As a new real estate agent, one of your biggest questions is likely, “How on earth am I going to find clients?” You may be lucky enough to get a few good leads through your office or team but to be successful in real estate, networking is essential.
Why a Network is Important for Real Estate Agents?
Real estate is competitive! It can be kind of lonely, especially for new agents, but it doesn’t need to be. When start you build a community early on, you don’t have to go it alone.
When you surround yourself with others who know the business, you can bounce ideas around together, learn from one another, and encourage each other when the going gets tough. Of course, networking also brings clients and more clients bring higher earning potential.
Your network is a powerful tool. When used well, it can mean the difference between a mediocre business and a very successful one.
Building Your Referral Network
How do you even begin? Here’s a valuable exercise for new real estate agents. Map out your sphere of influence. Write down the names of everyone you know. Your contacts might include:
- Friends and family
- Work colleagues
- Other parents’ at your kids’ schools
- Sports team members
- Community group participants
- Faith community members
- Social media contacts
If you are introverted or new to your neighborhood, connecting with people might be harder for you than for more outgoing folks, but the extra effort will be so worth it!
If you don’t have a lot of contacts, try offering to do open houses for other agents or run a workshop series in a local venue. Also, find ways to get involved in your community. Not only does it feel good to contribute, but you’ll have fun, learn a lot about the area, and increase your sphere of influence.
Building Your Professional Network
It’s important to connect with potential clients but it’s also essential to get to know other professionals. Start by connecting with other realtors. Make it your goal to foster a spirit of cooperation over competition.
Next, make business connections that complement real estate, such as:
- Lawyers (Probate and Divorce)
- Loan officers,
- Financial planners,
- Skilled tradespeople (Tile Setters, Electricians)
- Interior Designers
- Municipal planners
- Fitness Trainers
- Hair Stylists
- Local business owners
Attend real estate industry conferences, join a local business association or chamber of commerce. Attend networking breakfasts and connect with others on social media.
The more connections you make, the easier it will be to solve problems that arise in real estate transactions. You’ll also be building a network of people who can support your clients. When you can easily point your clients to local services, they’ll perceive you as an expert and recommend you to others. At the same time, you may receive reciprocal referrals from other business owners.
Keeping in Touch with Your Real Estate Network
At the beginning of your real estate career, make sure everyone knows what you’re doing. Commit to calling everyone on your list, or send out a letter with your business contact information. Drop off small gifts like branded mugs, flash drives, or pens. Then, touch base regularly.
Some ways to keep in touch are: send quarterly letters or holiday cards, text or message people on social media, or start an email drip campaign. Keeping a website, blog, or social media presence can help you get your name out and help you build credibility in your sphere and beyond.
Whether you network to find clients or professional partners, do your best to make meaningful connections. Engage with people with the mindset of getting to know interesting people rather than planning your next sale. Superficial networking doesn’t work but relationship building does!
Start Building Your Network with KW Real Estate Schools, Inc.
If you are interested in a real estate career, choose Fast-Track, an independent, online learning option, or Group Study, in-class sessions where you can start building your real estate community right away. Both tracks include 1100+ study questions and an interactive 1-Day prep class to prepare you for the California State pre-licensing exam. Why not register for our next Career Day event and start building your real estate network today?