Networking is perhaps the most underestimated resource every single investor has. I am constantly amazed at how in a world as interconnected as it is, I am constantly seeing how little we leverage each other to get more deals done. I sat recently and wondered why and came to some conclusions:
There are probably several reasons we can come up with that aren’t written down here. The point is all of these above and more keep us from simply reaching out to others, much less doing business with them. Take for example social media.
While I like social media, it will never and I mean NEVER take the place of a phone call for someone like me. Why? Because as much as I love wholesaling, I am also a Buyer. And I would never send tens if not hundreds of thousands of dollars worth of checks off something seen in a text message or tweet without a conversation with the wholesaler. In fact, many times the Seller is even brought into the loop. And that’s ok if we are acting ethically! Social media has clouded the idea of what a good old fashion relationship looks like. In fact, if I hear from someone on social media, you can be sure a phone call is coming soon. I want to know who I am talking to. I want to know if they are interested in building a relationship.
When you take the time to build relationships with others, it is astounding what can happen. At a minimum, your opportunity for deal flow will increase. At a maximum, the sky really is the limit.
So who do you talk to? In a word… everybody! Make sure everyone knows what you do. Make sure they know about your deals. Make sure you know about theirs if they are an investor. Make sure you learn a little about their business if It even remotely seems like they could buy from you someday.
Lastly, don’t forget after the sale. Once you do a deal with someone, keep in touch! You never know what kind of referrals can come from doing business with someone. I did a deal recently with one person that led to another 6-7 more deals. This is fantastic. And it’s repeatable.
This subject could be split across articles but just remember this. Networking is one of the most powerful resources you have. Use it and good luck!