Whatever your real estate goals are, you lack a resource to achieve it or else it would have been accomplished already. To me this resource is always at a networking event. You just have to know that it is there and what it looks like.
1. The many people I meet at networking events.
I often meet people that attend networking events to network. I always ask these people what does that mean? They tell me its to meet like minded people and I say got it. 🙂 To me that isn’t good enough. Beyond meeting like minded people the number one reason why you should attend a networking event is because you lack a resource that can be found at the event. This resource I am talking about can be an investment opportunity, capital to invest, time to do the business, or expert knowledge to get it all done.
Yes.. Thats right. That is exactly how I look at people I meet at the events. So start looking at everybody as a resource and team up with the people that has what you need. If you need money meet someone that has money. If you lack knowledge meet someone that has knowledge.. You get the idea
List resources you lack:___________?
Along with looking for resources you lack at the event you must also provide a resource in exchange. What resource can you provide in exchange? Can you sum it up into one or two words?:
List resources you can provide in exchange:___________?
Once you finish the above point, you have completed a huge step to networking correctly. I know it was a very simple concept but this concept alone will change the way you network forever.
2. What to write on your name tag
At the event write your name and the resource you can provide under it. That way when people come to talk to you they know what you can provide in exchange. If you are a newbie you still need to bring something to the table. If you are a newbie with money write that. If you are a newbie with a lot of time on your hand write that.
3. How to Network for Maximum Return
Once your name tag is filled out you must start networking. That means you need to talk to people. Go up to people and introduce yourself and ask them what they do? From there ask them what they are looking to accomplish by attending today’s event? Listen to what they say and see if they fit your needs (the resource you lack).
Say you were looking for a money partner. Person you are talking to says, I’m looking for deals to buy. Ask them what is the price range? All cash or hard money purchase? Do you see how this person can be a potential money partner? If you don’t get it read this blog on how to see what you aren’t seeing.
If they fit your need tell them that you be a great fit to work together. If not tell them what you can provide and are looking for by attending today. From there, tell them that you will keep an eye out for their interest with people you talk to and that you would appreciate it if they did the same for you by sending them your way.
4. How the money is made
If the person i’m talking to does connect with me on a resource I lack, I make it a rule to not break apart until we clearly know exactly how we will work together. Meaning if i’m looking for capital investors, before splitting up to talk to other people, we will roughly speak about potential investment capital size, ROI/splits and each other’s business responsibilities in the potential venture… << I call this the no follow up phone call networking rule.. What I mean by that is.. Why not get everything done now and save the phone call for something else? The follow up should really be to verify what was discussed. Or to look at potential deals not to start the conversation.
5. How to verify the people you want to work with are capable people in their field?
Once you meet everyone you need to meet, you now must verify the people you met are actually capable people. If you met a potential money partner ask them to send you a proof of funds. Bank statements are even better. If you met a wholesaler ask them to send you some deals and send it over to a hard money lender for funding. If they won’t fund it, then it’s not a good deal. If you met a contractor ask them if anyone else here has worked with them before and if so can you introduce me? If you met an expert ask the event host if they know about them?
In the end, we are all here to help you succeed and that my friend is how it is all done. It is very simple.. But let me tell you that not many people realize these things and because of that they don’t appreciate networking events. As for me.. Whenever I need money, deals, additional staff, contractors or anything related to the real estate business i know exactly where I need to go which is why we do so many of them.
To your continued success,