Are you making mistakes when networking in real estate and maybe you don't know it or aren't acknowledging it?
One of my favorite quotes is: “Luck is when preparation meets opportunity.” This was said by Seneca about two thousand years ago, and it couldn’t read more true than today.
Every day I work with real estate investors across the Nation and I see several common mistakes when it comes to networking that I’d like to share with you.
Here are the 5 common mistakes when it comes to real estate networking:
1. Too Nervous
New investors are nervous when going to a networking event for the first time. This is fine and completely normal! Just don’t let this hold you back from actually attending the meeting. Being nervous and excited is natural. Just remember that everyone else at that networking event went through the same emotions as you at their first networking session.
Here’s a quick tip if you need help with the nervousness: Bring a like-minded friend with you to the event so you’re not alone!
2. Too Busy
Some amateurs think networking can be a poor use of time. They look at being social as a waste of time rather than an integral part of business. Remember, luck is when preparation meets opportunity. The opportunities are out there, and, typically, the best opportunities get pushed out to someone’s network (i.e. people they trust) before the opportunity goes out to the public. If you aren’t networking then you aren’t seeing a vast majority of opportunities. By being “too busy,” you don’t even know what opportunities you’re missing out on!
3. Too Lazy
A big mistake amateurs make is giving up when something isn’t handed to them easily. Let’s be real. There’s no instant gratification in this business. If we wanted instant gratification, then we’d just post pictures on Instagram all day. Quality networking & relationships take time to develop, just like your business. Don’t be lazy. Put in the work! Always remember that the word WORK is in NETWORK!
4. Too Smart
Some have the misconception that they know everything and can go at it alone without ever setting foot in a REIA (Real Estate Investors Association) meeting or having to make a phone call. Instead of joining REIAs or utilizing an already working system, the “know it all” tries to re- invent the wheel. Specifically for a wholesaler, success comes from building a network of real estate agents & cash buyers in order to wholesale houses efficiently and effectively! To grow as a real estate professional, you must have a growth mindset and always believe that their is something else to learn.
5. Too Cheap
Don’t be the cheapo who never goes to a REIA meeting because it may cost $10. Don’t be the cheapo who never takes anyone out to coffee because it may cost $10. You may not see an immediate ROI on attending a REIA or buying someone coffee/lunch, but, trust me, it will pay off tremendously over time!
Well, there you have it: the 5 common mistakes of real estate networking!
P.S. Here’s an in-depth guide on How To Build Your Real Estate Network when you’re ready to get started!