Tapping Into the Power of Your Local Market


 

A long term real estate investment career relies on making connections with people. The local scene is a good place to start in making friends and acquaintances. Finding friends at home is no mystery, but many people are so involved in online methods of communication that they have lost the art of face to face networking. There are several ways to get started.

1. Make it a point to meet your neighbors.

People do not take the time and effort to meet their neighbors anymore, it seems. They live their own lives, isolated from others, making their own way without knowing the people who live next door. You might be surprised at how easy it is to form relationships with the people around you if you only give it a try. Work together on a community cleanup project, have a block party, or just invite them over for a summer cookout.

2. Get involved with the business community.

The businesses in your local area offer you a great many opportunities to make contacts for future deals. It can be a lucrative proposition getting to know the businesspeople in your town or city area. Join a local business group if possible. Volunteer at a charity golf tournament or other event sponsored by a local company to meet businesspeople. Show interest in their businesses and let them know you appreciate their community contributions and accomplishments. The contacts you make will serve you well.

3. Find needs to meet in your neighborhood.

Look for people to help in your community. You may think of yourself as a high-powered real estate investor, and that you may be; but you are still a member of a community. As you make more friends and widen your circle of influence, you increase your prospects for making more deals. Look for people who have physical needs or social needs. Most of all, watch for people who have financial needs. You may be able to help them with a short sale or another type of deal that would be a good investment for you as well.

4. Make friends in the real estate community where you live.

If you are the investor, you might use real estate agents to show the house for you. You might even pay them a commission. They have no reason not to get along with them because you provide a whole new market full of customers who are ready to purchase a home.

If you play your cards right, you can develop deep relationships with the real estate agents and brokers in the neighborhood. They can often refer deals to you that would not be able to pass through traditional financing. They also have their fingers on the pulse of the housing market and they have a lot of information to share with you. Get friendly with your community, and you will be able to access the power of your local market.

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