Cynthia Lanciloti's Blog
Want to flip a property? You need a team of rock stars on your side. This isn't a one-man show; in general, real estate investors only prosper when they've made connections with real estate agents, lenders, contractors, and other investors at the top of their game, and it's even more crucial when you're flipping one or more properties. Wondering how to make that happen? It's simpler than you might think.
1. Treat every professional relationship as a mutually-beneficial connection.
Think beyond the golden rule and keep in mind that everyone who works for or with you is in this business to make money as well. Working with them to benefit you both is the only way to grow your network. It shouldn't need to be said, but here it is: Be kind. Be considerate. Realize that this relationship, whether it's an interaction with a real estate agent, a home inspection, or a contractor, could have huge long-term implications on your future as an investor. True rock stars aren't going to bend over backwards to work with you if they sense you're just out to get what you can out of them.
2. Professionals who are great at their jobs aren't going to come flocking to you.
In order to attract industry professionals who are great at their jobs, you need to be great at yours. Do your research, know what you're looking for, and don't be afraid to ask 'stupid' questions; your image will suffer much more for pretending more experience and knowledge than you have. Ask questions; look for recommendations everywhere you go, and as names rise to the top, hire the best to work with you on projects whenever possible. They're likely to be professional, not chummy, and that's a good thing.
3. Give a little extra when possible.
An excellent real estate agent can help you scout out the best possible properties to flip--and the best deals. Acknowledge that. If they find you an insanely great deal on a rehab property, consider shooting them a little extra beyond their commission for that property; although that $70,000 duplex might be worth $350,000 by the time you're done with it, your agent's commission will remain rather paltry for the work and digging they put in. By the same token, talk to your contractors their preferences for a project, and cater to their preferences if it's something you don't care that much about. Finding small ways to work in the preferences of others will give you a big step up in their estimation, which can make all the difference in future flips.