Small businesses and real estate investors are discovering that the new business landscape demands a ‘share or die’ mentality. However, when is it smart to participate in real estate collaboration efforts and when is it more beneficial to keep information to yourself?
Several articles have been published on sharing and real estate collaboration. Recent developments in social media have made information sharing a relevant practice in every industry. Some have embraced the idea of sharing information, hoping their efforts will be reciprocated. However, others have neglected to participate in real estate collaboration, as they are reluctant to give away the information that has given them an edge.
Studies have proven that real estate collaboration is effective. Companies who collaborate can grow faster, generate a larger knowledge bank and benefit from leveraging the talents and intelligence of others. The concept of inbound information is widely accepted. However, outbound real estate collaboration, those who divulge their secrets, is more suspicious. But those who do may be rewarded with increased trust in their industry, establish more connections and gain more referrals. These are all variables for unlimited real estate investing success.
Of course, no experienced real estate company owner or investor wants to give away all of their secrets. Recognize that you will be copied eventually and the odds are your ideas aren’t Einstein level revelations. Good ideas will eventually be copied, so make sure you are the first to implement them.
By being open and getting feedback from select peers, real estate investors can get valuable help and potentially avoid some major mistakes.
There are those, however, that are simply out to feed off the success of others. Lazy and cheap, they’ll milk other pros that have made the effort to invest in their real estate education.
So, in conclusion; be open to helping others and collaborating, but try to keep a tighter lid on some of your most valuable secrets.
Credit: Fortune Builders