Philip Michael is a real estate investor, best-selling author, former TV/radio host (NuvoTV, SiriusXM) and entrepreneur. He’s the founder of New York Equity Group, a real estate investment company with over 150 units and $15M in its portfolio. Pre-order Philip’s book Real Estate Wealth Hacking here. Follow him @philip_michael.
Recently, YEC spoke with Michael about his experiences building a community for customers and stakeholders in his business, and what others interested could learn about the process.
Surround Yourself With Success
The value of building a strong community for entrepreneurs is priceless. It’s literally one of the biggest drivers of success. If you’re trying to play in the NBA, you have to be around other top players. You won’t get there playing on the playgrounds.
Just hanging around others who are doing awesome things forces you to step your own game up. Because three of my peers became bestsellers recently, I decided — after years of procrastinating — to put out my own. And it became a bestseller in two days. Iron sharpens iron. You become your environment. It is what it is.
Look for a Common Goal
To me, customers or subscribers are buyers. They’re your end users. A community consists of like-minded people who aren’t necessarily buying or selling to each other, but who keep each other inspired, educated, informed and sharp.
In order to establish a community, start with a vision anchored around a common goal. In my business, each property — whether it’s media, SaaS product or actual properties — is divided into its own team. Make sure the energies are aligned and anchored whatever that common goal is.
Identify Ways You Can Help
The most important way to manage a growing community is by staying in touch and adding value. I keep saying it but that’s the key, man. Just being helpful. I have a community of readers who I interact with. Whenever I post an article or have an update, it helps. Give without expecting anything in return.
Use Your Current Connections to Your Advantage
I built the community I started organically through existing networks and my content. I hosted an event for a community of young investors and entrepreneurs looking to break into real estate. I leveraged that into success by either helping them invest or including them in my projects wherever I can.
If you are looking to expand or create a community, find an interest or a cause you can rally around and stay consistent. It’s so easy these days; email lists, group chats, Facebook, you name it. Consistency is key.