Benefits to Networking with other Estate Agents
Networking is the magic bullet for turbocharging your estate agent operations. Really get this: the impact of networking will outweigh all the business development and marketing efforts you put into your business.
Investing in real estate requires a lot of social capital to attract the right partners and clients. While online searches are part of the consumer journey, they are heavily influenced by word of mouth recommendations. Networking allows you to gain contacts who you can use to generate new leads.
Networking with local estate agents will also enhance your understanding of industry dynamics and business fundamentals. It can also ensure that you are able to build up good will and social capital within the industry that can enhance your ability to access opportunities within the sector. These relationships can also strengthen your understanding of the local community, its culture and economy.
When the chips are done, the person who is able to close a deal is the one who knows something the other doesn’t, and I can guarantee you that kind of knowledge you only get from relationships with the right people, not the industry reports and data that everyone has.
So, where can you gain the value of networking?
Attend local networking events, the estate agent industry is a small community and there are events designed to bring its members together. Remember there is no magic pill for building relationships, you have to consistently engage with the people you want to interact with to gain their trust and confidence.
Attend virtual training events, like my upcoming "Buyer's Agent Training." Do a search for estate agent classes, masterclasses, virtual events, and trainings and see what pops up.
Social media: you will find that there are many opportunities for developing networks on social media. Hey! Join my Facebook Group here. Talk to people as often as your schedule allows. This will allow you to understand what's going on in your community and social-culture. You never know, knowing something about pop culture could be the spark that helps you close a deal with a prospective buyer.
Local business networking groups (like your local BNI) can provide an opportunity to meet with like minded individuals. They can allow you to meet professionals from diverse backgrounds, a fact that will allow you to access a lot of opportunities. For example, imagine developing relationships with mortgage brokers, bankers, digital marketers and lawyers. These contacts can be a powerful resource when you want to navigate some challenges in the course of closing a deal.
As you can see, there is no excuse for failing to invest in networking. You must perceive it as an important part of your operations and business strategy. Although some people are likely to experience immediate success in networking, if you are not as lucky, don’t fret, give it time, you will also be able to achieve a lot of success with time and consistency.