Real estate investors have a competitive nature that is completely understandable. “Winning” a bid on the ideal investment property sometimes puts us at odds with each other, but there are three ways that real estate professionals can help each other – and themselves – by collaborating with others.
- Find a mentor. Novice investors who are looking to learn everything they can about the market before they invest need look no further than a seasoned veteran in their local market. Or, if competition is just too intense locally, a partnership could be forged between people in different markets. Networking across some distance is not as difficult to achieve as it once was, and with conventions and social media in the mix, there is no excuse for not brainstorming with a like-minded investor. It will keep you both sharp, whether you're the mentor or the novice.
- Join like-minded groups of investors. Formal or informal groups, clubs or professional associations are great places to continue your investing education and expand your network of knowledgeable contacts.
- Conference networking. Connect with others who are actively invested in the market through events like the BC International Real Estate Convention March 13. Big gatherings are a great place to keep up with the latest market news and tax laws. They're also a perfect place to further your education and – you guessed it – expand your network of experienced professionals who can answer just about any question you have about real estate investing.
However you choose to structure your partnerships, seek out opportunities to reciprocate so that you're adding value to the relationship. A mentor who invests commercially might be interested in property listing tips, and social groups and organizations are always ready to hear your success story.