How To Get The Money In 7 Easy Steps

Money. If you want to grow your business quickly and do more real estate deals, it is going to take money. And if you plan on growing quickly, you’re going to do it by using other people’s money.

1) Go to where the money is

When asked why he robbed banks, John Dillinger said, “That is where the money is.” So as a real estate investor, where would you go to get investors to invest in your real estate deals? Where the money is. And where is the money? Business networking groups.

Why business groups? These are groups of people who own businesses and have money. They are getting together for the purpose of growing their business and increasing their wealth.

They know what’s happening in the real estate market. They would love to be a part of it but they are too busy working on their businesses. In comes you, the person in the real estate business, offering opportunities (not asking for money) for other businesses to take advantage of the real estate market by leveraging your expertise and investing in your deals.

Business owners are your perfect candidates. They know what it takes to grow a business. They are used to taking risks. They have grown their businesses by delegating. AND, they have money to invest.

This is where the money is. Some good business networking groups available to everyone are the Chamber of Commerce, Business Networking International and your local rotary club.

Step number one is to go to a meeting. So do some research, decide which groups’ gatherings you want to attend, get the dates of the next meetings and plan on going.

2) Set a goal

Before you step foot into a business networking meeting, you have got to set a goal as to how many contacts you want to make. If you don’t plan to succeed, you won’t.

The first part of your plan is how many new people will you connect with to consider the meeting a success? I usually set a goal of meeting seven new people.

Most people are nervous when they enter a new surrounding, with people they don’t know. You can get so overwhelmed by fear you don’t go to the meeting. Instead of focusing on the fear, focus on reaching your goal of the number of contacts you want.

Let’s face it, one new contact is a victory. It’s one more than you had going into the meeting. When you first start going to these meetings, set a low goal. How about three? Three is an easily attainable goal to focus on and then you’ve gotten your three, and the pressure is off!

3) Get there early

Step three is to get there early. You want to get there early so you’re not entering a room where everyone is already in their circles and clicks. You also want to get there early because there is usually some sort of meeting that takes place, but before and after this meeting, networking takes place.

Arriving early allows you to talk to people as they enter. Most meetings have some sort of refreshments. Don’t go in and go right to the refreshment table to get a coffee. Go in and target the refreshment table as a place to start to approach your first target.

Getting refreshments is an easy place to start a conversation.

4) Work the room

After you have your first target out the way, scan the room. Also, watch the door and look for new people coming in to get settled. Look for groups of two people just forming. Look for opportunities to walk up to a new target and politely introduce yourself.

A great introduction is: “Hi, my name is (state your name), this is my first meeting and I am trying to meet new people.” You will get instant empathy from the other person and a conversation will open up. They will probably start asking you questions or start telling you about the group. And they will almost always welcome you to the group.

Soon the opportunity will come when the other person says, “So, what do you do?” And then it’s on!

5) Be prepared with your pitch

When I say ‘it’s on!’ I mean, it is time to deliver your well-rehearsed elevator pitch. Well-rehearsed means you have practiced it over and over again—in front of the mirror, to your family members, in front of your friends.

At some point you must practice in front of live people to feel and harness the anxiety you will feel when you are delivering it to strangers. Everyone feels that anxiety. It's a good thing.

Your elevator pitch should consist of:
• Who you are
• Why you are like them (you’re like them because you’re at that meeting)
• What you do (this must sound intriguing)
• Why what you do is of benefit to them (you don’t come right out and say this, you say it in the third person: “I tend to give my investors a higher return than they can get from their CD’s, savings accounts and mutual funds, etc.”)

6) Give something of value

Always try to give something of value. Remember, these people are networking for a cause themselves. It may not be to get investors to invest in them, but it certainly has something to do with growing their business.

The best piece of value you can give is being a resource for the person with whom you are connecting. Some sort of resource the person can use to reach his or her goal. Of course, first you have to find out what that goal is. This is easily done by saying, “Name, what can I do to help you?”

7) Follow up

It is proven that the average result is created after the fourth follow up. It is also a fact that most people stop following up after the second contact, if they even get that far. A lot of people have a desk full of cards but a shallow rolodex.

Create a system where you are automatically following up with your contact. Use a technology like Act or Gold Mine where you are reminded of the follow ups you need to make.

Follow up is the key to all effective money-getting strategies.