Guidelines For REALTORS®
You understand the value of creating a support system as a new real estate agent. With time, this will probably become your main source of income. But how do you go about expanding your network and interacting with other real estate professionals?
You will be prepared to start growing your network right away after reading this quick start guide and will have ideas you can use right now.
How Important Your Network Is
The saying "Your network equals your net worth"
This sales cliché connects your financial situation directly to the number of high-quality contacts you have. This is perfect for me as a real estate agent.
Any agent in your agency will say "my database" when you ask them where the majority of their business has originated from.
The majority of real estate agents get the majority of their business from this source, yet most agents are unaware of how to expand their network.
Let's first address some of the ideas going through your head right now before we get into the techniques.
Any of the following statements that you hear yourself making?
- My network is not large.
- I don't know anyone yet because I'm new to the area.
- I dislike attending to events and being around big groups of people because I am an introvert.
- I can't establish my network because I'm too ____ (fill in the blank - young, elderly, bashful, haughty, etc.).
At Rev Real Estate School, we have heard it all. In actuality, I entered the real estate industry as an introvert with a little network in a new area.
It's okay if these thoughts are running through your head. We'll go over how to tackle these ideas in more detail below.
Overcoming what we "think" a network is in the modern world is another obstacle for us to overcome mentally. Humans desire to fit in, but we also believe that the term "networking" is artificial or "sales." When we imagine a networking gathering, we immediately picture the awkward talks with the one person who is distributing crazy amounts of business cards while pacing the room.
Not to worry! Building connections is not networking, and exchanging business cards is not the point. It is all about establishing friends and lending a hand. It is about conversing with another person and not making the conversation solely about real estate.
Drop your expectations, be open-minded, and strive to establish new friends during every conversation.
Some of your limiting beliefs will disappear even before you begin if your attention is on finding an interest and establishing new friends.
Let's replace the limiting beliefs with a fresh way of thinking for each of the beliefs we listed above.
- My network is not large. Okay, so you believe your network is smaller? The number of acquaintances you make in the years to come will matter more than the number of people you start off with now. A small network is beneficial since you can establish key connections right away. Your focus will be on growing your database if you have a smaller network.
- I don't know anyone yet because I'm new to the area. It's nice to be new to the area! You can start thinking about creative ways to meet new people now that you have a clean slate. In new towns, many prosperous agents start their businesses from scratch. If you're new to the area, building up your database of contacts will be your first priority. Verify that you have gone over your 10-Step Business Plan.
- I dislike attending events and being around big groups of people because I am an introvert. Being an introvert has many benefits. Being an introvert, you are better equipped for one-on-one, straightforward conversations about personal matters because buying or selling a home is a very private procedure. If you are timid, concentrate on gaining confidence and gradually increasing the number of discussions you have. If you are an introvert, begin brainstorming ways to meet new people through activities you enjoy (sports, relationships with friends, charitable causes, or groups).
- I can't establish my network because I'm too ____ (fill in the blank: young, elderly, shy, haughty, etc.). No way! Your buddies will soon purchase homes if you're young and they haven't done so yet. You have an edge if you enter the real estate market later in life since homeowners are more likely to respect your maturity. If you have a strategy, you may work on your shyness or pride. I suggest learning more about perfectionism through reading and trying out CBT.
The last assumption is that you don't want to come across as pushy, "sales," or insincere. This is ideal as none of our sales training uses this strategy!
Before You Get Thirsty, Dig Your Well
In real estate, building your database and networking with new people takes time. One event does not provide you with ten hot real estate leads. As you get to know one another through time, you develop these relationships.
We are driven to want everything right away, yet buying a home takes time. Apply the same strategy to your network.
Since establishing relationships takes time, it's important to pay attention to everyone we meet, not just those who might be interested in buying or selling soon.
The proverb "Dig your well before you need water" is true. Prior to needing the business, you should start creating your network".
When we talk about having an open mind, having no expectations, and making new acquaintances, we never say to focus just on those who talk about buying or selling real estate.
One of the most lovely aspects of real estate is that practically everyone buys or sells a home at some point in their lives. Consequently, you don't just need to follow leads. Your database can also be farmed. When the moment comes come to buy or sell, you'll be the obvious choice.
You will have a steady stream of business in the future if you concentrate on digging your well each day.
Locations To Meet People
As a result of the challenges to your limiting ideas, you now recognize the value of meeting new people, even if they aren't there to purchase or sell. Where are we going to meet people now?
Let's look at some concepts!
Let's start by comprehending the buying window and the business purpose. If you meet new people at an event (open house, buyer/seller seminar, web lead, referral, etc.), you might do so as they approach a transaction. Or on a more intimate level where you meet people, you wouldn't normally interact with (social gatherings, sporting events, networking opportunities, business events, etc.).
As a real estate agent, you should seek out meetings with both individuals who have business intentions and those who are not in the market to buy.
Which one is more crucial?
In all honesty, we think it's more crucial to network with those who are NOT in the buying window. Don't get me wrong: leads, seminars, and open homes are all crucial. However, striking up a conversation with new people who will buy and sell in the future frequently comes naturally. Plus, you can set your own terms for meeting new folks.
Both those consumer groups with business intent and those with no intention of purchasing will be combined in a strategic networking plan.
Preceding The Event
- Get in the right frame of mind with the goal of meeting people and having interesting discussions. (Not for real estate sales)
- Give up trying to use the event to generate revenue.
- Study the occasion and the location. The setting and type of the event sparked a lot of conversations.
- Read a few local headlines quickly to keep up with global events. What is happening in the world and industry might spark conversations.
- Put on a piece of apparel that will spark conversation. This could be a cute tie, a cool pin, or unique shoes. (This is effective.)
- Ask "How is the market?" and get ready for an answer.
During The Event
- Smile, with confidence and enthusiasm.
- Recognize that people are there to talk and to get to know you.
- Use the best introduction possible: "Hi, I'm Mike."
- Look for similarities. Hobbies, interests, the menu at the event, the location, etc. Make use of talking points. For instance, you could respond with "popcorn", "sports", "hockey", or "the weekend" if someone mentions eating popcorn during the hockey game on Saturday.
- Make an introduction to the personnel. They can be terrific conversationalists. They also require housing.
- Don't cut off a conversation between two people. The normal range is 3+.
- Ask folks about their FORDs—families, jobs, hobbies, and dreams.
- Make an introduction to the host. You'll probably be introduced to someone else by them.
- When speaking, make movements with your hands.
- Utilize Ben Franklin's Secret. Beg for a favor. After they have done you a favor, people tend to like them more.
- Speak to people who aren't conversing with anyone. They also want to converse.
- Linger at the bar's entrance. People who just got a drink are ready to socialize.
- Avoid loitering near the restroom! There are missions going on here.
- Don't let your gaze stray while listening to someone. Just concentrate on the person you are talking to.
- Prepare a few stories in advance. Nobody expects you to be Stephen King. A brief real estate narrative, a description of what you are wearing, or some current facts.
- Simply putting out your hand and saying, "Well, it was great meeting you" is the greatest way to end a discussion. Easy!
After The Event
- Be patient in your connection. It takes time to get to know someone. Embrace the procedure.
- Give yourself a pat on the back for coming. It's all about trying, not being flawless.
- Within a day, contact everyone who was contacted.
- Don't press for further meetings, follow-ups, pitches, or business-related activities. Simply let them know how much you enjoyed meeting them.
- Plan your upcoming event! Running into these people repeatedly is how relationships are formed.
Typically, the talker feels that the conversation went well. Engage the other individual by asking them questions.