November 3, 2020
You need to network with your peers. This is VITAL to your success.
Why do I want to network with my competitors?
Why would I share my tips and tricks with them?
What’s in it for me?
Money. Time. Fewer headaches and emergencies. More closed deals. Better leads. Hot tips. Resources.
But the biggest thing is help. You can get help when you need it, from people who care.
Most people start their business basically on their own. You may have a partner (or a spouse along for the roller coaster ride!), but you don’t have much of a support system, if any. And like most solopreneurs, you slug it out alone, battling all the forces stacked against your success.
You don’t have to.
Networking with people in your business is more than just finding like-minded crazy dudes and dudettes willing to swap war stories and have a coffee. Done properly, networking opens all kinds of doors for you and your fellow entrepreneurs:
- Share resources, like skip tracers, lead sources, organizational systems, software/app choices, others associated with real estate (non-investor professionals), and more;
- Gain insight, tips and tricks from those who have been in your shoes;
- Learn how to avoid expensive mistakes before you make them;
- Find partners for deals, investors to sell to, good contractors;
- Gain educational opportunities to help you organize and expand your business;
- Find some deals you may not have found otherwise;
- And the list goes on and on and on….
Help is the Key
In order for networking to work; however, you MUST approach it from the standpoint of “How can I help?” The group isn’t there to just give everything to you; this needs to be a symbiotic relationship. If you withhold information from someone that could have helped them, you aren’t participating in the group. You’re leeching off of it, and pretty soon you’re going to burn all the bridges you may have built and damaged your reputation in the process.
I have had some of the biggest “Ah Ha!” moments of my career directly from my networking and mastermind groups. It’s possible I might have come across some of these ideas/systems/helpful tips on my own, but I absolutely would never have figured out half of them without my friends in these groups. And certainly it would have taken me much, much longer.
We see it all the time — someone who is highly motivated, is actively doing deals, but is struggling. They’re wondering if they made the right choice; not because they think the business is not there, but because they don’t know what they’re doing wrong. Remember when you were in that position? Or maybe you’re there now, debating whether to throw in the towel and get a “real job?”
You’re in the right place. The opportunity is right in front of you. You simply need some help, some guidance, people whom you can develop a relationship with who are excited and willing to provide assistance.
Most of all, don’t be afraid to ask. This is the most expensive mistake you can make. Most of us in this industry are more than happy to talk about ourselves, our successes, and especially we like to one-up each other for the biggest screw-ups (yes, it’s a sickness, we know!). There is a sort of weird bragging rights here, but at the same time, we don’t like to see someone else go through the pain we did.
So get involved. Join a group, or three. Participate. I can’t stress that enough — you have to be engaged and involved in the group. At first, you may be mostly on the receiving end of help and advice. But soon you will know more, and you will see someone else who is in a situation you already experienced, and then it’s your turn to earn bragging rights (even the apocalyptic kind). This is where you pay it forward. This is where you provide value.
And beyond all that, you can make some good friends, cohorts, compadres. We humans like to belong to groups with similar interests, and doing so helps you feel less alone in the world, especially when times get tough.
In real estate, you can always count on someone else to have a story that begins with, “Oh yeah, well I can top that…”
And sometimes that’s exactly what you need to hear.