In the last article, we talked about how you can still flip properties – literally overnight in some cases – in this economy. However, the key to this type of speed actually lies in your willingness and ability to network and set up buyer connections ahead of time so that when a good, qualifying deal arrives, all you have to do is make the call.
Now, since the beginning of real estate investing education, mentors, gurus, professors and “guys on the street” have been pounding out the mantra: “It’s all about networking.” And that is true. However, there are so many people out there trying to network with the types of buyer that you are looking for – often without the experience and expertise they claim – that it can be very difficult to actually connect with qualified, interested buyers who are ready to act when you show up with a property to flip, even if the property is an unequivocal deal.
Today, networking is about far more than handing out business cards or exchanging email addresses. It is about effectively making connections and creating references for yourself so that when you need to act fast, people will take you seriously. Here are a few ways to do this:
• Partner with someone more experienced
You might even want to do this if you have to pay for the mentoring, as long as that person is willing to vouch for you. Many “guru’s” offer this type of program, but you need to make sure that you will get real time with that guru during which you can make an impression, and that the guru in question has the type of reputation and influence that would enable him or her to help you make connections once you have completed their program or even while you are in it.
• Describe exactly what you offer
If you can do one good deal with a good connection, then that person will likely be happy to recommend you. So start looking for deals, and make sure that you are very clear and concise when you offer these deals to investors. While you may have to give yourself several chances, once someone bites and the deal goes off, you will have exponentially expanded your networking ability and your buyer’s network.
• Recruit people online
Many real estate investors keep a list of people who meet certain buying qualifications or who are interested in certain types of deals. They may have websites set up to glean these investors’ contact information and determine what they are interested in. Then, at the touch of a button, you can contact these investors with deals, and you know that they are interested because they gave you their contact information.
In the end, few things can beat a good reputation and personal contact when it comes to selling properties fast. Anything you can do to improve your odds at this by networking in any way possible will help you expedite your short term real estate investing.
Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1200 real estate deals, owned a construction company, been a private lender, and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate investing. For more information please visit www.CoachingByPeter.com.