In real estate investing, like in any other business, you need the right network to be successful. Being a member of a real estate investment club or association has a lot of perks, many of which you might not have thought about.
So, let’s see what are the benefits of being in a real estate investing club?
What Is a Real Estate Investing Club?
To begin with, we should see what a real estate investing club is. A real estate investment club is any formal or informal, non-profit or for-profit group of real estate investment professionals who get together to network and support each other. A real estate investment association (REIA) is a bit more formal, with specific rules, membership criteria, agenda, etc. It could be based in a neighborhood, a city (Chicago, Boston, Miami, etc.), a state, or be nationwide. Regardless of whether you are a new or experienced real estate investor or just someone who is now starting to think about real estate investing, it is highly advisable to join your local real estate investing club or association. But why?
What Are the Perks of Membership in a Real Estate Investing Club?
Being an active member of a real estate investment club has numerous advantages, so let’s look at the most important ones:
1. Educating yourself.
As a real estate investor, you can never get too educated. The world of real estate investing is a dynamic one with constantly changing trends and prices, so there is always something new to learn. One great nearly free source of education – excluding the membership fees – is being in a REIA. There you will have plenty of informal opportunities to hear the experiences and know-how of more knowledgeable experts in the field through conversations. You will learn about their success stories and about the ways in which they deal with challenges and manage investment risks. You will even be able to casually ask for advice and hints on specific rental properties and deals. More formally, a real estate investing club would periodically organize presentations, seminars, or workshops by various professionals which will help you stay up to date with the most recent trends and developments in real estate investing. All in all, the amount and kind of knowledge you will gain from personal communication and interaction with the other members of a real estate investing club can’t compare with education through other sources such as books, magazines, and websites.
2. Getting discounts on trainings and courses.
Closely related to #1, as a member of a REIA, you will be able to use discounts on all sorts of real estate investing trainings and courses and more general ones such as running a business, budgeting and accounting, planning skills, and others. You should use any opportunity to learn more about real estate investing and gain new skills. Some of the available trainings can be quite costly, so a discount on the fee is most welcome.
3. Networking and partnering.
There is much more than education that you can get – for almost free – from a membership in a real estate investment club. Building and maintaining a solid real estate investment network is crucially important for the success of your business. In a REIA you will be able to find such a network and keep in touch with all its members. Remember – in a real estate investing club you will find potential sellers, buyers, property managers, and even partners on whom you can rely in the future. Real estate partnerships are a great way of growing and diversifying your real estate investment portfolio, and a real estate investing club is an excellent place to meet potential partners. Members of such organizations are likely to be very serious about their real estate businesses and to also be looking for new partners. Once you are ready to buy your next income property in partnership with some of the people you meet at your new club, make sure to check Mashvisor for thousands of actual properties available throughout the US.
4. Getting discounts from stores.
Maybe you haven’t thought about this benefit of participating in a real estate investing club till now. It is a fact that many REIAs offer discounts at a wide range of important stores for real estate investing to their members. Such stores include Home Depot, Office Max, and many others. If in addition to being a real estate investor, you are also a landlord who does his/her own property management and maintenance instead of using a professional property manager, then you will definitely need discounts for your home supplies and furniture shopping.
5. Getting a free professional real estate investing website.
Some real estate investing clubs would even offer their members access to a free professional real estate investment website, where you can post your property listings, buyers forms, sellers forms, properties for rent, tenant application forms, and any other relevant information. As we live in the era of technology, it is indispensable for any successful real estate investor – and landlord – to have a professional, well-maintained website.
Of course, you should keep in mind that being a member of a REIA costs both time and money – you have to attend meetings regularly (sometimes even once a week) and you have to pay a membership fee. That’s why you should be wise to make the most out of your membership taking into consideration the costs that it entails. First of all, choose your real estate investing club smartly. Make sure you join a club that is active and has serious investors and other experts as members. Preferably, go for an association in your location as the members would know the specifics of your local real estate market. In addition, be an active member. Don’t just go to the meetings and sit their passively without saying anything. Talk to people, make contacts, listen to experiences, ask for advice, make partners. Moreover, if you feel that you need support in any particular aspect, make suggestions to invite speakers on this topic or to organize seminars or courses on this particular matter. Chances are that many of the other members might also be facing difficulties in this field.
After all, what perks you personally will receive from a membership at a real estate investing club depends entirely on you.