I used to be shy and felt uncomfortable at the thought of attending any property networking events. Having to start conversations with complete strangers was something I found to be daunting. Yet since I attended my first business networking meeting in 2001, I have become a big fan of networking. I realised that there was so many property networking benefits that I had gained. This is why I started the UK's first property specific networking event in 2003.
In this blog I am going to explain 7 huge benefits of property networking events. I want to share with you why I find them so valuable. This includes being inspired, constantly developing your knowledge and building an entire power team.
1. You Can Be Inspired By Other Local Investors
To become an even more successful property investor, it is important to build your own personal belief. One of the best ways to do this is to meet and connect with other investors. You can meet people who are just like you, investing in your area. You can become inspired with what they have achieved. If they have become successful, this means it is not only possible to do, but you could do it as well. It is then smart to learn from other people's mistakes instead of having to make these, often expensive, mistakes yourself.
2. They Will Keep You Up To Date
The property market is constantly changing. It is really important for you to be aware of the latest changes to the mortgage market and also in legislation. With legislation in particular, you need to make sure you are abiding by the rules. Doing this wrong could cost you a serious fine.
The easiest way to keep up to date is by attending your local property networking events. You will be up to date with what is happening in the property market. More importantly, you will become aware of the changes that are relevant to you.
“Connections you make will counter balance the negativity in the real world.”
3. Learn The Latest Investment Strategies
As the property market changes, so do the strategies. For example, with the advent of Section 24, we see more and more landlord retiring early. One of the best ways to help these landlords is by using Purchase Lease Options (PLO's).
A PLO is where you can take control of their properties. This is so the landlord no longer has the hassle. You can then buy the properties over a number of years and help the landlord maximise their annual personal capital gains tax allowance. This allows you to benefit from cash flow and equity growth without the need for a mortgage or a large deposit.
You may have heard about this strategy, but you may have not known that it was a great strategy to use in the current market. Just because a strategy has worked well for you historically, it does not mean that it will always work going forward. At property networking meetings you will become aware of what is working. You will also find out what isn't going to work in the current market conditions.
4. A Property Networking Environment Is A Supportive Environment
Without support, it can be really difficult to be a successful investor on your own. If your family, friends and work colleagues don't get it, then it can be a very lonely journey. Even worse, if people around you don't understand what you are trying to achieve, they might be quite negative or sceptical. Telling them you want to replace your income with passive income from property, they either think you are mad or just a dreamer. Whereas, in the correct supportive environment of a property networking event, people will actually give you the support you need. Attending your local networking meeting can give you that monthly boost of property positivity.
5. You Can Build Your Personal Network
They say the bigger your network, the bigger your net worth. This is absolutely true. The more people you know, the more successful you will become. You will have more people you can call for help and advice.
Property networking events and meetings are a great place to meet and mix with like-minded people. They will always be willing to help and this is a key benefit. Different people attend different meetings, so I suggest you go to all of your meetings to get the most out of them. This way you will be able to connect with as many like- minded people as possible.
6. The Opportunity To Build Your Professional Power Team
In regard to property networking benefits, this is a huge factor. To become a really successful investor, you need your own power team of professionals.
Property networking events can help you form relationships with such people. Professionals who will essentially help you build your property portfolio. These will be professionals such as mortgage brokers, solicitors, letting agents etc. Ideally, they should all be property investors themselves. This means they will have a better understanding of what you are trying to achieve.
Remember that at a property networking event, it isn't just about the people you meet in the room. The people that they also know in their networks, could also help you. If you need a particular professional, ask people at the meeting who they know and use.
“You will achieve far more by working directly with other people than trying to do it on your own.”
7. You Can Find A Potential Joint Venture Partner
You will achieve far more by working directly with other people than trying to do it on your own. This way, you will learn and grow together.
You have the opportunity to get to know other investors at networking meetings over time. People who have money to invest, attend property network meetings to find other experienced investors. This is so that they can help them safely invest their money. People who source incredible property deals, will attend meetings to sell the deals they find. So whether it's money or deals that you need, you will find someone who can help you.
Whilst being able to find a Joint Venture Partner is a major benefit to attending networking meetings - don't rush into it. It does take time and effort to build relationships to the point where you are comfortable to work alongside them. You need to make sure you do your 'due diligence' on people before you work with them.
Having run property networking events since 2003, I have found that amateur investors tend to dip in and out of attending meetings. This is every so often, as maybe they don't realise the potential of attending such events. Whereas the more successful property investors recognise the value and regularly attend multiple meetings.
Hopefully, by now you realise the huge benefits to be gained by attending local property networking events. The property investors network (pin) have 50+ meetings all over the UK, every month. There is bound to be a pin meeting close to where you live or work. You can find out the date and location here.
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