Networking - Crucial to Real Estate Success

By Christopher Levarek

“Networking is not about just connecting people. It’s about connecting people with people, people with ideas and people with opportunities.”

- Michele Jennae

Today we talk about the most important piece of investing in real estate, networking. Why is this so important for successful ventures in real estate? Where can someone go to network anyway? Lets dive right in…

Real Estate Investing is a Team Sport

When it comes to real estate investing, this is a team sport. A single individual can be very strong in a specific area but it is very rare that one person can execute effectively on all aspects of a real estate investment alone. What roles are needed for real estate investing? Let’s list out some of the common roles needed in a Real Estate Investment Acquisition/Project:

  1. Lawyer/Title Company

  2. Real Estate Broker/Agent

  3. Accountant

  4. Mortgage Broker

  5. Insurance Broker

  6. Handymen

  7. Property Inspector

  8. Construction Contractors

  9. Property Management

  10. Coach/Mentor

The list above is not exhaustive and the bigger the property type, the more additional team players would or could be involved such as a Capital Raiser, Professional Underwriter, Securities Attorney, RUBS company, Cost Segregation Consultant, Renters Insurance company, Website Specialist / Photographer, etc.

The point here is that investing in real estate requires relationships. Relationships require networking and finding the right people to fill the roles that you need to be successful in your investment. Whether you are looking into a buying a Storage Unit complex, renting your Single Family Home or investing into a 100-unit apartment, having the right relationships is essential.

You Only Know What You Know

Most people are familiar with a Single Family Home(house) and will at some point in their lifetime purchase a home to live in or at least examine the possibility of such a purchase. This is a prime example of how we only know what we know. Due to most of society being unfamiliar with real estate beyond owning a single family home, the idea of investing in real estate seems far-fetched and intimidating.

However, when a person networks or is around other individuals with different experiences, said person is exposed to a number of new ideas and opportunities they never imagined. This is the true power of networking, opening the mind to alternate possibilities.

When networking for real estate, a person could meet a house flipper(think HGTV), a contractor who does new development(building new real estate), an investor with over 600 apartment units and a single mom who rents 9 single family homes out of state, all at the same event. You can imagine how this would open up the possibilities to someone only familiar with owning their personal home of residence.

Ok, But How Does One Network for Real Estate Anyway?

google.jpg

Networking for real estate is much the same as attending a sports game at the local bar and often just as easy to find when you look. Its simply a gathering set up for like-minded individuals at a set location in order to talk about real estate. There are a number of apps that facilitate the arranging of such “investor meet-ups” and we will list a few methods to find an event:

  1. Meetup - This app is used both from a mobile or website to view thousands of events set up by people on a variety of topics from cooking, speaking a foreign language and in this case real estate. You can even set up your own event.

  2. Biggerpockets Events - This is a feature of the Biggerpockets.com online real estate community which showcases events set up by members and enables members(free or not) to browse and attend events anywhere near or far. You can even set up your own event.

  3. Eventbrite - This app is much like Meetup. Simply search for real estate and sign up to attend an event. You can even set up your own event.

  4. Local REIA’s - REIA stands for Real Estate Investment Association. These organizations are typically in every large city throughout the United States and can be found by simply running a search in web browser for “REIA location/city”. These groups hold a multitude of events related to real estate. Here is an example of the AZREIA or Arizona REIA group.

  5. Real Estate Conference - Every year real estate conferences are held throughout the United States. These can be found on some of the previous listed apps above or searching for “real estate conference insert year here” in a web browser. You can also look into typical conferences by top Real Estate professionals such as Joe Fairless, Rod Khleif, Brad Sumroc, The Real Estate Guys, Michael Blank and even the Bigger Pockets Conference.

Additionally, online networking can be achieved through typical social media outlets or online communities such as:

  1. Biggerpockets - The number one online community for real estate investors and like-minded people interested in real estate.

  2. Facebook groups - Search in Facebook for “real estate group” or “real estate mastermind” or “real estate investor group”

  3. Instagram - Search in Instagram for hashtags such as “#realestate, #passiveincome, #realestateinvestor, etc” or any of the real estate professionals listed above and follow those feeds to interact with like-minded people.

  4. Linkedin - Network with real estate individuals directly by searching “real estate” or similar words under the People category.

In Final

Real estate investing is a team sport and networking with people in the real estate space allows for major mindset shifts and expansion. We greatly recommend attending at least one real estate event per month to truly open up your mind to investing possibilities and grow your network. In fact, start now by following and interacting with us on Facebook and Instagram , @valkereinvestmentgroup. Invest Smart!

Chris LevarekValkere Investment Group