Building Your Network Part 1: The Power of Networking
Recently I came across two sophisticated real estate professionals. On one hand, I spoke to a gentleman who claimed that he needed no help with having clients and wanted nothing to do with referrals or more buyers for his real estate business. As always, I will not discredit anyone's business models, however i will notate and have the awareness. On the other was an equally seasoned real estate professional that claimed to have buyers from all over the world! I was compelled to think for sure this well connected professional would tell me not to bother with any kind of help. I could not be in a higher agreement when he said “....there is no such thing as too much help, there is no such thing as too much inventory, nor is there no such thing as too many buyers...” After interviewing both gentlemen, who do you think has had better success with their business?
Even wealthy, experienced investors go in on joint ventures. Whether its is helping a new investor get their feet wet, or coalesce for hefty more costly projects. You see corporations collaborate with other companies very frequently in all different types of markets to create the best possible products to make them more competitive, broaden their audience, or diversify their resources. It is a way to create and build leverage.
As you create your network, make sure to keep that win/win concept in mind. Not in just how you see it, but place your self in your client's and partner's shoes as well. You will be talking to realtors, brokers, lending officers, appraisers, title agents, people from everywhere and from all walks of life. No one ever made it completely alone. So as you build your reputation, keep in mind the quality of the companies and professionals that you are building with. If you are connected to scam artists, people are likely to assume that your business shares similar endeavors and agendas. Once your reputation shows that reflection, it is difficult to turn that around.
As a former company compliance officer and business relations, one of the objectives I can not emphasize more, is the importance of ethics. There will be an entire separate article dedicated to the topic of ethics in the near future. As you start building your network, your team, and your connections, do not ever lose sight of keeping yourself and your company ethically compliant. You never know where they might take you.
Remember the more win/win scenarios you create for your particular type of business, the more of a positive feedback you will receive from the communities and the better your reputation will become. Your business will thrive on how you will be able to help others and how well your partnerships work. Essentially it is not only your hard diligent labor, but the power of your network that will propel you to a higher level of prosperity.