Real Estate Networking: How to Build a Strong Network and Why It Matters
In the real estate industry, success is dependent on building connections and relationships with other professionals. Networking with fellow agents, lenders, contractors, and others connected to real estate can make you a better agent and lead to business growth. As a new agent, how do you build your network?
For over 25 years, Buffini & Company has been providing comprehensive coaching and training programs for business leaders worldwide. In a Buffini & Company webinar, real estate experts highlighted tips and advice for building a solid network – and why it matters. Check out our short clip above, and then download and watch the entire webinar. In the meantime, keep reading for additional tips on how to build a robust real estate network.
Why Is Networking So Important In Real Estate?
In the fast-paced and competitive real estate industry, building a robust network can offer you a significant edge. Moreover, with a supportive network, you can seek emotional help and guidance from seasoned professionals as you navigate the ups and downs of a challenging but fulfilling career.
Here are some additional reasons networking is so important in real estate.
1. Knowledge sharing and industry insights
Real estate is a dynamic field. Through networking, real estate professionals can stay updated on the latest industry developments at the national and state level, including new technologies, regulatory changes, and market trends. This knowledge will help you adapt to changes and better advise your clients.
Additionally, by networking with peers and industry experts, real estate agents can gather market intelligence about specific locations, property types, and target demographics. This intelligence helps in making data-driven decisions.
2. Building credibility and trust with other industry stakeholders
Consistent networking and positive relationships with industry leaders will help you build a strong reputation in the real estate community. With these relationships, a real estate agent can prove themselves to be professional, ethical, and full of integrity.
Establishing this credibility and trust can help real estate agents become an authority in the local market. In addition, positive relationships can lead to positive word-of-mouth marketing for your real estate business.
3. Increased client confidence
Clients are more likely to entrust real estate agents who have strong relationships with other local stakeholders – such as appraisers, mortgage professionals, and home improvement contractors. Clients appreciate agents who can work effectively with a network of professionals to achieve successful outcomes.
4. Establish relationships with local business leaders outside of the industry
We’ve already established the importance of networking with professionals adjacent to the real estate industry. However, you must also get to know local business leaders working outside of the profession. Discussions with business leaders give an agent insights into local market dynamics, trends, and economic conditions. In addition, building relationships with these individuals will increase the likelihood of receiving referrals.
5. Access to more job opportunities
Networking often leads to referrals and recommendations – and leads. Positive word-of-mouth marketing is the most effective and cost-effective marketing campaign because referrals are free and have higher credibility.
Real Estate Networking Tips – 8 Ways Growing Your Referral Network
Even if networking is out of your comfort zone, it’s an essential practice for establishing your real estate business. Networking helps real estate agents learn and grow while increasing the likelihood of word-of-mouth referrals. Here are a few strategies for improving your networking prowess.
1. Attend industry events
Make attending conferences, trade shows, and other events a top priority, as these offer opportunities to meet like-minded professionals. Always bring business cards and be ready to start conversations with new acquaintances. Follow up by connecting on LinkedIn, texting, or extending an invitation to meet for coffee. Stay in touch to maximize your networking opportunities.
2. Join professional associations
Joining professional associations will help you learn more about the industry and garner invitations to industry events. However, don’t simply “join” your local real estate board or national association – get involved. Look for opportunities to join committees or volunteer for events to meet other professionals and contribute to the industry.
3. Participate in online communities
Join online forums, social media groups, and other virtual communities focusing on your interests, niche, or local area. Be an active, positive participant to establish your brand.
4. Build relationships with vendors and contractors
You may find it simple to establish relationships with those working directly in the real estate industry. However, branching out into real estate-adjacent fields may require more work. Here are a few ideas on how to build relationships with vendors and contractors:
- Attend their industry events and trade shows.
- Provide referrals and recommendations to vendors based on positive experiences.
- Understand the contractors’ services, pricing, and availability.
- Negotiate preferred rates or discounts for your clients with vendors and contractors.
Follow up regularly with your contacts and tell them you greatly appreciate their referrals and leads.
5. Remember special occasions or milestones
Birthdays, anniversaries, and other important dates can be an excellent opportunity to reach out to members of your network and strengthen those relationships.
6. Do your networking on social media
Of course, social media makes it easier to connect with industry participants. However, there’s more to establishing a relationship than simply sending a request to connect. Comment on posts or (if applicable) share a review. Share articles and tag interested parties.
7. Be professional and responsive
Remain professional when networking. Everything you do and say is a reflection of your business. Use your interaction with others to show that you are a responsive, knowledgeable, and ethical professional worthy of recommendations.
8. Prioritize clients above commission
As a real estate agent, you must put your client’s interest before your own. Take that duty seriously and prioritize customer service. Yes, networking is essential, but it should not supersede your dedication to your clients.
For more industry insights and helpful continuing education courses, connect with Colibri Real Estate. Colibri has helped over 500,000 real estate agents earn their real estate licenses, and in conjunction with our sister school, McKissock Learning, we can help you with a hassle-free license renewal in your state.
Learn more about your state’s continuing education course requirements or broker education courses by contacting an education advisor at Colibri Real Estate.
