Finding Real Estate Deals

Transcription

1 Finding Real Estate Deals

2 Unless you ve been living in a cave, you know power of networking for building business. Networking gets results and when done well, networking won t cost you a lot of money just the opposite. It will make you money. And just like other types of marketing, effective networking can deliver deals over and over again. But the trick is actually doing it! And taking advantage of every opportunity to introduce yourself and your business -- whether it s at an event or in the moment when you can seize a quick opportunity to share your business interests and contact info. Networking is both art and science. Some people find networking easy and natural, while others struggle to make the connections they need to keep business flowing. And unlike other forms of marketing, it s a low risk, high reward activity. 1

3 We tapped into the pros at the nation s largest and most successful house buying company, HomeVestors to help provide a full overview on how networking contributes to the success of real estate investors everywhere. In this session, we ll address both the art and the science of networking. So whether you re a seasoned pro or just getting your business launched, you ll learn some of the best approaches to building your business through networking and finding great deals on real estate. YOU LL NEED: Unlike direct mail, bandit signs and other forms of marketing your business, networking is more about taking action and seizing opportunities than the tangibles like signs and mailing lists. While there are some basic tools you need for networking your business like business cards, a business phone, and contact lists, the real results come from what you DO rather than the specific tools you use. -BUSINESS CARDS -A BUSINESS PHONE - AND INTERNET ACCESS -CONTACT LISTS -CONNECTEDINVESTORS ACCOUNT 2

4 STEPS TO SUCCESS: As you consider the different methods you can use for finding deals on real estate, one thing stands out about networking. It is NOT optional. It is a must. You can choose whether or not to use other forms of property acquisition But when it comes to networking, it happens planned or not. It happens at real estate and industry events and it happens in the moment at the restaurant, the grocery store, on the golf course or parties. With every conversation you have about yourself and your business, you are building your personal brand as a real estate investor. This is where the art and science of networking come into play. 3

5 The science is in the deliberate steps you take things like attending events and utilizing your connectedinvestors.com network. But the art of networking lies in the picture you paint of yourself as an investor it s the impressions you make and leave with your contacts that can build business or bust it. Networking happens by design or by simple circumstance. The key is to do it in a way that creates continuous business referrals directly to you. You are ready to share your business interests by being ready no matter where you are or what you re doing. STEPS TO NETWORKING SUCCESS 1- IT S NOT OPTIONAL 2- PLAN FOR IT 3- BE READY IN THE MOMENT 1

6 HOW TO: Let s start with the science of networking. It s up for debate but most would say that the science of networking is easier than the art of networking. The science of networking is simply those measureable things you can do. For example, I went to two Meetups and a Connected Investors meeting this month. It s a given that you should network at local events where you ll meet people who constantly buy, sell and trade properties. You have to get out there when you do, you can make things happen through the art of networking leaving positive lasting impressions with the people you meet. For now, let s think of a few of the people and places where you re likely to make great contacts. And think outside the box not just people and events directly related to selling houses. What about Home Inspectors? Appraisers? Attorneys specializing in bankruptcy and estates? Auctioneers? Estate planners? Would it make sense to network with those involved in Code Enforcement? They know where all the problem houses are. You can get referrals from all kinds of sources so keep an open mind. Everybody knows somebody with a house! The key is being first in line when they are ready to sell. 5

7 In addition to the people think of the places you can network to build your business. We already mentioned meetup.com and Connected Investors where you ll find listings of local events specifically for real estate. Another good way to connect with real estate professionals is at your local REIA Meetings. (Real Estate Investors Association) Some look at these as a place with a lot of competition. But the fact is, by staying infront of, and constantly connecting with wholesalers, seasoned investors and burned-out landlords, you are sure to find a deal. It is important to consistently attend these meetings. More often than not, it will take several meetings before you get your first deal. Remember the fortune is in the follow up. So the science of networking simply means that you set realistic weekly and monthly goals for attending meetings and making follow up contacts. It s tangible and it s planned. After the event, plan some time for follow up or your efforts can go nowhere. We ve all done it gathered up business cards only to see them tossed in desk drawer, when in reality those cards can be a source of continuous business referrals when you pardon the pun play your cards right. This is where the art of networking comes into play. 6

8 The art of networking is really about creating lasting impressions with your contacts building your brand so to speak. You want to position yourself as a solution provider someone who can make another s job easier. The goal is to become top of mind when someone thinks of a house buyer/investor. In essence you are a professional problem solver - when it comes to those problem houses. Just met someone new? Got the business card? It s the perfect opportunity to create your brand with that new contact. Play to your strengths. Great on the phone? Call them the following day, recap discussions you may have had and ask for referrals. Better at writing? Send them a quick or even better, a hand written note (that they will toss in the desk drawer for future reference). Friend them on social media accounts. Paint a picture in people s mind that YOU are the person to contact. Networking goes beyond you and your contact. Always ask for referrals to others who may know someone with property to sell. We all know it works online a quick post can get you referrals to a good mechanic, dry cleaner whatever you re looking for. It works for real estate too. And while online is great, it s not your only game if you want to be successful. Before the internet, face-to-face interactions WORKED. They worked then and they work now. 7

9 Another important thing to remember is that successfully networking isn t always about, Hey! I need something. The art of good networking requires that you share too. Have a great contractor? Share it with your real estate contacts! It s as simple as a quick to your contact list or a mention during conversation. Greg my contractor just did another great job for me on our most recent flip. I highly recommend his work, so if you know of anyone have them call Greg at Successful networking requires you help others. The benefits are Threefold. 1) you create another opportunity to connect, 2) You solidify the fact that you are in the game by providing value or mentioning your recent project and 3) When you build Greg s business, you build your own. Guess who he s going to make referrals to when he hears about house buying opportunities. - Opportunity to connect - Show you can provide value - Referrals come back your way 8

10 No matter your experience or comfort level with networking, there are simple things to remember that will serve you well when you meet a new contact. Look for off-ramps or similarities other things to talk about that can open a conversation. It could be a logo on a hat, a picture on the wall anything that allows you carry on a casual conversation which leads us to Asking open ended questions. Most people love to talk about themselves especially if they are as nervous as you may be when first meeting someone new. So avoid a lot of questions with yes or no answers. They won t keep the conversation flowing. Paint a positive picture of yourself as the investor. Even something as simple as your address sends a message about your professionalism. You might want to dump that yahoo address for your business account. Get good quality business cards and finally, you must present a professional appearance. SIMPLE THINGS TO REMEMBER: -FIND SIMILARITIES -ASK OPEN ENDED QUESTIONS -PAINT A POSITIVE PICTURE OF YOURSELF 9

11 At HomeVestors, the associates wear polo shirts embroidered with the HomeVestors brand and have professional-looking marketing materials. Take every opportunity you can to introduce yourself and your business. It s all about Carpe Diem when you are building your network. Finally, always remember to create win-win scenarios. If you are asking for something, offer something. Don t think you don t have something to offer. That is not true. As you continue to network you can begin introducing one high level contact to another contact. When done correctly this provides instant value, and when you need an introduction, you are likely to receive it. 10

12 ACTION STEPS COMPLETED: You ve got your business cards, you have a professional address and phone to use for business. You ve done your homework and discovered all the places where you can meet the right people. You ve set your goal and have a plan to get out there and do lots of follow up. The next step is to master the art of networking. Make a conscious effort to paint yourself as a problem solver. Nurture your brand, leave positive lasting impressions, help others and always ask for referrals! 11

13 CONCLUSION: Networking happens whether you are ready or not! So why not be ready? You can plan for your networking opportunities but you also have to be ready when opportunities arise. When you develop a strong network you are really just building a system of continuous business referrals and it s a great feeling to pick up the phone and on the end of the line is someone with a great real estate deal just for you. There s a whole world of networking and education at connectedinvestors.com where we are committed to the success of real estate investors and offer a great marketplace for not only learning the real estate investment business, but also buying and selling real estate. 12

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