Networking: A Key for Savvy Landlords
September 14, 2017
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Why Is Networking An Essential Skill For Landlords?
When trying to advance your career or make your next move, the importance of networking cannot be overstated. There is a reason people pay to go to networking events, after all. Property management is no different. Getting to know landlords in your area can not only help you improve your immediate ability to be a better landlord, but also help your professional growth. Networking also gives you a deeper understanding of market trends; the wider your contacts are, the more confident you can be in valuing your portfolio correctly and knowing what possible changes are on the horizon. If you’re expanding your properties to a new area or city, getting to know other landlords sooner rather than later can make a huge difference in your comfort and ability to manage properties. With the following networking tips, it’s even easier than you think.
Networking at Landlord Events
From conferences and seminars to simple social outings, there’s ample opportunity for you to meet likeminded property owners and learn something about the craft along the way. Keep a stack of business cards in your pocket, get a nice seat for the keynote conference speaker, and be ready to meet people who can give you practical advice that no one else can. On Meetup.com, groups dedicated to property management span the entire country (and beyond!) and are a free and easy way to put your name out there. Sites like 10 Times and Eventful are also valuable resources in keeping track of what’s going on around you.
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Even a simple Google search for landlord associations in your area or city can yield what you’re looking for. Associations commonly offer forums to discuss the craft with other members, alerts and explanations on any updated laws concerning property management, notices on any events of interest in the area, and more. You will be introduced to landlords and lawyers alike whose sound legal advice and experience can make resolving an issue with a tenant easier and prevent them from happening in the first place. Association newsletters will keep you up to date on market trends and how to stay a step ahead.
Specifically, a Real Estate Investment Association (REIA) is one of the greatest resources out there in terms of keeping an eye on the market, where it’s headed, and how you can prepare for it. When looking up associations, remember the golden rule: local is always best. Nationwide associations offer great benefits, but local groups will always understand the area better and can give you more appropriate advice, attention, and networking opportunity.
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Establish a Social Media Presence
There’s a reason that, in almost any profession, prioritizing a strong social media presence is a key to success. Working a good Twitter game might sound like surprising advice for a landlord, but if you neglect it, you’re missing out on a vibrant community of networking property managers. Hashtags like #propertymanagement, #landlord, and #properties are just a few examples of the ongoing discussions landlords are having on Twitter.
Facebook is also a valuable resource you shouldn’t neglect. Look up official and unofficial landlord groups that have been created for your area and start networking. Maintaining a presence on social media sends a message to tenants and landlords alike that you’re serious about property management and doing a good job.
Lastly, there’s plenty of opportunity for professional networking on the social media site designed for exactly that, LinkedIn. On LinkedIn, you can also join landlord groups and contribute to ongoing discussions about real estate investing, property management, and more. By interacting regularly on the site (e.g., answering questions, posting useful resources, or liking and commenting on your peers’ projects), you can both become a respected voice in the groups you join and garner insights from others.
Whichever avenue you choose to pursue, the key is simply in making that decision. Put effort into networking and you’ll see big results. And, while it’s not crucial to your business, you’ll likely find plenty of likeminded folks you can connect with. Strong relationships bring opportunity and fulfillment at work. So get out there and get started!
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