“It’s not what you know, it’s who you know”
Who’s heard that phrase more than once in their lives?? It’s all about Networking. To some, networking is a scary concept, and to others, it’s as easy as breathing. I would consider myself a relatively outgoing person, but I still sometimes get nervous when presented with formal networking opportunities.
The value of networking in business is well known – especially in Real Estate Investing, which is based very much on the relationships you’ve built with other people in the industry. There’s a huge people element to this industry; people often need other people to get deals done, and so it all boils down to who you know that might be able to help you in that particular facet.
Whether it’s knowing Realtors who can let you know about junky properties before they even hit the market, or knowing people with money who want to make money investing in your projects, or even knowing other Investors, who can bring you properties they’ve found, or lend their expertise in a tricky situation you haven’t encountered before – it’s all about knowing who to turn to when you need it.
It has to be a two way street though – you need to be able to bring them value in some way too. Your business will not go very far if it gets around town that you’re all take and no give, or if you burn people in your course of business. The key to longevity is to build solid, long term, mutually beneficial relationships with people in your industry/area/market. But you have to start with meeting each other first, and that’s where networking is key!
You need to put yourself into situations where there are networking opportunities; join your local business industry club, or a professional networking group, or even a group related to your hobbies. It may not come naturally to everyone, but the key is to be relaxed, be yourself, be prepared with short snippets of information about your biz, or your latest project to share with people you meet, and you never know when someone might become a great resource for you and your business – and you for them!