Being able to tap into a network of people who have more experience and knowledge than you can boost your success.
Anyone who has spent time in real estate knows just how valuable relationships are. Growing your business and expanding your portfolio takes connections.
Do you have the connections to get you where you want to be?
No doubt you’ve heard the phrase, “If you want to go fast, go alone, but if you want to go far, go together.” It’s not just the “go together” part that is important; it also matters with whom you are going.
Most investment fields have a group or organization designed to advocate for them. For many of you, that organization is your local real estate investment association. If you’re not involved in your local REIA, you could be missing out on substantial opportunities to take your business and investing to the next level.
As a solo entrepreneur, your success is limited to your experience and what you know. And you usually don’t know what you don’t know. But when you surround yourself with the right people, individuals with a depth of knowledge and expertise far beyond your own, suddenly a world of opportunity opens.
Find the Right Room
It can be intimidating to put yourself out there, to ask for help, or to admit that you don’t have all the answers. This is only natural. After all, human beings tend to be creatures of habit who avoid uncomfortable situations. But the reality is, if you’re the most successful person in your group, the smartest person in the room, then you might be in the wrong room.
If you are serious about your success, it’s time to find rooms filled with people who have more education, more experience, and more success than you. Become a sponge. Listen, ask questions, and soak up the experiences of others.
What you put into a relationship usually affects what you will be able to get out of it, and it’s no different in business. The more you put yourself out there and get in the conversation, both helping and soliciting help from those around you, the more likely you will find people willing to become part of your development and success.
Regardless of where you are in your career, you will always be able to find people farther along than you; people who have spent countless dollars and hours to achieve a level of success you are still striving for. There’s a good chance they have experience and wisdom that can save you time and money in your business. Why not capitalize on their sweat equity?
REIAs and similar organizations are great places to expand your knowledge base. Your local REIA will usually offer workshops, seminars, webinars, and courses on various topics related to real estate investing, including market trends, financing, legal issues, tax strategies, property management, rehabbing, wholesaling, and more. These courses often include face time with more experienced real estate investors who have been where you want to go, with a wealth of knowledge that can help guide you. You can also get access to exclusive deals, discounts, and resources from REIA’s partners and sponsors, directly helping your bottom line.
If left to its own devices, the market will generally evolve to value profit over people. That is why advocacy is so critical—nationally, locally, and for the individual investor.
Protecting and preserving your rights as a businessperson and entrepreneur is incredibly important. REIAs monitor legislative developments that impact the real estate market. They also influence policies and regulations that affect the interests of investors and property owners. They inform members on pertinent issues, educate them on how to comply with laws and regulations, and amplify their voice when communicating with relevant elected officials.
Your local REIA enables you to become part of a larger community of investors who share your passion and vision, with connections and resources to support you legally, should the need arise.
Another benefit of finding your tribe is the chance to network with like-minded professionals. You can meet people who have similar goals and challenges as you do and who can offer you advice, support, referrals, or partnerships. You can also meet people who can provide you with valuable services (e.g., contractors, agents, lenders, attorneys, accountants, inspectors, appraisers, and more). Building long-term relationships with these kinds of people and leveraging their expertise is a great way to grow your business.
Entrepreneurs are very capable by nature, but everyone can use help from time to time. Some investors have the time and energy, but not the resources. Some have the resources, but not the time. Finding a connection with someone who has assets you might lack presents an opportunity to build a partnership that benefits both parties.
Truly successful people never stop learning or seeking opportunities to develop themselves. Regardless of what type of investor you are, do your future self a favor and get more connected with those in your field who have been where you want to go. You never know who might want to partner with you to help get you there.