First Rental Property

Hi Everyone,

I hope you are doing well.

As you begin your real estate investing career, the people that you surround yourself with become increasingly important as time goes on.

Throughout your investing career, you will have many different experiences and will face many different obstacles.

The people that you surround yourself with will either be able to help you during these tough times, or they won’t be able to help you a all.

It becomes increasingly important that you network with purpose, because as you encounter obstacles as a real estate investor, you want to be able to reach out to people that you have met along the way that will be able to help you.

As an aspiring real estate investor, the challenges that you face will be quite different than the challenges that someone who owns 5, 6, or 7 rental properties will face.

This is why it is also very important that you are meeting and networking with new real estate investors, with varying levels of experience.

You constantly need to be adding on people to your social network.  When I say social network here, I mean it in the context of people that you know that you can reach out to at any time.  Whether it be during a time of need, or just to simply say hello.

Birds of a feather flock together

I pay attention to detail and I have noticed some similarities within real estate investment groups.  In these groups, real estate investors with similar levels of experience tend to gravitate to one another.  They gravitate to one another because they have something in common.  For example, aspiring real estate investors who have not purchased their first rental property can often be seen associating with other aspiring real estate investors.

Further, real estate investors with one rental property may feel comfortable hanging out with others who have just bought their first rental property as well.

In addition, real estate investors with multiple rental properties often enjoy the company of others that have also achieved what they have accomplished.

Real Estate investors just like the rest of the population tent to gravitate toward and feel comfortable around people that share similarities with them.

It is your responsibility to know that in order to become a better real estate investor, you cannot always hang out with people that have the same level of experience that you do.

In order to get to the next level, you have to network and hang out with real estate investors who have accomplished more than you have.

So how does one network properly?

Networking properly is really quite simple.  It is something that I have been very good at, however, it came so naturally to me that I never even realized that I was good at it.  I began to realize that I was good at it, when people started to ask me for advice on how to network.

In my opinion, here is the most important thing that you need to do when networking:

YOU NEED TO LISTEN

Many people think that networking should be an intense experience where you go out to an event where you need to power through the room and talk to every single person in the room and exchange business cards with each and every person.  To some, this may be an ideal form of networking, however to me, it is a waste of time.

If you approach networking as an opportunity to listen to what people have to say, you will find it tremendously worthwhile.

SIMPLY APPROACH PEOPLE AND ASK THEM WHAT THEY DO

Students of Dale Carnegie know that people like to talk about themselves.  The more you can master listening to others, and talking less about yourself, the more the other person will appreciate the conversation, and the more you will learn about the other person.  (I highly recommend trying this if you have not done this before — you will be very impressed with the outcome)

Be genuine.  Listen to what the other person has to say.  If you feel a good connection with this person take note.  Also, if they repulse you beyond believe, also take note.

IT IS NOT ABOUT TAKING, IT IS ABOUT GIVING

Another very important lesson that people have to learn is that you don’t enter into a networking event to take from others.  You enter into a networking event to give to others.  If you listen to what people have to say, and where appropriate you offer them help as to how they can improve their real estate business, you are providing them with real value.  You have to be genuine with your intentions.  If you cannot offer them any help, don’t.  Just listen to what they have to say, and perhaps follow up with them at a later date and time with any help that you can offer.

It is also a good idea to follow up with them at a later date, asking them to talk more about themselves.  For instance, if there was something that they had mentioned in their real estate business that you found particularly interesting, take a mental note of that.  Ask them further about this, and let them talk about it.

The bottom line is that people enjoy talking about themselves.  Allow people to talk about themselves and you in return will benefit a great deal.  You will learn a lot about them, and the other person will have appreciated the conversation the two of you had shared.

In summary, networking as a real estate investor is not that hard, you just need to focus on doing the right things.  If you approach every real estate investment group meeting with the same game plan, you will be very happy with the outcome.

To network properly you need to first listen.  Listen to what others have to say.  Let them talk.  You do not talk.  If you are talking more than they are, you are not listening.

You then need to simply ask people what they do.  Let them explain what they do, and let them tell you all about their real estate business.

Finally, never approach the activity of networking from the position that you are looking to take from others.  Always keep on the forefront of your mind that you are there to give something of value to others.  Look to help others with their real estate business.  Perhaps you can share with them the name of a good property manager, the name of a good painter, or you can share with them some of the key things that you have learned as a landlord.

Make these 3 changes to how you network, and you will notice a dramatic change in how people respond to you.

Best Regards,

Neil Uttamsingh

PS: To keep up to date with my blog, enter your e-mail address on the LEFT hand side of the blog.  To receive The First Rental Property Newsletter, enter your e-mail address on the RIGHT hand side of the blog.  In the newsletter, experienced real estate investors will share with you how they purchased their first rental property.  They will also share with you some tips and tricks in order to help you get started.