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Networking is the first thing I cite when people ask me how I have achieved so much success in real estate at my age. As the owner of my own firm for the past 17 years, I can attest to the benefits and value of building longstanding connections with my clients and with my mentors. While I don’t think there is only one way to start building your own professional network, I do think it is important to make a substantial commitment to building yours the minute you decide to pursue a career in real estate. Not only can it help you grow your business, but you will build friendships and form alliances that will benefit you in more ways than you can count.
In the real estate industry, networking can have a bigger impact than education or even marketing or social media because it’s the key building block in creating long-term relationships. Knowing how to network effectively is the one essential skill you must have if you want to be successful in real estate. Unlike many fields of business that have evolved to keep up with our technological times, real estate in some ways has not. Deals are still very relationship-driven and people tend to work with people they know and trust — people in their network.
When you are in real estate, your professional network has the potential to impact your business at every level. Firstly, your network will be your first access point to information and business opportunities. In real estate, information is power. It leads to deals. People share their knowledge and insights with people they trust and consider close colleagues or friends – in essence, their network. Without access to people with the knowledge and insights about the properties, the market and the players, you will not be able to put deals together. From the day you decide to go into real estate, everyone you meet should become part of your network.
Building a network doesn’t happen without time and effort. There are some things you can do to ensure that you are consistently nurturing and growing your Rolodex. I often tell people to think of it as coaching a football team: Your job is to mentor all types of athletes so they can reach their full potential and maximize their results, as well as your own. Each player, and everyone who makes up the team, needs your guidance, energy and patience at different times. The last thing you want is for anyone to get injured, benched, fired or cut. Just like in football, everyone who makes the team what it is holds value at different times — the security guard, the water boy, the players and the back office. Always remember that everyone in your network has value and can contribute.
Below is a punch list I have come up with to help me keep my networking front and center, no matter how busy things get:
• Store everyone’s contact information as soon as you get it. Scan in their business cards or store the emails in a database/CRM. Whatever storage method you choose, just make sure you keep their information so you can access it again.
• Whenever you go to a conference or work event, set a goal number of new contacts you want to leave with. It can be five or 10 or 50. Try not to leave until you have reached your goal for the event.
• When you make a new contact at an event or meeting, follow up with them the next day. I give myself until the next business day to reach out. Almost every time I have done this, I have gotten an email back.
• Don’t be afraid to ask for business. Often, we’re afraid to be upfront about what we want. My advice is to confidently or openly ask for the business you want. The worst thing that will happen is that you will be told no. At least that person knows what you want and maybe you’ll do some business with her in the future.
• Every time you meet someone, make note of their professional goals. If you do this, you will understand how you can really help them versus just selling to them. Hard-selling tactics are things of the past. Helping your new contacts achieve their goals will help you achieve yours down the line. Creating give-and-take relationships will reward you handsomely.
The benefits of having a strong network in real estate will continually benefit your business. At Dane, we use our network for marketing, canvassing calls, social media and on professional platforms like LinkedIn. The benefits are tangible — keeping your business top of mind in the industry, sharing milestone achievements and sourcing new deals, among others. Networking also gives you access to people you may otherwise never meet.
From pushing me to take the leap and start my own business to helping me build my business beyond your run-of-the-mill brokerage, my network has truly been invaluable since day one. I am fortunate enough to say I have strong, trusted and collaborative partners, peers and clients. Beginning in my entry level days and continuing to today as the owner of my own firm, I am still constantly amazed at how wonderful and supportive the group of people I have amassed is. Your network will be the foundation you build your business on and continue to be instrumental in your ongoing success.