How to Build a Referral Generating Network to Make Your Business Soar
Networking in real estate can be a hit or miss. Agents that do it well reap the benefits of more business, but agents that get it wrong set themselves up for failure.
It’s easy to seem pushy to others and lose future customers if you don’t know what you’re doing.
But if you learn to fine-tune your networking skills, you will always have a system to get referrals in the future.
The Benefits of a Network
Having a good network in place has major benefits to your real estate career.
Connecting with the right people will help you meet your professional as well as your personal goals.
When you start providing value to the people in your network, you start to develop relationships, and those people will want to give back to you.
The more you help others, the more compelled they will feel to send you referrals and other help that you may need.
So, the more people you develop these kinds of relationships with, the easier it will be for you to access services, information, products, and other people to connect with.
Getting referrals in only a small part of the many benefits that a network can offer. If you use your network well, you can advance your life in every area.
But what if you don’t network the right way?
How to NOT Build a Successful Network
The key to setting up a great network is mindset. If you don’t have the right mindset for it, you won’t succeed.
The interesting thing about networking is that if you try to do it for your sole benefit, you will fail.
Because others won’t network with you.
What’s in it for them?
If you go about it in a selfish way then there is no reason for others to connect with you.
Instead of trying to meet more and more people, focus on getting to know what people do, what they need, and what they like.
Don’t focus on trying to make your network useful for you. Strive to make it useful for others.
Share your connections whenever possible. A good way to fail at networking is to keep everything in your network to yourself. You will grow your network more than others just by sharing it.
Don’t miss out on a chance to start a relationship with someone when you first meet them. Every person you meet has the potential to add several other connections to you.
Where Do You Start?
Before you set out on your networking voyage, you have to understand the fundamental principle of it.
To have a valuable network, you must be valuable to the other people in it.
It’s a reciprocal process.
If you want others’ genuine help, you have to be genuinely helpful to them.
Start by assessing your current relationships. Which ones are healthy and beneficial, and which ones are toxic and dragging you down?
Identify the positive ones and focus on strengthening them.
In addition, come up with a list of people that you want to start developing relationships with. Ideally you would want to have a diverse group of people in your network to maximize your reach.
Effective Networking 101
• Reaching out to someone is a good way to start a connection. However, asking a person in your network to recommend someone to connect with is an even better way to start meaningful relationships.
• When someone recommends a new contact for you to connect with, have that person introduce you to the new party, if possible. You’ll get a head start by gaining some of your contact’s rapport with someone you just met.
• Always aim to grow other people’s network as well. When you’re with someone, think about who in your network can benefit by meeting that person. Let them meet. More connections within your network open up more future connections for you.
• Be considerate. Put other people before you. Be generous and provide value as often as you can. Become genuinely interested in others. You’ll be amazed at how much this will pay off in the long run.
• Value, value, value. That’s at the core of every relationship. So, to spark a new connections, always provide value.
But what value exactly? Well, as a real estate agent you have access to a lot of things. You can give information on the local market, sales trends, new developments, etc. You can also recommend services and products to help people personally or professionally. And of course, you can give the value of connections in your network.
• Join local committees, volunteer organizations, and cultural institutions. You will have a huge pool of people to access from many social groups, including successful and influential people.
• Don’t wait for new connections to come to you. Waiting around causes many wasted opportunities. Instead, go out and actively create connections that can benefit you or people in your network.
Build a successful network, and you will have a growing referral making machine.
And you can benefit in many more ways besides getting referrals by doing so.
Hopefully you see the immense value in this article. Who can you share this with that can benefit from it?
Now it’s up to you to make the most of your connections and expand your real estate business.
To your success!