Build relationships, not teams

Build relationships not “teams”

Today I just wanted to share a few thoughts on something I see a lot of on BP. That is the new investor out to build their “team”

The professionals you seek out, are not employees to plug into your system. These are professionals that are out working hard attempting to put food on the table every day. Here are some important things to consider when working with professionals.

Managing expectations might help close more deals.

If they are good, they will not have and unlimited amount of time to devote to you.

Don’t get that statement twisted, they should always give you exceptional customer service. Lets use real estate agents for example. It’s probably not a good idea to rely on them to teach you everything you should know about your market.

A great real estate agent can give you lots of knowledge, but try to stay cool if they cannot get back to you right away with the comps for the 100 foreclosed, abandoned, or short-sale properties you are interested in.

Remember, there is only so much time in one day, and a professional must devote that time to activities that bring money in, if you are not helping bring money in, you may not get as much time as the investor closing 10 deals a month with that agent. Don’t take it personal, one day you will be closing tons of deals, and you will get the 5 star time allocation from the agent.

Instead, use public resources out there to get somewhat reliable comps for properties you are interested in. Narrow down your search, know exactly what you want, and come to an agent when you are ready to buy. Present your information, and they will be able to quickly advise you on the numbers you have come up with on a very focused list of properties. You will close a deal, and both parties will come out on top.

Eventually you will become so proficient, you may not even need an agent to buy or sell.

You expect a professional, so strive to be one yourself.

Build your network, and forget the “team”

There is a quote out there that says “The bigger your network, the bigger your net worth” and this is absolutely true.

Stop looking for individuals to fit into your “team”. Stop going out looking to “interview” real estate agents, accountants, and lawyers.

Instead, get out to all the local investor meetings you can manage, start interacting with other non real estate related groups, online and off. You will meet tons of people. All these people you meet may have the potential to solve a future problem you may have.

Ask for referrals to the best professionals. You will start hearing the same names over and over again. When you hear the same names over and over again, go and study these individuals. Observe them.

Who are they working with?

What projects are they working on?

What are their hobbies?

What do they do with free time?

Find out everything you can about them, and then come up with ways to bring value to them in a business or personal relationship.

Next, do the same for all the second best referrals in your market, and so on.

Having 3 or 4 alternatives will ensure you always have a place to go for a solution to a problem, and if you are constantly bringing value to the people you know, they will be happy to help you.

Be willing to put in the time to grow a network that is integrated with personal, and business life.

Be patient

No really, be patient. Network building takes time. Lots of time. Everyone needs to improve patience every day. Check out some one my other blog posts where i talk about the methods I practice to build mine.

Thanks for taking the time to read. Please share your thoughts below. I look forward to hearing from everyone! :)