who is the most important assest to you?
-If so. how did you go about finding quality people willing to donate their time and knowledge when you were at the early stages of your career?
Hi,
First of all my network of professionals does not work for free!!! They do not "Donate" their time!!!
When you build a real estate team you are pulling together professionals who are educated and experienced in their business, I don’t talk to my team until I get a contract on a deal, depending on the deal depends on how many of my team are required to work together to close the deal!
Anyone on your team only works when their getting paid, will they answer a quick question or two, you bet but you have to be specific and to the point and if you need information only it could be days before they call you back!
You tell me if you suddenly have a contract in your hand and don’t know who to call or what to do, then who do you call???
The most important team member is relative to the individual deal!
Finding quality people is tough but once you have the education and have done your research you will find what your looking for! Just remember the more you put into becoming successful the better results you will achieve!
GR
I agree with Gold River my team does not get paid until they do a deal but I won’t deal with people that are mean or shortsighted no matter how good they are. For every very good professional that won’t spend time with a prospective new client there are 2 just as good that will. What I suggest is don’t BS them. Don’t go in saying you are some kind of big shot looking for a (fill in the blank) professional because you are going to be doing 12 billion dollar deals next week. Tell them the truth. You are putting the team together and you don’t even know what your niche is yet. But when you do have a deal you want to know if they will help you put it together. Tell them that you won’t only need them to do their part but you are also interested in a little guidance. For example if you are in Houston Texas and you go to a mortgage broker and tell him you are looking to start flipping houses in the $100,000 range. They will give you some information on how you can finance that. If you say I am not sure what your niche is they will tell you what the people in Houston that make money and come to them over and over again are doing…and that is not the flippers of $100,000 houses. The market doesn’t support it. The mortgage broker makes money anyway so it is no skin off of his nose if you get stuck with a rehabbed house for 12 months on the market. They make money anyway, but if you ask them what they see in the market making money they will tell you because they would rather make money on the repeat business.
I think that the first person I would find is a mortgage broker because if I can’t get it financed it is all just talk. Make sure you use an investment grade mortgage broker. Ask them how many investment deals they have done in the last year. Find out what types of investment deals that have done. Ask them if they can get you financed with none of your own money in the deal. They probably can’t but he will should be able to talk to you about what can be done and how it used to be done etc. The guy that just says no you need 20% down is a retail grade mortgage broker not investment grade. Those are the types of questions that will let you know if they are truly investment grade brokers or not. After you find him ask him who he deals with for Realtors, inspectors, title companies, insurance brokers, lawyers etc.
Networking is everything. It creates consistent income without having to market. Best assest is a mentor and students you have. The best thing to do is best generous have something to give in the form of your talent.
Thanks to social networking websites like Facebook, LinkedIn and Twitter, it’s possible for professionals of all types to establish a positive Web presence. For real estate agents that means more opportunities to sell property, make commissions and, most importantly, help their clients realize their real estate goals. However, you should recognize the keys to savvy social networking for real estate agents.
Own your Google results and rock your referrals.
Most real estate agents will tell you that the number one way they get new clients is through referrals. Purchasing or selling real estate can be a complicated process, so when you’re dealing with it for the first time you’re bound to ask friends and family for recommendations. A referral alone, however, doesn’t guarantee you new business.
People still value the advice of friends and family, but they increasingly also want to do their own research — which in this age more often than not means a Google search. If your Google results don’t represent you in a professional manner — or worse, simply don’t exist — then a recommendation isn’t going to help you very much.
People often (wrongly) think networking is about knowing people just for what they can do for you. The golden rule for networking is do good deeds first without wanting anything in return. So give your time, your contacts, and your help freely.Everyone in your network is important.
The next rule to remember is that you don’t have to do all the talking. Indeed, listening is a much more valuable skill. People like to be listened to because it makes them feel good. If you ask questions and actually listen to the responses, you’ll find you enter interesting conversations that could lead to interesting outcomes.
Then make sure you follow up with your new contact by staying in touch, slowly deepening the relationship.
Networking is essential in building a foundation and everyone that I network with does it without any fee. We all help each other succeed in a market where most of the investors that were around five years ago are not around anymore…
Go to meetings, get into Facebook and Linkedin networks. Learn to twitter with real estate groups.
Good luck.
Hi; Networking is essential since you will be able to know what other people and business are doing in the real estate market; it will also keep you updated and you get to learn alot more. so for me i will stay on the forums, Facebook, Pinterest and any other channels where i can meet like minded people.
Hi Breanne. What do you think of Linkedin or twitter? I have found that people are obsessed with these social networking sites and that they are really great educational sites for people getting into real estate.
I have heard of marketing people that will build up your followers on Facebook just to be able to send out mass announcements of your real estate investment buy and sells.
Where do you find the best interaction?
Hi John; I think twitter is the best so far i have had massive interaction with different people in a short time. There is no limitation here or approvals of any kind; you just follow and have many other People following you in the mean time you keep updating your posts and interacting with many people you never know your information could go viral.
For the marketing People i dont know how they are building followers are the followers real accounts of existing people or? just wondering :smile
Breane, it is hard to say as to whether they are real followers or not. That is why if you hire somebody to do your social networking for you, you have to trust the person. I have always been told that both Facebook and Twitter are the best two places to peruse and find followers that are in your interest.
Do you use Linkedin at all? It is a business site that has real people that are your followers and they are people in the businesses you are looking for.
Hi John; i have just started using Linked in i am still getting the hang of it. what are the benefits of being in linked in? Have you tried it and what do you think about Google +? Any ideas.