The Importance Of Developing Your Real Estate Rolodex
Connections are the name of the game in quick turn real estate. This is a literal statement. Real estate is a game where the more people you are connected to and on good terms with, the more powerful you are. To demonstrate this to yourself, think of a successful real estate investor, or any successful entrepreneur you know, and think of how many connections they have with other people that allow them to run their business so successfully. It should be obvious.
That is why your rolodex, or electronic filing system by which you keep track of and follow up with the many other professionals you should be encountering in running your business on a day to day basis, is such an integral tool for you as an investor. The more entries you have in your rolodex the more things you can make happen for more people, and thus the more favor you can incur from those around you, and the best part is it requires no money to be invested. Just be charming and meet people, and be meticulous about exchanging contact information and keeping an organized follow up system.
For the purposes of this article, what defines a connection is three key features. First, you know how to contact them, who they are, and what they do. Second, they know how to contact you, who you are, and what you do. And third, you are on speaking terms of some sort (by phone, email, or some other acceptable form of communication).
The connections that are important to have for the real estate business include the obvious ones, like sellers and buyers, real estate agents and brokers, loan officers and brokers, and the like. But what about title companies and attorneys? What about hard money lenders, private lenders, and note buyers?
What about property management services? Or how about contractors, appraisers, and inspectors? Don’t forget credit repair services, loss mitigation specialists, and notaries public. And also don’t forget the suppliers of the various hardware, software, supplies, and services that you use to run your business, or the various educational sources that you should be tuned into on a regular basis if you want to keep your business progressing.
Note that while this article promotes the use of an electronic filing system to manage these connections, the emphasis should always be on the human factor of these relationships. You should use technology for the aim of growing and deepening your relationships with all of the previously mentioned types of connections as well as others.
The technology you use should bring you closer to your connections, not come between you. This is the key to using the power of technology to develop and sustain a long lasting real estate business. The connections you develop will allow you to enjoy the benefits of repeat customers, trustworthy, long term relationships, and plenty of referral business which will in the long run decrease your marketing expenses to zero and make your real estate business virtually self sustaining.