Investing in real estate is an exciting endeavor. Unlike other common investment forms, such as stocks, bonds, and mutual funds, real estate investments are often tangible. Your investments may be homes or other properties in your local community that you can visit or even manage in person.
Real estate investments can be remarkably lucrative, but they can also present a unique array of challenges. Common risks associated with real estate investing include vacancies, difficult tenants, bad locations, significant structural issues, and possible negative cashflows. The real estate market is also unpredictable. Profitability depends greatly on interest rates, government policies, the economy, and unpredictable events such as crime or natural disasters.
Networking can have a significant impact on how well you navigate growing your real estate portfolio. Connecting with the right people helps you make more informed decisions, connect with investors, find quality leads, and locate potential clients. Once your first real estate investment is a success, you may want to expand your portfolio to include more properties or varying property types. Learn how to grow your property portfolio here.
Join your local chamber of commerce.
A chamber of commerce is a local group of businesses that support one another. The organization is widely known as one of the best places to network. Each community’s chamber of commerce works to promote its members’ businesses and help them succeed. You’ll immediately gain access to a network of other members, some of whom may have connections with local investors and potential clients.
Attend other networking groups.
The chamber of commerce is probably not the only networking group in your community. Your real estate growth can benefit from joining other organizations and business groups, such as Business Network International (BNI) or local networking options. Keep in mind that these groups may have political affiliates, membership fees, and mandatory attendance at meetings. However, the connections you make within the real estate industry and beyond can be invaluable.
Keep an eye out for conferences and events.
Real estate is a broad industry, so you can attend nearly any conference or event and find potential customers or leads. For instance, you may want to attend a wedding expo to connect with newlyweds looking for new homes. A business expo may assist you with locating a commercial property to buy or selling one you have. Conferences and expos are often packed with eager business owners and other professionals.
Join real estate associations.
Professional real estate organizations often hold realtors to high standards. Showing that you’re a member of these organizations shows clients that you operate ethically. Real estate agents can also gain access to superior buying and selling tools, such as listing properties in real estate portals, accessing additional search tools and more.
Make time to volunteer.
Volunteering is one of the most positive ways to network, as you can do good for your local community while meeting others. Your drive to volunteer also shows potential clients your commitment to charity. They’ll likely appreciate your values, which could lead to them choosing you when they need assistance with real estate.
Help with school organizations.
You never know who your next investor or client may be. Getting more involved in your kids’ school, such as joining the PTA, helping with fundraisers, or chaperoning school events will connect you with fellow parents, staff members, and administration. Similar to volunteering, helping at your kids’ school shows that you value education and being helpful. These are factors that may influence a potential client or investor to choose you.
Use Facebook and other online groups.
Thanks to technology, you have an endless network of real estate and investment groups at your fingertips. Facebook groups, forums, and other online communities are excellent places to learn how to grow a real estate portfolio and network. You can quickly become a trusted member of these communities by offering helpful answers. You may even begin receiving direct messages for further assistance that you can turn into leads.
Stay active on social media.
Social media makes networking and advertising easier and more affordable. Your social media accounts are places where you can educate potential buyers, answer important real estate questions, promote your business, and interact with others. A significant benefit of social media is that you can do all this interacting from the comfort of your home.
When used correctly and regularly, social media is a place to establish relationships with your fellow investors, sellers, and potential buyers. Remember to include helpful real estate and community information rather than solely advertising your listings.
Build a website.
You don’t have to be a computer whiz to understand how to grow in real estate. However, you should have an attractive, user-friendly website, whether you create it yourself or enlist the help of a professional. Your website is where potential buyers, sellers, and investors can locate and learn about your business.
A quality website allows you to highlight your experience, brand yourself, and generate leads. It’s also one of the easiest and most cost-effective places to market real estate. Your website should become a top priority as you begin growing your portfolio.
Start growing your real estate portfolio today.
Learning how to grow a real estate portfolio is an interesting and exciting process. The best way to do so is to put yourself out there in your local community and online. With proper networking, an excellent website, and a strong social media presence, you can reach countless potential buyers and sellers.
The Chicago Real Estate Institute can also help you learn how to grow in real estate. Our expert instructors will assist you in advancing your career through continuing education, pre-licensing, and post-licensing courses. Enroll now to learn everything you need to get started in the real estate field and build your portfolio with confidence.