Real estate investment is not always easy. It is a cutthroat industry that is full of ruthless competitors. Everyone is in search of the best deal. In some instances, it may feel as if the competitors are getting their hands on all of the best deals before you even have a chance to.
That can be frustrating, of course. Some may feel as if there is something that the competitors are doing that they need to be emulating. Are they pulling all nighters? Are they taking more time to search for various properties?
In reality, the answer is more simple than most investors realize. These investors are bolstering their prospects by taking the time to build the necessary relationships. By building strong connections with agents, property managers, brokers and all other parties involved in these processes, an investor is able to gain far more leverage.
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Building relationships is all about setting yourself apart from the rest. Let’s take a closer look at the secrets to using relationships to succeed in the world of real estate….
First Impressions Are Key
As the old saying goes, there are never going to be any second chances at making an initial impression. Whether you are meeting someone at a party or you are meeting someone for work purposes, the first impression that they have of you is going to stick. That’s why the best real estate investors take the time to monitor their tone and appearance.
The tone and appearance is what lets someone in a professional capacity know that you are serious. Most of us do not enjoy dressing up and this is understandable enough. Who likes to wear dressy clothes if they do not have to? However, wearing board shorts and slides in a professional setting screams “please do not take me seriously for any reason”.
It may not seem fair but outward appearances are always going to set the tone. Once the person has gotten the chance to get to know the real you, it is okay to dress down a bit. Place yourself in the shoes of the professionals you are meeting with and try your best to see things through their point of view.
Face to Face Meetings
There is simply too much technology available these days for people to place the same level of emphasis on face to face meetings. Who wouldn’t like to just click a button and not have to roll out of bed to have a meeting? While these strategies may be somewhat effective, telecommunication is never going to be a full substitute for a face to face meeting.
It is the best way for a would be investor to make a great impression. Taking the time to sit down with someone in person is always going to mean more to them than sending an e-mail or attempting to video chat. Ask about the experiences that they have had in the past. Be sure to show the necessary appreciation to them for taking time out of their day.
An agent is more likely to tip off someone that they have had lunch with when they come across a hot property. If an agent has never met an investor in person, they are not likely to care too much about their needs or wants. That is because the investor is not taking the time to care about theirs. Developing relationships is everything.
At the end of the day, there is no foolproof way for an investor to truly set themselves apart from all of the others. The average person is not going to be invested in your story, unless you give them a reason to do so. We all tend to take the past of least resistance. Real estate agents are certainly no different in this regard.
In order to stand apart from the crowd, an investor must avoid blending in. They will need to look at others and try their best to do what they are not doing. It is easy to fall into the trap of believing that technology is the best way to keep in touch. However, those who are willing to roll up their sleeves and embrace the old school are going to experience far more success in the real estate game over the long haul.