Why do I need business networking for my property business?
Am I the only one who has come across people who I have overheard asking – “I just do property. Do I need to go to various networking events? What good are they for me?”
How do you feel about that? Do you have similar feelings about networking? If so, then let’s see if we can change that understanding….
What is business?
I feel that it is important that we understand why we do something and how it sits in the bigger scheme of things?
Many people who have ended up in property were just (once) looking for a way to achieve a ‘passive income’ and at some stage, someone ‘trained’ or ‘taught’ them that Property is it! This is the way to generate hands-off income for life! If only it was entirely true, including the ‘hands-off’ bit!! Some of us have been lucky enough to be exposed to the world of ‘Sales’ and ‘Business’ before we got into ‘Property’. It then gives you a good grounding in being able to spot the critical pauses in the estate agent’s talk when ‘selling’ you the deal or the ‘letting agent’s’ promises. It will also have given you an understanding of the responsibilities involved in owning a property with tenants in it.
It is important to understand what Business is. In its simplest form – it is a ‘System’ which connects suppliers and customers and can be repeatable and scalable. This ‘System’ can be built to a level big enough to sell off to another ‘Investor’ who will then ‘Buy’ your ‘Business’.
Tenants being your ‘customers’ providing you with revenue from your ‘investment’ need to be looked after well to keep your business sustainable. To ensure this happens, you instil a set of rules and systems into your processes, which should make it into a good ‘business’. On the other hand, people can run their ‘property business’ using a set of self-made rules which vary from day-to-day and it will be difficult to upscale and sell that proposition to another investor at a later date. Hence, it is important to acquire such business skills if the intention is to run and grow your property related activity as a business. The skills to acquire more properties into your portfolio, the skills to influence more investors and lead sourcers and power team to work with you and grow your business and above all, the skills to ensure the business runs smoothly and you learn from the experience of others and keep abreast of all legal requirements, as and when they change to ensure that you do not fall into the trap of ‘ignorance of law is no excuse’, if you fall foul of the authorities. Hence, I believe it is important to surround yourself with other people doing similar activities in order to keep you aware, motivated and inspired to build a greater business. Hence, the power of networking events…