Key Takeaways
- Access to education and insider knowledge is one of the key benefits of joining a real estate investing club.
- The ability to expand your real estate network, both in terms of fellow investors and industry experts, can be a great advantage to this type of club.
- At times, being a member of real estate investing club can give you discounts on certain aspects of the property development business.
As you embark on your investor career, it’s possible you might have heard about the concept of the real estate investing club; you might have even wondered what a real estate investing club is. How does this most valued of business networking tool actually work? And what’s the best way to get the most out of this unique form of business networking group?
A real estate investing club is a group, composed of both beginners and more advanced real estate professionals, who get together to network and pool knowledge and resources. There are many benefits to this type of investing network, but some of the key ones include shared knowledge, the ability to grow your network, and reduced prices on training and courses.
Here’s a simple, step-by-step guide to finding and benefiting from a real estate investing club.
How A Real Estate Investing Club Works
What They Are
A real estate investing club is an organization composed of real estate professionals, of all experience levels. This can either be in a formal or non-formal setting, depending on the needs of the business and social networking needs of the club.
By bringing together both experts and beginners, the club becomes a source of industry information — a place where people can feel safe and ask questions or trade knowledge. Connections are created through shared experiences, and members learn how to compete against big players in their market.
Investing clubs best benefit those just starting out in their business, but it isn’t just real estate investors you will meet: You’ll also meet investment analysts, lawyers, accountants, contractors, and negotiating and closing specialists.
Benefits of Joining Investing Clubs
As with any other industry, the right kind of network can help you succeed. Here are some benefits an investing club can bring to your business:
1. Education
The real estate industry is constantly changing. While you may have access to industry news, members in a club might have access to insider information you can’t find otherwise.
In a club, you can take advantage of:
- Experiences of other people: By talking to other members, you will find out how they started with their business and their unique road to success.
- Lectures and training: Investing clubs often provide exclusive presentations, seminars, or workshops given by professionals in the group or outside experts. This will help you stay on top of current trends and developments either in the national or local scene.
2. Discounts On Courses
Being a member of a real estate investing club will often give you discounted access to workshops and seminars that non-members would usually have to pay full price for.
Some courses delve deeper into the real estate investing trade, while others take a more general approach on topics like budgeting, accounting, or how to run a business. Either way, many of these courses will be able to teach you a new skill that can come in handy in your day-to-day operations.
3. Expanded Network
Some investors believe the best social networking tools for business are all done on a computer, but perhaps the biggest advantage of joining an investing club is the expanded real estate network you will build in person.
However, plenty of beginners make the mistake of arriving right before a meeting starts and leaving right after it ends. The real benefit happens after an event, when those business cards for networking find their biggest impact.
During that time, you’ll be able to:
- Meet like-minded people: A club gives you the opportunity to make friends with those who fully understand the challenges of being in this business.
- Connect with experts: Club meetings are not as big as nationwide or statewide conferences. As such, it’s easier to come up to a speaker and actually talk to them after an event.
- Find joint venture partners: At a club meeting, you will meet potential partners who are already on the same page as you. They know they want to be in real estate investing, so you don’t need to convince them of the benefits of this industry.
- Assist others: As a way of giving back, you can provide assistance to those who have yet to do their first deal. Share your expertise. You can even share your contacts. A little help will go a long way for a beginner, and ultimately pay off for you down the line.
- Build your team: How often do you find yourself asking for recommendations instead of hiring someone? Your fellow members can give you referrals of people they trust and have worked with in the past.
When in an investing club, the important thing to remember is to be visible. The more people you know, the bigger a real estate network you can build.
4. Store Discounts
A lot of investing clubs strike partnerships with local stores that help real estate professionals. This can come in handy, especially if you are also managing your own properties. Discounts from Home Depot, Office Max, and many others can help lessen the costs for repairs and maintenance.
5. Free Real Estate Website
With the value of online visibility rising, some investing clubs also provide free professional real estate websites you can use for your portfolio.
Post your property listings, as well as various forms your clients can download (e.g. buyers/sellers forms, tenant forms, etc). Always include your contact information and respond promptly to messages.
6. Move Closer To Your Goals
If you feel you’re stuck in business quicksand, and not hitting your short and long-term goals, joining a club is a great first step towards remedying that. It can take away the guesswork of running your business, since you will learn how fellow investors did it. This may sound like a simple thing, but often times knowing exactly where you’re going — and what it will take to get there — can be the most important benefit of a real estate investing club.
Have you joined a real estate investing club? Let us know your experiences in the comments below.
