OfflineNetworking does not just entail:
-Going on DG or CL or Lead Tackle or any other re social spot telling people you're a buyer and have homes or can get others homes
-Posting ads for houses you really don't own
-Adding to a phantom list of buyers who may not be who they say they are
-Going on a site and misleading people to who you really aren't
Networking mostly entails:
-Face to face interaction. Nothing better than and more convenient for you then when an attorney or cash buyer or title processor or mortgage broker calls you and tells you about a client they have who needs a home or a house they have they want you to sell or find a buyer for. That happens mostly from personally knowing and interacting with that person(s).
I always say "Its Business never Personal" but actually it is very personal because all the people I deal with on a regular I have a personal connection to. We're not particularly friends, but there is a respect factor in that we feel comfortable with each others business and livelihoods in each others hands.
-Long term relationships: This is what is needed to survive. In the beginning normally everyone is frantically chasing that elusive dollar but when you're able to gather a buyers list from referrals, that is when things become easier and safer. "Yeah Jimmy from Equity Mortgage reffered you" puts you in a better position because thats a buyer who someone else vouched for that you could trust more than someone who answered a ghost CL ad. Or if an atty calls you about a client who is looking for a house and needs your services. Thats when you know you're doing something right.
MORE THOUGHTS. AND FOR THE SAKE OF KEEPING THIS STEADY AND NOT AN OPINION THREAD, LET MOST OF THE COMMENTS BE FACTUAL COMMENTS FROM THOSE WHO HAVE COMPLETED RE TRANSACTIONS AND THEIR METHODS. THANKS
You're exactly right. It' a people business. When I'm out and about I talk to ppl and ask if they own or rent-if they rent, I ask why don't they own. Would you like to own. I then find them a house. They Thank me and tell all their friends and family and then they call me. I pass out cards everywhere, grocery, bank, gas stations, resturants, church etc. I talk about the foreclosure issues and ask if they or someone they know is experiencing hard times and getting ready to lose the home.
If you don't schedule it and do it, it won't get done.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Elix
Your wright about long term relationships.I have several Realtors that I get rehab referrals from, and one of them is an investor to, he is my barber's son inlaw. I did nine rehabs for him to flip in 2008.
Well I'm writing this my son just called to tell me that the guy who owns a couple of doubles across the street from him,came over and asked him to have me give him a call. He saw the signs on the truck (We buy houses any condition). The best part is he is on the board at a bank,he can not buy but wants to hook up with me to invest. Said two doubles where just given away last week,and he is not working with anyone so it was a missed opportunity.So your wright you never know where you will me someone to network with.
Back to the Realtors, One Realtor I deal with I met when I bought a house from her twelve years ago. I have given her hundreds of referrals over the years. Now she shares her office with a Realtor who handle bank REOs and they now call me with deals before they go to mls, I get a head start.
Well I'll leave space for some others.When I started reading this thread I thought you might be getting ready to become the next GURU.
Jim
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Networking does expand much further than many people would think. I have a bankng background, and the first deal that I ever funded with private money was with some of my clients who I now call my partners. But the only reason why they even knew I was in real estate was because I built the rapport with them that extended beyond the products and services that I was providing them at the bank. Once you build the rapport and they give you the opportunity, then perform. Do want you say you can do, and you will have private money at your disposal.
Jeremy K.
I've held 3 cigar networking events per year for the last 2 and they have been monumental; tons of agents, brokers, title brokers, attorneys, etc come, put their business cards in the bowl, and pass cards out to everyone else involved.
Now granted cigars and cigar smoke is not for everyone, but find a niche that you know will atract people and that to me seems like an easier and less games playing way of building your buyers list. You actually want an ally list; put yourself in a position where people know who you are and what you can do. Be that person that if a person closes a deal with someone they met at your events, they come to you with a lead or referral. Be 'That Guy'....or 'That Gal' that people need to know.
Elix
Another good ideal, where you with this info four months ago.What are you going to do give us little tidbit at a time? Come on get on with it, just spill all the beans now.
Jim
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
its just that sometimes I feel like I have a responsibility to help out more because with all the misleadings lately on here with people being fraud about financing, asking the same "i'm a newbie, I read all Deans books, been on here looking for the past two years and where do I start" questions.
I think its way past time for people to get off of DG and other sites and make them understand that posting ghost ads and speaking in capital letters does not make you an investor if you can't even have a conversation with someone. That will NOT get you to the closing table any faster; actually the lack of personal face to face social interaction actually can impede your long term progress.
Get out there and politic
A lot of what Elix says I agree with. I have not done any deals yet, not saying I haven't tried, but getting good contacts is key in this business. I have contacted several people since getting started on this website and Elix is one of them, he is so helpful.
I have tried to help others as well, I don't believe a person should get on here just for themselves and ignore what other people need. I helped like 4 others wanting to get started birddoging and I told them how I did it all within a couple weeks time. I will help anyone that asks. If I don't know the answer I will refer to someone else.
I also have met a lot of wonderful people here. I find out a lot of info and I meet like minded people that are willing to work with me. I not only contact people here but I get on the phone and form relationships with lots of others.
I believe one of the reasons I haven't made a deal yet is because there are so many people with certain criterias that they want met and sometimes it is hard to find those kinds of property for them. At least that has been my experience.
Elix in his infinite wisdom, told me to find buyers for sellers instead and see if that doesn't work better. It has and I am looking forward to getting some transactions put together.
It also helps to join groups, I did this on greenpearl and I believe people can find all sorts of investors there as well as linkedin and facebook. What Elix said about having long standing relationships with people is a good way to form a good business structure.
Good luck to you all and I hope you are successful.
There has to be a person to person contact involved. I will admit I did like a lot of people said run ghost ads to get buyers and such with very little luck. Seems like they know you do not have a property on hand but instead looking for a buyer first. All the realtors I deal with locally where I live when we do not have the time to meet in person we use email or just a short phone call to keep in touch and touch base with each other. It is just more personal to meet in person and when not possible them make take time to make a short call over the phone.
Shawn