Real Estate Investor · Calgary · Member since 2008 · 92 posts · 3 votes
I know networking and letting others know you buy properties is one thing you need to do to build a client base persay... But how do you go about it? How to bring it up? What to say? Who to speak to? What limits?
What is your practice or techniques on letting people know you buy properties or asking people if they know of any properties available at discounts without coming across as an annoying salesperson.
My experience has always been that very few people are annoyed to hear that you buy properties, especially when they are selling. It's trying to sell properties that people don't always want to hear about.
Start by telling all of your family and friends. You might even want to give them business cards and ask them to tell their friends. Then, simply be natural in telling people you meet on a daily basis.
For example, when I'm standing in line at Lowes, it's just natural to talk to other people in line. Many times, they will just start a conversation with me. They'll say something like "it looks like you've got a big project today". I might reply, "yeah, I'm replacing some carpet in one of my rentals after the idiot tenants tore it up". That will almost always initiate a conversation about rentals. Once in a while, the other person will tell me about their property that they're trying to get rid of, or they'll tell me about another property they know of. Just those casual contacts will bring you a lot of business.
The bottom line is that you just need to be natural. It's natural to talk about your business and that of the person you're talking to.
Finally, join your local REIA and MAKE FRIENDS with the SUCCESSFUL INVESTORS in your area. These people will often know of deals that they'll be glad to tell you about (for free).
I'm going to make up some cards in the next week or so and start talking to people lots more!
Its hard telling my family because they want me to do it there way (they are all real estate investors).
BUT the way they did it was bought the properties outright (very wealthy family) and just live off the rents. They want me to buy a duplex and help me with it but they said I need to come up with 3/4 of the price in cash.
I dissagree'd and said I want to put as little as I can down, they didnt like this and I didnt want to argue.
Your family is not the norm. I have free and clear homes also, but it didn't start that way. Your family either started the investing much later than they should've or they started with not f&c properties and owned them long enuff to see loans paid off.
If they only own f&c properties, there taxes must be enormous. You might suggest to them some properties that would enable them to keep some more of their income, rather than paying the income taxes.
There are many ways to invest in real estate. Many years ago, my parents were very skeptical about my methods. I pursued my method anyway, and soon they saw the benefits of my way, and wanted to invest money with me. If you do your thing, show some success, others will surely follow. Just go do it your way. Be careful you don't get overextended on your little down. I buy the same way, but I have a nice reserve on hand at all times.
I don't have time to go into detail but one of the best tactics that I have come across for networking is when your asking people if they know anyone who is buying or selling, that you ask them specifics such as:
Do you have any co-workers who are buying and selling
Do you have any family members who are buying and selling.
When you are brainstorming for people within your network I would recommend opening up the yellow pages and asking yourself who do you know in each of the categories.