How much do you actually need other people to succeed?
Well, in my experience, other people are critical. Hey Moguls, Dolmar Cross here to tell you that if you’ve been disregarding the value of working with and networking with other people, it’s time to rethink your approach.
I’m confident I’ve made more money due to the people I know than the things I know.
First, there are the people who work for you, and in Part I of my Property Scouts series, we explored why it’s key to outsource some of your business tasks to property scouts (a.k.a. bird dogs) who find deals for you.
The thing is, even though you’re outsourcing work to them, your property scouts need to be trained. And I’ve found that training your property scouts also benefits you in a few different ways.
But it’s not just property scouts who can help you succeed. Networking is important too, and it goes hand-in-hand with the principles you learn while training your property scouts.
Ready to learn how to leverage these networks to build your business? Let’s go.
The Power of Being a Trainer
When you train your property scouts, you need to be clear. Which means you need to know your material. And the best way to learn about something is to teach it.
Consider the Cone of Learning:
Source: Edgar Dale’s Cone of Learning (1969) adapted
What the Cone of Learning illustrates is that we tend to remember only:
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10% of what we hear
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50% of what we hear and see
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90% of what we say and do
So, training will be more helpful to you than any studying you might do.
Training your property scouts will show you everything you’ve read, heard and experienced to that point. But you’ll also enjoy the benefit of having what you’ve learned really cemented in your own mind, beyond any understanding you could ever achieve just by studying.
Don’t Be Intimidated
Okay, so you’re training your property scouts, and you know you still have things to learn. The good news is, you’re not alone.
I wasn’t even close to being an expert when my partner and I first launched our property finder program. But I quickly realized that I knew more than 95% of the people working for us as property scouts. And that’s good enough.
You do need to have a solid understanding of the fundamentals. You should have a foundational education and some experience that helped you figure out what types of properties and deals you want.
But you don’t need guru-like expertise. Train from what you do know and you’ll quickly realize that you already know a good deal more than you think you do… and far more than most everyone who will be scouting properties for you.
Let the fact that your property scouts perceive you as an authority feed your confidence.
Your Power Network
People who work for you aren’t the only ones you need to succeed.
If marketing is the #1 key to success for a real estate investor, networking is #2.
And that’s because you need a power network of investors who inspire and support you and who you inspire and support.
How do you build this power network?
Locally, you should absolutely be involved in your local Real Estate Investing Association (REIA). Become a member and attend as many meetings as possible. The ongoing continuing education you’ll gain is crucial – but more important, you can strategically network at these meetings.
This also applies on a national level…
Make a point to attend industry conventions, seminars and similar events. Network at these events. One of the key benefits of connecting with people outside of your area is that they often talk much more freely with someone who’s not from their hometown – and not their competition.
So, you’ll often uncover gems you might not learn from local investors.
Are You Afraid of Talking to People?
According to statistical surveys, most people say their #1 fear is public speaking, and their #2 fear is death.
As Jerry Seinfeld famously remarked:
“This means, to the average person, if you have to go to a funeral,
you’re better off in the casket than delivering the eulogy!”
Seriously, though, many of us do have legitimate anxiety about talking to people we don’t know. As a result we can be less than effective in speaking with buyers and sellers on the phone, miss opportunities to create tremendous business partnerships, and limit the size of our support network, which is so essential to our success.
The solution to any fear you may have in speaking with educators, buyers, sellers, property scouts or anyone is to simply FACE IT. To be afraid and to do it anyway. To know that any fear is conquerable and that you will conquer it.
I’m not saying you should pretend that you’re not afraid – that’s denial. But if you embrace that you have the power to act anyway, and that it’s truly in your best interests to do so, then you CAN act in spite of your fear, and before you know it, you WILL overcome it.
If you’re truly committed to creating financial freedom for yourself and your loved ones, this commitment will far outweigh your fear, and eventually conquer it.
Your Power Network
Do you have an example of how training a team member produced amazing benefits? Let me know below!
1. Train others and use that training as an opportunity to cement your own understanding.
2. Join your local REIA and network with other investors.
3. Attend a national REI event. Use it as an opportunity to network with investors from other parts of the country.
4. Speak – if you have a fear of speaking in public, do it anyway and conquer your fear.
Dolmar Cross
Dolmar is a guy who struggled, at first, to get his investing business off the ground. But, thanks to some fierce determination, raw persistence, and a savvy mentor’s friendly guidance and help, he eventually starting making it happen.
But the money went right to his head; he started splurging… snazzy luxury cars, taking friends on lavish trips. He thought he was on top of the world and could do no wrong. Unfortunately that’s when it usually all hits the fan—which is exactly what happened to Dolmar.
When the market crashed in ’08 Dolmar lost everything (literally – everything; he had to file for bankruptcy). Discouraged, he met with an investor who gave him some powerful insight, basically kicked his butt back into dusting himself off and getting right back to it – for the sake of his kids – to teach them that when things get hard, we don’t just quit. We fight on.
So with this powerful, new mindset and very little money left, Dolmar found himself with a sincere need to get good property leads without spending any money. Thus sparked the inspiration for the Property Scout Pipeline.