When you set out on a career in property investment it will take time to build up your contact list, to get to know the experts who will guide you and unfortunately some people lose patience with this particular task. We cannot reiterate how important it is to build up your contacts in the industry, to expand your knowledge base and put yourself out there. Looking to go it alone every inch of the way is possible but it is a long hard road. What if you had company along the way?
Contacts open doors
You will find that contacts literally open doors to new deals, new investment proposals and new partnerships. Like any other investment sector the property market is rife with rumour, counter rumour and it is very difficult to keep something secret for too long. It is therefore vital that when looking to invest in property you have the correct contacts, are able to gain access at the earliest opportunity and you build up a rapport with other investors.
If you are dealing with somebody you have never communicated with before there will be trust issues. It will take some time to get to know each other, even if there have been recommendations, but if you already know the person from the past it makes it so much easier.
Keep plugging away
If you are serious about long-term property investment you will likely come across an array of very attractive deals over the years. You may decide to invest in some of them, you may miss the boat in others but if you keep plugging away then the right deal for you will eventually come along. Isn’t it funny how those who are deemed “lucky” in business are those who try hardest? As some famous investors have said, the harder I try the luckier I am.
You may be offered deals which are not within your investment remit and you have to turn down. This is not always the end of the world because as long as you make your contacts aware of the type of deals you are looking for, one will eventually emerge. It is also worthwhile keeping contact with those in the industry on a regular basis even if there are no deals to be done. Keep your name in their mind, continuously discuss what you are looking for and at some point they will put you together with the deals you are after.
Never stop networking
There are many different levels of networking from blatant self-publicity to a more subtle approach where you handpick a number of people to work with and get to know them better. The amount of networking you are able to do will depend upon your time and also your personality. Not everybody is able to walk up to complete strangers, begin to talk about business and build up a rapport.
Those who are ultra-successful at networking and closing deals are the ones who give and take in a business relationship. Sometimes they will come across deals not in their remit but perhaps interesting for one of their contacts. The opportunity to present a deal to a contact unlikely to have come across it without your assistance can certainly score you a few brownie points. Save them in the bank and use them when the time is right!