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6 tips to networking in the real estate business

Networking is one of the most critical aspects of a real estate business. The broader and diverse your network base, the more effective your business will be. Each agent has their own way of gathering contacts and referral sources but there are several tips that work for all.

 

1. Get acquainted with the market

Many focus their time and efforts on finding contacts at networking events which can only bring you part of the way to knowing the market. Mohan Kailas, the founder of Kailas companies, advises to also conduct external research by attending community events. It would be easier to get acquainted with the neighborhood near the properties and prospective clients. Also, you can partner with a local business to get involved in such events and broaden your networks.

2. Contact the quiet ones

Should you choose to attend networking events, do not shy away from contacting quiet people who are not in the center of the action. According to Fafie Moore, it may only seem like they would be least interested in the event, but you will find that there are often organization leaders amongst them.

3. Take initiative

It is important to be active in cooperating with the contacts you gained from the networking event. Be the first to contact them, give them a call and ask to stay in touch. A small act of interest can be a decisive factor in whether or not people will be willing to work with your agency. It is best to follow up after having the networking introduction and show the person that you valued their time. This does not necessarily mean you should send an email directly after the event, but the sooner the better.

 

 

4. Give to gain more

The more you invest in communicating with people, the better their mental image of you will be. Your main focus when attending networking events is building a networking base by striving to help others. You can give referrals, advice, share contacts. The more you give, the more there is to gain. People will see someone who is willing to go the extra mile and help them, rather than a real estate agent who only cares about their wage. 

5. Have a plan

One of the most important things to have is a clear focus and plan for who, what, where, and how. During the networking events, take note of things you deem important: people’s needs, concerns, families, etc. This information will be useful to customize your services as a real estate agent. For instance, if you know that a person has a large family and is expecting a child, they may be after a more spacious property. You should have a list of people you will later want to transform into customers and referral sources. 

6. Bring a work partner

A tip for new recruits who are not yet used to the process is to take a work partner on the network quest. It will be less stressful to interact with strangers if you have a companion to help gather contacts. Another benefit of working as a pair is that you will most probably have different styles of communication and will uncover various kinds of information and contacts. 
After nailing the basics of networking, it is favorable to develop your individual style which would make you distinguishable and will build on your networking base. It is worth noting that networking is just one element in the grand scheme for success and an agent’s following steps can be a deciding factor. 
November 20, 2019

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