21 May The Top 3 Reasons to Join a Real Estate Investing Community
Don’t buy into the myth of the lone wolf or the solitary genius. Being part of the right real estate investing community can take you much further in your career.
“If you want to go quickly, go alone. If you want to go far, go together.”
This African proverb might be from an entirely different context, but it really resonates with me.
You see, many real estate investors have the impression that it’s more efficient to do things on their own, in their own way. And it is indeed possible to learn the basics of real estate investing on your own.
Hence, it’s not surprising to see this ‘lone wolf’ mindset in those who are just making the transition into this industry.
But while there are benefits to it, such as in terms of speed and efficiency, the solo mindset will only get you so far in the long run.
In fact, one of our High 6 Associates named Link made a similar point to me in a recent conversation.
He noted that one of our former meetings had diverted into a “whole-day therapy session”.
You see, all the real estate investors in the room were talking about personal issues and specific challenges… Which were not directly related to their respective businesses.
And yet, Link was happy for the discussion to take this detour. He said:
“We were bonding and moving forward and finding commonalities. Finding people that supported us, when we still got our stuff done. It’s invaluable to know that other people are struggling with a lot of the same things.”
Joining a community of like-minded peers can indeed be invaluable for you and your real estate investing business.
And this article explores 3 reasons why this is the case.
The 3 Reasons
Reason #1: It Helps You Stay Up to Date
We’re all living in a fast-paced information age. And the real estate industry certainly isn’t insulated from the general trends.
When you’ve made it a habit to work on your own, it’s easy to lose track of all the important changes out there. After all, it’s hard to stay up-to-date when you’re not in the trenches or frontlines yourself.
You could try to ensure that your knowledge and information are not outdated, but that’s going to be tiring and time-consuming.
Being part of a community of practice, however, helps you stay updated – with far less strain.
It’s because there’s a kind of informal division of labor with this. Everyone belonging to the community gets to focus on their specific niche. In return for sharing their knowledge and expertise, they gain access to everyone else’s.
This is a practical and socially rewarding way to make sure you stay up to date. And it helps you avoid being blindsided or rendered outdated by developments in the real estate industry you weren’t aware of.
And with all the communication channels at our disposal, it’s easier than ever to stay plugged into your community of choice.
Physical distance isn’t as important as before.
You can always stay in touch with the rest of your community through virtual means when it’s convenient. But do try to make time for some face-to-face interactions as well.
Reason #2: You Get Constructive Feedback from Your Peers
It’s normal for us real estate investors to get caught up in our day-to-day tasks and rituals.
That’s why it’s not always easy to fix problems and make continuous improvements. And chances are, we get used to a particular way of doing things and don’t see the need to change.
This is when it pays to get insights from someone outside of your business – someone with the right experience and expertise.
For example, Link noted that the Slack channel we have for High 6 Associates has been very helpful. As he put it:
“There are people posting their calls, posting their scripts, and asking for input from other people in the group.
And the feedback that you get as a member [of] the group is really outstanding.
We all hop in there and give our own opinions of what we would have done in that particular scenario. And it's a way for me to engage and re-evaluate what I'm doing.”
Link also pointed out that constructive feedback requires a certain degree of honesty.
You want to hear from peers who can tell you what you need to hear – not what you want to hear.
High-fives and pats on the back are great for motivation. But you’re not going to improve your real estate investing business if people try to “protect your feelings” by self-censoring their opinions.
Instead, you want a real estate investing community that will take the time and effort to illuminate your blind spots. The truth is, every sentence of constructive criticism is worth its weight in gold.
No matter how painful or ego-shattering it felt to be on the receiving end.
That’s how you can gain more clarity on your weak spots and make continuous improvements.
Reason #3: You Gain Exposure to Different Niches
As a new real estate investor, it’s natural to stick to what you know.
Yes, we all start somewhere. And it makes sense to have a relatively compartmentalized focus at the beginning.
As you gain more experience, however, it pays to look beyond your comfort zone.
For example, perhaps you want to explore investment opportunities in a different state. Or, you might want to try investing in an entirely different property class.
Being part of an active real estate investing community is a great way to make this happen.
Why?
For instance, you can get a closer and more accurate idea of what other people are doing. This will not only give you a better idea of how to grow your business and investment portfolio over time.
And if you pay attention, you can also benefit from their mistakes, missteps, and false starts. Especially if we’re talking about veteran real estate investors who have gone through multiple real estate cycles.
You’ll thus have the benefit of lowering your learning curve when you eventually venture into different niches.
Going Further Together
Chances are, there’s a great community behind every successful real estate investor.
That’s why at the Wicked Smart community, we have always emphasized the communal aspect of business-building.
Now, if you think that access to a real estate investing community of like-minded peers can take you further, you’re in the right place. Do check out our Quantum Leap System Home Study Program to see how you can get started.