How To Get The Best Real Estate Deals To Find You First

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Success in real estate investing depends on your ability to find the deals and that elusive element of being in the right place at the right time. What if there was a way to increase those opportunities he truth is that you can increase the amount of opportunities that put you in front of those great deals?

The answer is networking.

It’s easy for investors to forget or not realize how important networking actually is in the real estate business. It’s not just realtors that need to be networking.

Networking is one of the most important things you can do for any business, especially if we’re talking about real estate investing. If you wait until something comes on MLS, the chances are the good deals and opportunities have already been snatched up.

It’s Not Just About Your Team

Most advice I read only discusses the need to build your team but your “direct” team in real estate won’t ever be your only source of deals. Let’s not forget that is what real estate depends on: finding as many deals as possible in the area that you’re an expert in.

The more people that think of you when a deal comes across their desk, the better off you’re going to be. That comes through networking.

Building your team is über important but if that’s all you focus on, you’re missing the massive opportunities that exist among the range of people that can help expand your real estate business.

It’s More Than Handing Out Cards

Networking isn’t about going to a real estate event in an attempt to have every attendee leave with your business card in their pocket. Whether you’re going for coffee, talking on the phone, reaching out via social media, communicating in email, having drinks at a social mixer or interacting at a business event, real networking comes down to your ability to listen, not talk.

Interact with others and figure out their skill set. When something comes across your desk, you’ll know who it’s perfect for and send it their way to create that good will.

Always Have A Reason

Sure, there are definitely times when networking means you’re “working the room” but real networking is doing things like simply picking up the phone and inviting an associate out for a coffee with a reason.

It can even involve going golfing with some potential referral sources or clients but it’s important that you always do so with a reason. That reason can be pleasure, business, getting to know that person or their business, understanding what type of clients that person is looking for – there are many different reasons. The point is that you should know whatever that reason is in advance of the meeting.

In business, there always has to be a reason.

Real Estate Agents Are Your Allies

You know you have to start networking but where do you start? Start by networking with people you believe can help you become successful with your unique goals. I believe talking with anyone involved in the industry is huge but it’s even better when they’re involved in your specific niche. For example, one area I’m fond of is multi-family units and apartment buildings so it doesn’t make much sense for me to network with a real estate agent that only sells single-family homes.

Whether that’s an agent, another investor or even a professional whose business supports the industry (accounting, legal, etc.), you want to keep your finger on the pulse of your area of expertise as much as possible.

I’m not saying people outside a particular area can’t connect you with the deals you’re looking for but if we’re talking about spending time for the purpose of networking, I believe it could be better spent elsewhere.

What Are You Doing For Others?

The fastest way to put yourself in front of great deals is by helping to match your contacts with deals that might be perfect for them. What goes around comes around and a good deal for you is not necessarily the right deal for the next investor (and vice versa).

I find it’s of mutual benefit for different investors to network with each other because we all have different models for our real estate business. You might be interested in commercial properties while someone else is more into medical buildings. There’s an opportunity there when a particular deal doesn’t fit their personal investing criteria because they’ll think of you if they know it fits yours.

There’s a catch though…you have to be prepared to do the same thing for others that you want done for you. This means going out of your way to connect an opportunity with someone if you know they are a perfect fit for it. Nobody forgets the person that made them a lot of money from a successful deal. Trust me, it doesn’t hurt to have those people wanting to “owe you one” afterwards!

Turning Networking Into Business

Successful networking doesn’t mean you’re going out for a quick coffee or lunch with someone and then the deals start rolling in. That’s not what it’s about; it’s about building relationships. We do business and help people we know, like and trust.

The reality is that you’ll never know who will send you a deal before it happens. Almost all of my best deals came out of the blue from a totally unexpected connection but the catch is that I put the TLC to build those connections in a genuine way.

That’s the beauty of networking…it only works when you’re not trying to “make it work”. That’s when truly fruitful relationships are able to blossom the right way.

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