How To Build Your Property Network
With most things in life, but ESPECIALLY in real estate, it's not WHAT you know, but WHO you know that makes all the difference.
I must admit, working in the property industry for all these years has led me to meet some pretty amazing people from all walks of life.
THE PEOPLE THAT MAKE UP THIS INDUSTRY ARE CERTAINLY WHAT I WOULD CALL A MIXED BAG.
From the real estate agents and property managers to the mortgage brokers and solicitors, building and pest inspectors, valuers, depreciation specialists and the craziest of them all - yep, it’s the clients.
Everyone brings a special something to the table and this is what makes this industry truly amazing.
Learning to master the many different personality types has been one of my greatest challenges as a real estate professional and it is only until you can do this that the game becomes a lot clearer.
Building a great network of trusted advisers and cheerleaders helps you navigate your way through property investment with ease, rather than battle the frustrations of those who go it alone.
CREATING ALLIES IN THE INDUSTRY HELPS CUT THROUGH THE CRAP AND GET YOU AHEAD FASTER AND WITH GREATER EASE, ESPECIALLY WHEN IT COMES TO BUYING.
YOU REALLY DO WANT TO BE AT THE TOP OF THE PILE WHEN THAT ONCE IN A BLUE MOON DEAL COMES AROUND.
When great properties pop up, they’re soon snapped up quick, often secured by the people who do all they can to put themselves in a first priority position.
Usually, these people are the Buyer's Agents, friends, family and colleagues of the listing agents.
AS A LOCAL BRISBANE BUYER'S AGENT, I HAVE HUNDREDS OF REAL ESTATE AGENTS ON MY SPEED DIAL AND HAVE BUILT AMAZING RAPPORT WITH MANY OF THESE PEOPLE.
Many of them I would now consider my friends.
Now I understand that not everyone is a Buyer's Agent and has this type of leverage, but I’m going to give you 4 unlikely tips on how to build a powerful network in the real estate industry.
4 TIPS TO CREATING YOUR KICK ASS REAL ESTATE NETWORK.
TIP 1 - BEFRIEND THE ROOKIE
Most people try to worm their way into the good books of the star performers. These agents have already made it, probably developed an ego and rarely have time to make buddies with newbies, especially buyers.
HARSH BUT TRUE.
You’ll probably get palmed to an assistant and never actually get the chance to form a solid relationship with this agent.
INSTEAD, TARGET THE UNDER DOG OR THE ROOKIE.
This agent is new, fresh and driven to make a mark and build his network.
If he's lazy then forget him, but if she's like most new salespeople who are bouncing with enthusiasm, then make it known that you’re in the market to buy now and possibly in the future as well.
This agent will probably give you a lot more time and attention than the top dog.
Not only this, he has access to sell the listings of the star performers so don’t worry about missing out. Eventually, she’ll be the star performer and you’ll be at the top of her list!
Pick one agent from each area you want to invest in, get on their database (and speed dial) and keep in regular communication with them. I’d suggest friending them on Facebook and linked in also.
TIP 2 - GET A 'CAN DO' BROKER
Mortgage broking exploded a few years back and there are so many brokers around now that it’s hard to choose a good one, especially if you’ve never dealt with one of these people before.
A BROKER CAN MAKE OR BREAK YOUR REAL ESTATE INVESTING CAREER SO IT’S IMPORTANT TO FIND ONE WITH THE FOLLOWING TRAITS…
Firstly, your broker needs to be totally independent.
You want someone who works for themselves and who either answers their own phone or has an assistant solely to help them.
Again, you want to build a long term relationship with this person so it has to be someone you can get along with, but unlike approaching the rookie agent, you don’t want a rookie broker. You need someone who is connected and can get the deal across the line no matter what. Brokers know how the lending institutions work and the good ones can typically structure a deal based on your individual requirements and comfort levels, that will be accepted by at least one lender.
If your star broker can't make it happen, then you're probably not in a position to start investing - yet.
TIP 3 - APPOINT A PROPERTY SOLICITOR (NOT A CONVEYANCING CLERK)
Yes solicitors cost more than conveyancing clerks but when push come to shove in a deal, where the conveyancing clerk will duck for cover, the solicitor will dig his heels in and fight for you. Trust me, I've seen this in action many times and I know who I'd rather have on my side!
There are many legal firms who specialise in property transactions and this is who you want to approach.
Again, get a solicitor who will give out his mobile number and be available to you at all times of the day, not just between 9 and 5.
TIP 4 - THINK TWICE ABOUT ADVICE FROM FRIENDS AND FAMILY
I get that your friends and closest family only want to help, but I can’t count the number of times I’ve seen investors listen to the advice of a “trusted” friend or family member only to lose out.
Your friends and family may love you and want to see the best for you, but remember, they’re not experts. If they were, they’d be carrying my title or a similar one in the industry.
Just because they refer someone doesn’t necessarily make that referral a good one. I’m not saying steer clear of it altogether, just be mindful and do your own research into people before you let them play around with your investments, even if they do come as a trusted and reliable source.
AND IF ALL ELSE FAILS?
If you’re too busy to build a network of investment experts, you can by-pass all of this and simply make one strong connection - with a Buyer's Agent.
Buyer's Agents like myself have already created these networks over the years and have gone through the trial and error of sifting through the good from the bad to the great professionals who will ultimately make up your winning team that leads to winning property investments.
At the end of the day, it's your decision but remember the old saying, your net worth really is in your network.