As a full-time Canadian real estate investor, we must be very cognizant of networking with the right people to help grow our business. We want to be creating massive and passive income for ourselves on a regular basis, and this will not come from relying on a realtor or two to build your portfolio. We must be creating multiple streams of income from many different sources in order to maintain a full-time position as a real estate investor.
We must become part of a networking group or groups,exposing ourselves to like minded investors who may need our help to get deals. We also may need their help to get deals. We must let our contacts know we utilize incentives for the people we meet to bring us deals or vice verse.
Rewards work big time
If we have another investor that brings us a deal that they can’t close on and we have the sources to close the deal , we must reward the investor for bringing us the deal via a referral fee. We can also refer deals to other investors and should expect a referral fee in return.
Works both ways
You may find yourself with too many deals on your plate at a certain time. When another deal comes in, you naturally can’t turn it down (provided it is a good one), but you can refer it to another investor and get a referral from that.
Working with real estate professionals as well, be that real estate lawyers, accountants, realtors, home inspectors, mortgage brokers can all be, in one way or another, given referral fees or they can give referral fees. This is commonplace in the business. We make sure to do everything transparently and legally. Certain real estate professionals aren’t allowed to give referral fees, but they can give promotional gifts and or receive similar.
Rewards work great with bird dogs
A lot of your bird dogs are driving in neighbourhoods on an everyday basis with the ability to see a potential problem situation that may be apparent by the physical appearance of that property. They are then able to alert you to that property. Often, physical distress signs are not considered by the average person however, by training your bird dog network to be looking for particular physical signs concerning a property.
When you have others that are your eyes all over the city, and can alert you to these properties, upon a successful closing you can give them a referral fee.
Continue to increase your referral base, both incoming and outgoing, and you will create massive and passive income for yourself.
Canadian Wealth Builders offers many unique, practical, "out of the box" real estate investor trainings which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.canadianwealthbuilders.com
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