How to Maneuver Your First REIA Meetings
Once you find an event that you want to attend – GO! Don’t back out at the last minute. If you have a friend that is also interested, come together for some moral support – an accountability partner. Each event will have its own feel and unspoken rules – like doing anything the first time, jump in! You will be amazed at how welcoming and friendly REIAs are – we’re all in this to grow and improve whatever it is we’re currently going, and we do that by getting to know other people.
After you’ve cut your teeth on the first meeting – go back – or find more events to attend! We have many events throughout the week and month in smaller groups that you can take part in. Don’t get intimidated if the topic is something you don’t understand, that’s ok – we’re all beginners at some time. Get involved, become a member, and develop friendships with other investors who want to learn about real estate as much as you do. Network with rehabbers, wholesalers, investors, mortgage brokers, title companies and realtors at these meetings. If you have very little money or time to get started, know that there are partners, private lenders and hard money lenders at these meetings that will help you. Bring your friend who is as passionate as you are about learning about investing in real estate – or tag along with another investor that’s been involved for longer than you. The experienced members can teach you much of the ins-and-outs of the organization and the uniqueness of approaching real estate as an investor.
Network effectively. Your right hand is for shaking and your left hand is for business cards… ALWAYS have them handy! They are very inexpensive to get these days and many places can provide them. But don’t spend endless hours on it “getting it just right”, keep it simple and just cover the basics of your name, contact information and what you do. Sites such as VistaPrint are very cost effective, you can design your own or use a template they already have, plus you can keep your artwork for future orders. Just don’t overspend as most cards get thrown away anyways – and I know I’ve thrown away more of my own cards than I’ve ever given out as they became outdated or I wanted different information on it. As time proceeds you can upscale your literature as you figure out what you really need on them. There are low-cost sites like Upwork or Fiverr that can assist, but as a beginner keep your costs down until you get some cashflow to justify these expenses. Fancy cards only show the rest of us that you wasted a lot of time and money on something that isn’t really value added. The days of business cards are fading anyways, digital marketing with tools like QR codes are becoming more common and will be more prevalent in the future.
Meet & greet. You are there to learn, and you will learn best by listening to others. Find out who the successful people are by introducing yourself and engaging. If you don’t understand something, ask. Most investors are more than willing to help new investors – but go slow… do not rush just to ‘grip and grin’, let a conversation be an opener to develop your friendship. Make the conversation about the other person, what they do and how are they doing. What are challenges are they facing? You may find they have a real need you can fill, or as your network grows you may know someone else that can assist, and you just became a facilitator! Have one or two of these meaningful conversations at every meeting with someone new. After a few events you will begin to recognize the familiar faces, greet that friend again and strengthen your new relationship.
Take notes! Write down the names of people you met, what topics you discussed, what the presentation was about, what action steps you can take from what you learned… then go home and TAKE ACTION! Nothing is worse than someone saying they will do this or follow up in upcoming days and they don’t. Don’t make a commitment unless you plan on actually doing so.
Don’t skip meetings – attend meetings consistently, looking at it as a work obligation or an important appointment that you can’t miss. Some meetings may not be so great and you will question why you bothered going… Other meetings will be just amazing, and you will learn all kinds of new things and make new connections. I find when I least want to go to a meeting is the exact event that I end up getting the most from or I get a morale boost that I didn’t realize I really needed. ATTENTION INTROVERTS: You MUST get out of your comfort zone and get involved – it really can be fun. People want to be connected to someone successful and when you are seen as someone that is a DOer and not just a TALKer, they will gladly welcome you into their network.
Speakers.
Some meetings there will be speakers that add value to your immediate needs, and sometimes they will be talking over your head. That’s ok – even if you don’t have a clue what they’re talking about, you are still subconsciously absorbing the information, learning the vernacular, and when the time is right you will start connecting the dots. As time goes, they may talk below your knowledge level. Even if you think it’s a topic you already have nailed down – listen up! You may just pick up one small tip that can change everything. Some of these speakers are local topical experts, either as vendors or fellow investors. Either way you will gain a lot listening and asking these folks questions, no matter how rudimentary you may feel your questions are – ASK!
Other times there will be very polished speakers and are pitching their ‘system’ to buy. They are typically national figures that travel abroad and may even be hosting a day or weekend seminar shortly after the main meeting (now many are on Zoom) – and some of these folks are very good salesmen… Caution! There will be times when you truly do see value in buying a package, but you can’t and shouldn’t buy every system presented (can get very expensive!). It not only will run you out of business quickly, but you’ll end up with a collection of various programs that aren’t really helping your business grow. Before buying a high-dollar system, check to see if your REIA has library. They may actually have the same or a very similar system available for you to check out for a low cost or even free. Some of your newfound friends may be willing to loan you some of their own copies. These offerings may be a bit dated or from a different speaker, but the information is still very useful for a beginner.
Coach/Mentors:
In the beginning you will be overwhelmed with all the different ways to get into and grow in real estate. And your interests will definitely evolve over time. Where you end up in a few years may be very different than where you started. But avoid getting sucked into every shiny new object that you come across. Stay focused on a specific direction, give it all you’ve got, and give it some time before you decide to divert onto another path. Find someone that can help you figure out what that path may be. A successful investor willing to mentor you by taking you under their arm or even as a paid coach. But find someone successful in what you want to do, that can give you frank advice, and that you can confide in. It may take some time to find the right person for you. There are no shortcuts, and this business can be very much of a roller coaster – you will need help!
As a beginner your first and foremost job is to listen and to learn, network and educate yourself. Focus on people that have a good reputation and contribute to others. The good people will be easy to spot as they always show up, will have positive things to say and who others have done business with.
Great luck and welcome to the business!
Jack Smith
2/10/2023