If you’re serious about being a property investor you need to know the right people – so you need to work on building a strong network that you can call on when you need them.
If you’re just getting into property then it’s worth attending your local property networking events. You’ll meet other people who ‘get’ property investment and a combination of useful service providers and more experienced investors who will offer advice.
Some people think these are a waste of time, but as long as you don’t just sit in a corner chatting about football you should get real value from focused events specifically for people in property.
So what kind of contacts should you be looking for?
Other property investors – they may have properties they want to sell that would make great purchases for you or they may know about opportunities that they can’t or don’t want to take advantage of and pass them on.
Solicitors – even if you already have a solicitor with a conveyancing department, you’ll need a specialist solicitor to deal with bridging finance, who understands the need for speed.
Tradesmen – while you may not meet these people at property networks, they’re often in mainstream business networks. If you’re planning to take property investment seriously you need tradesmen you can trust to do a good job at a reasonable price. If you’re planning to manage your own properties you also need people like plumbers and electricians who can be relied on to turn up when they say they will and get the job done.
Financial Advisors – as your portfolio grows and you start making serious profits, you’ll need expert advice on how best to manage your finances so you don’t get stung for any more tax than necessary.
Estate Agents – good relations with your local estate agents can be worth the investment of time. If they know what you’re looking for they may call you when something suitable comes on the market, allowing you to get in ahead of other potential buyers.
Advocates – people who understand what you’re doing and are happy to recommend you to others – or potential contacts that could be useful to you.
I don’t suggest you network randomly. Work out what you want to achieve and choose your networking events carefully.
Remember that networking is a two-way street. As well as looking for useful contacts, don’t forget to see who you can help too.