Attending networking events and local real estate investment group meetings is a fantastic way to meet prospective sellers and buyers. New and seasoned investors can meet and mingle, exchange ideas and refer business to each other in a more relaxed, yet structured social environment. 

Many people find networking to be hard work and often feel exhausted from the seemingly endless barrage of sales pitches delivered to them from their fellow networkers. What do you think a person can do to make a good elevator pitch?

There are plenty of great suggestions online. Here is an older article and not necessarily real estate specific your pitch should still touch upon these same main points: http://www.entrepreneur.com/article/228070

Hope this helps!

Depends on what you are doing in Real Estate, and the crowd.  Unless you are a wholesaler, you probably aren't selling some product or service which is what is covered by the Elevator pitch scenario.  

Wholesaler?  Simple, "Hi, XXX, with IBuyUglyHomes. I'm looking for opportunities to help distressed homeowners solve their problems" (General Networking)

If your are networking with other Investors you best bet is to have a deal, hey I got this property under contract, would you like to hear more about it?

If you don't have a deal, "Hey, I'm working this farm area to locate distressed properties, is it an area that you are interested in?"

However, I'd say if you are at an REIA, an find yourself needing an elevator pitch, you are either A) at the wrong type of meeting, B) trying to hard to get business cards. The best profitable relationships are going to be built in social meeting sessions where you may not get to talk to everyone but where you can make an impression on some people.

Speaking is a part of every type of business. The value of explaining your business to people in a clear and concise manner is worth all the money you'll ever make. All businesses must communicate their offer of products or services.  How would anyone know what a business does or that it exists without speaking?

Whether on a stage or in a one on one conversation, an "elevator speech" of 20 to 35 seconds is a useful tool.