The best way to find members of your referral group is through a referral from someone else ¡ª in other words, using the network to build the network.

Another smart place to look is among people whose actions have already signaled that they are happy to join groups of people for a common business cause. A real estate investors' group is a good place to start. You can find out when and where such a group is meeting near you by doing a Google search for "real estate investors' group" for your city, or by looking in your local newspapers under "group meeting announcements."

We've already mentioned these investors' groups. They are a great place to go to learn about the industry and to meet like-minded people. And while you're on the lookout for people to add to your personal group, you may well come across people who have property to sell that you might be interested in, or who might want to go in with you on a particular property.

Another good place to build your master mind group is your local chamber of commerce meeting. This group represents a mix of all types of businesses, all of which are dedicated to growing. Consider becoming actively involved in this group¡ªfor example, by joining the new members subcommittee, where you will meet representatives of companies that are new to the area and may either need properties or have real estate to sell. Growing companies mean change, and change is often an opportunity to make a sale.

Sponsoring charity events in your area is a great way to make contacts and help a good cause. As lead sponsor, you have the opportunity to come in contact with leaders in your community who can help refer business to you. Many charitable groups make a point of getting behind their sponsors' businesses, because they know that if they do, it will be far easier to persuade the same people to sponsor the event again the following year. If they understand that you're always on the lookout for referrals, they'll do their best for you.

There are very successful real estate buyers who trade in "ugly houses," and how they use billboards as their method of reaching new clients. But not everybody has such a clear and powerful concept, and not everybody can afford that type of highly visible marketing campaign. Nevertheless, there are marketing tools that you can use to grow your real estate business.

1. Use investor business cards. You should prepare investor business cards that state your niche or specialty. They don't have to be expensive, but they should look professional. Your local copy shop or office-supply store should be able to do an adequate job. (Ask for samples of its best work.) Consider putting your picture on the card. People like to do business with people they identify with, and there is no better way to achieve that relationship than to put your picture on the card. Some people will remember your face better than your name.

2. Develop your 30-second "elevator speech." An elevator speech is simply the briefest possible accurate statement about what you do for a living. Imagine that you have someone's ear only for the (short) duration of an elevator ride. What message do you want that person to walk out of that elevator with? Ideally, the message will be both informative and provocative. You want to get the main idea across and to imply that there's a lot more that your listener needs to know about you. What will get people interested in you? Sparking interest is the first step in bringing someone into your referral network¡ªor, at the very least, creating a new business opportunity.

3. Create an investor Web site. Building your own investor Web site is another step that might help your investment business. There are two possibilities, which you can pursue simultaneously if you have the time and the money.

One is an "internal" Web site specifically for use by your referral network, allowing each member of the network to post referrals for one another and providing a quick method of communication. The other is external, aimed at promoting your investments business itself. If you have a specialty in small motels, for example, you could create a site that tells what you do and the advantages you offer. The challenge is to get people to visit that site. One good way to do so is to send an e-mail to a selected list of motel owners (which you can purchase from a marketing database vendor) that includes a link to your site. A surprising number of people click on these "embedded links" and wind up at the sponsoring sites.

Make sure that when people wind up at your site, there's information there that's useful to them, not just to you. Make it worth their while to come back to your site¡ªand to tell other people about it, At the same time, don't get paralyzed by complexity. The cost of tinkering with Web sites has dropped in price, and there is nothing wrong with starting out with a template site that has just basic information and adding more material later. The key is to get started, and not wait till you have the money to add all the latest bells and whistles to your Web site.

 

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