5 Networking Tips for House Flipping Beginners
It’s important to find team members that are on the same page as you. What you’ll find in this business is that so much of it is relationship building and getting to know who the players are in your area, who’s a good real estate agent, and who are the people that are making things happen. Then you can start to create relationships with these people.
This is why having a great real estate investor, money guy, and a good contractor is so important. It’s not just about sitting behind a desk and shooting out emails or putting a buyers list together with a sellers list and hoping the money comes. It’s about getting out there and doing the legwork and networking to meet people who can help you achieve your goals.
Getting out there into the action, seeing who’s doing what, following the leaders and copying what they are doing is a side benefit as well. Having a mentor or a coach who has connections you can tap into is helpful too. It’s up to you to create these relationships, develop your style and build upon your own network to get business done.
Here are five networking tips for house flipping beginners:
1. Create an effective business card
A lot of people underestimate the power of a business card. Through my experiences at hundreds of networking events, it is easy to tell about a person based on their business card before I even read it.
A few things to consider when designing your business cards:
- Choose easy to read fonts large enough for anyone to read.
- Be careful of using colored fonts or a colored card with white writing – those are hard to read.
- Make sure to put your business name, email, website and phone number – if you have a tagline, put that on the back of the card.
- When any of the above change, order new cards – DO NOT cross out old information and hand write new information – that shows sloppiness and an unprofessional impression.
- A standard, rectangular card is best – the new designs that have perforated edges or come in different shapes can be hard to read, easy to lose and can look tacky.
- Use good stock card material – the sturdier the better.
You can use a company such as Vistaprint for about $20 a package. There are plenty of other companies out there, so choose the one that feels best to you.
2. What is your 30-second speech?
When meeting other people related to your business, your 30-second speech or your “elevator speech” is how your will introduce yourself effectively.
As a real estate investor, networking is one of the most important parts of the job, so when people ask you what you’re doing, this is where your “elevator speech” comes into play.
Think of it as your pitch – what are the most important things you want to convey to grab their attention in 30 seconds?
The answer may be different based on who you might be talking to, but regardless, keep it simple. A good elevator speech engages people by sharing a little information about your business and yourself, and you want just enough to pique their interest into asking you more questions to keep the conversation going.
Your mindset plays a big role in this too. If you’re not excited about what you’re saying, then your listener won’t be either.
This then gives you the opportunity to start telling a little bit more about what it is that you do. Make sure you can comfortably speak this speech without sounding like you're reading from a text. Practice in front of a mirror or to a friend.
3. Get there early
One thing I always suggest is to get to meetings early. I always like to be the first one in the room, that way I’m not walking in there when everyone’s already formed their own groups and conversations. Get in there early and meet people as they come in, that way you can engage them in conversation more easily.
4. Challenge yourself
During a networking event it's a great idea, especially as a beginner, to introduce yourself to at least three people. This can get difficult because oftentimes you will end up talking with someone for longer than anticipated. But how do you move on to the next person without being rude?
Let's say for example that you’re at an REIA event and you happen to be talking to an individual, after you strike up a good conversation, exchange business cards, and feel like you’ve talked long enough. The simplest way is to excuse yourself because you need to meet and greet some other people.
In any networking event, if you can make three or four good contacts that night or maybe more, then that’s a good night in my opinion. Whatever you do, don't be the guy that goes up to everyone in the whole room and asks for business cards without making any conversation at all, because that simply doesn’t work.
5. Follow up emails
When you have a really good conversation with someone, you may end it by saying, “Hey, is it all right if I give you a call or follow up with an email to get together?”
In so doing, you’ve created an action step. You’ll know how motivated they are too by their response to your question. If they say yes, then you’ll want to jot that down on their business card and make sure you follow up with them with an email.
Keeping in contact is very important in networking, and exchanging the business cards isn't the only step. Follow up with people, see if they would be interested in meeting up to talk more in-depth, and get something on the calendar while it's still fresh in your mind.