A real estate association is a trade group made up of agents and brokers that can provide training, lobby the government, produce market research, and operate an MLS for the benefit of its members.
Join the local and national chapters of any association of owners or managers of commercial properties, as well as any other association which may include business owners or brokers.
Consider getting involved with the National Apartment Owners Association and finding a local one. Think of the Institute of Real Estate Management as well because its focus is on owners or managers. Or if you're looking at office buildings, join the Building Owners and Managers Association with 92 locals across the country. And for those who love shopping malls, check out the International Council of shopping malls. They have a history of doing business with one another.
To be successful with commercial real estate, you should get to know the people who own properties or are involved in the industry.
Once you become a member of an association, how do you meet people?
Well, you can launch a small screen or advertisement in the association's online newsletter. One of our favorite ads is: "Private investor looking for C-class properties (or list some other type of asset you want). Will watch everything, no matter what condition. You can also get up at a meeting and announce your intentions, or just let other members know what you're looking for.
The suggestion is to do more than the average investor, that's what it takes to get the best deals.
To get the maximum benefit from any association you belong to, try the following:
· Become a leading member of the association. It involves volunteering and participating in the production of events. This means finding a role where you can be seen by the group. Often, the best way to make oneself known is to volunteer to be the chairman of the commission or an officer of one kind or another, it's not popular work, but it's work that allows you to come in front of the group at each meeting. When you talk to the public, they will see you as a credible authority and someone they would like to learn about.
· Find ways to meet key people throughout the association. That's not to say you're just trading business cards. Doing so does not work to create relationships that lead to profitable business ventures falling within your lap.
Instead, take the time to build a link so that when you call those key people, they already know who you are and have some respect for you.
A homeowner’s association is an organization created by a real estate developer for the purpose of developing and managing a community of homes, townhomes, and/or condominium units. It is given the authority to enforce the covenants, conditions, and restrictions as well as manage the common elements of the development. The NYS Office of the Attorney General requires that the sponsor file an offering plan for the homeowner’s association and that the sponsor maintain commitments that it made in the offering plan. The Attorney General’s jurisdiction would be limited to ownership and maintenance of HOA common property.
In previous post: "How do I build an investment network?"