Your Network is Your Net worth

Networking relates to connecting/interacting with people and ultimately creating your presence (both professional and social). But this has become a daunting task in the given market situation. The coronavirus pandemic has thrown up an unprecedented crisis for the nations and businesses worldwide. Now networking has merely been reduced to telecommunication. But this does not subdue the need for network creation in real estate.

In real estate, a widespread network is equivalent to having social capital and an added jewel to your portfolio. It helps you to create an amiable impression in the market. Moreover, it sets your credibility and results in added positive responses.

Bringing in an investor is just one piece of the puzzle, connecting and maintaining relations is what completes it. Networking gives you a deeper understanding of market trends. The more comprehensive your contacts are, the more opportunities will land in your way. If you are securing properties in a new neighborhood, getting to know other brokers and landlords can make your management easy as a pie.

Ways to expand your network

1. FIND a Mentor- Getting advice from an expert might benefit you. It is often problematic for a newbie to enter and earn profits from their investments. Seeking direction from an expert gives you a fresh perspective on the market and its trends. Additionally, exerting leverage on someone else’s experience is not a wicked way of driving towards success.
2. ATTEND Events- Attend as many conferences, meetups, or seminars as you can. When you attend frequent meetups, you Leave a Mark on the attendees and give off an impression of an active syndicator. Engage in thoughtful conversation. You need not be an expert on the topic, surface-level conversation holds people’s attention better. Convince them that you are genuinely interested in this field.
3. APPROACH prospective Investors- Building trust and rapport go a long way in procuring reliable sources of capital. Once you are sure about the opportunity you want to invest in approach your investors. Organize your meetup, contact investors to come in, and deliver your impeccable pitch. Always remember investors only give you their soft commitment- hence aim for more funds than required.

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Conclusion

Whether you are starting out or are an established firm, your main aim should be to involve and maintain relations with the investors. They are your source of equity and lend you a smooth funding route. Without a reliable source, your business might go off-track. Therefore, just remember the 3 evergreen steps- FIND, ATTEND, and APPROACH.