In today’s episode, I want to talk about meeting with people and why I truly believe that you should always be making new connections, meeting new people in your industry and your local market, and trying to help people out.
Shooting emails and sending texts is great, but meeting face to face to find out about someone’s business is very important. Meet them at Starbucks, a coffee shop, a diner, whatever. I find that coffee is a little less distracting than a restaurant where you’ll be interrupted by a server. That could just be me, but either way, making those connections is huge.
On Monday’s episode I mentioned that I was going to meet with a new real estate agent. He was recommended to me by an investor from out of state who I met online, and I decided to pursue him. Whenever another real estate investor mentions working with a realtor, title company, insurance company, or anything else and having a wonderful experience, I make sure to get their contact information so I can set up a meeting with them. So yesterday I had a meeting with a new realtor who has only been in the business for about five months, but is extremely aggressive and hungry about the business. He’s definitely someone who is is willing to listen to other people who have more experience and try to learn from them. We had a great conversation and I really laid out for him what I’m looking for in a realtor. I want a lot, I need a lot of commitment, but in return I let him know that I’m a serious investor with funding behind me. I can buy houses right now if he brings me great deals. I’ve had too many realtors bring me something that they describe as a deal but that really doesn’t make sense to an investor. Those are not the realtors I want to work with; I want to work with people who care to find out how I calculate a deal and how I look at properties. This new realtor has a definite interest in going out and taking a look at houses in that way. That’s awesome, and I want to teach him how to go through houses and calculate rehab. I want to train him, so that eventually he can go through on his own and calculate rehab, and I can be confident that he can do those calculations for me. If my realtor can walk into a house and know what it’s going to be worth after renovation and can calculate rehab accurately like I do, that’s a realtor I want to work with. That’s someone who is worth his weight in gold to me because we can move a lot faster and take advantage of that knowledge so that both of us make a lot more money.
I explained to him that when you help me buy a house, you’ve essentially locked two transactions: you’ve locked the transaction of helping me buy the house, but I’m also going to let you list it when I flip it. It really makes sense to take care of a good investor, someone who is serious, who understands the industry, and who has or can get the financial backing to pull the trigger on deals.
There’s no shortage of realtors out there, but sometimes there’s a shortage of realtors that make sense for my business, understand how I work, and are really trying to cater to an investor. Those are tough to find and you will have to go through a few to find a good one, but once you find a good one hang on tight and you both will make a lot of money. I really suspect that this young realtor I met with today has that ability: he’s teachable, hungry, aggressive, and a hard worker. I really think that, given a little bit of time to work together and teach him how I run my business, we can do some great things together.
I really encourage you to meet with people and to ask other real estate investors questions about their business. Find out some of the resources that they’re using, and be willing to share your resources with them as well. You have to have that mentality of abundance; there is more business and money out there than you could possibly hope to consume yourself. There’s enough for everybody. Nothing in this industry is so secretive that you shouldn’t be sharing it with other people. I want to do everything in my power to show this new realtor how investors look at houses, and if that knowledge helps him be more attractive to other investors, that’s great! That’s exactly what it should be. I have no problem sharing my systems with him because I want him to be more valuable to me, and if that makes him more valuable all around, great! He’ll be successful, I’ll be successful, other people will be successful, and I see no problem with that. That’s just how I look at it, and I think you should too. Don’t get caught up in hoarding your resources and the people that work for you. By the time I teach this young realtor how to look at houses from an investor’s standpoint, the relationship will be valuable enough that I will never lose him as a realtor.
I highly suggest that you go out there and start making connections with people. Ask questions about their business, be genuinely interested, and be willing to answer questions about your business. I really think that is the key to success.