12 Tips For Successful Networking + Checklist
Some people say the key to success in real estate investing is location, location, location! That’s true, but I tend to think it’s also network, network, network!
In any business, you need to network. In multifamily real estate, you absolutely need to network. Think of all the primary connections you need to have: sellers, investors, brokers, and lenders. Now think of all the secondary connections you need to have: attorneys, appraisers, title companies, mortgage brokers, and many more.
It’s impossible to be successful in real estate without a strong team.
The road to Lifetime Cash Flow is not one you take alone.
Many people say, “Well, I’m an introvert” or “I’m not a people person” or “Networking makes me uncomfortable.” But guess what? Greatness doesn’t happen in your comfort zone. Your success depends on how comfortable you can become with being uncomfortable. Bottom line… you need to get out there and network to become a success in multifamily.
In order to help you with your networking goals, we’ve put together a list of our Top 12 Multifamily Networking Tips. In addition, we’ve included a comprehensive “Multifamily Networking Checklist” at the link below.
1. Don’t just network anywhere
Focus on the right groups such as your local REIA’s and real estate Meetup groups. If there’s not a multifamily specific Meetup group, start one!
2. Develop a short elevator pitch and practice it!
Tailor this specifically to the event you’re going to, and what you’re hoping to achieve from it. People need to know what you do and/or what you’re looking for in just a couple of sentences.
3. When networking, remember you’re playing the long game.
Please don’t go trying to buy or sell when you first meet someone. You are building lifelong relationships. Multifamily real estate is a tight knit community and nobody likes the pushy first timer.
4. You need to add value.
What can you offer to help? What skill sets do you have that might add value? If someone is new to the area, tell him or her about the best restaurants. Your assistance does not have to be something huge. Just focus on adding value.
5. Focus on quality over quantity.
People will brag and say, “I met 50 people!” 5 deep quality connections are better than 50 that go nowhere.
6. Focus on receiving business cards
Not passing yours out. That way you’re in control and can reach out as soon as possible.
7. Research attendees before the event and be prepared
Know who you would like to meet and what you want to ask them. People are very flattered when you have some knowledge of their business. (google)
8. Develop and practice an “ice breaker” question, comment
Or create a statement that you are comfortable using and rehearse this with your spouse, friends, or family and become a master at it. My personal favorite is; walking up to someone with my hand outstretched to shake theirs and saying ‘I don’t think we’ve met…I’m Rod Khleif.”
9. Google yourself
Ensure that you have a professional online presence. Keep in mind that when people search your name after the event your social media profiles will typically show up before any personal/business websites. It might be time to clean up those personal profiles.
10. Focus on how you make other people feel
If you can make sure they’re having fun, enjoy speaking with you, and don’t feel awkward; they’ll surely remember you! Read the book; “How to Win Friends and Influence People.” One key is to ask people questions and let them speak.
11. Whenever possible, be a “connector.”
Whenever you’re speaking with someone, be thinking of anyone you know that might be able to add value to them. Focus on being an introducer and connecting people who can benefit one another. These introductions go a long way, in building relationships.
12. Follow the 6 steps in the “After the Event” Action Plan in the link below.
The absolute key to successful networking is your follow-up. Make calls, send emails, set up phone calls or meetings. You are developing relationships.