I recently attended a focus group for the Irvine Company where they had a discussion on commercial rental properties. The attendees were either senior level managers or owners of businesses that rent commercial space. We all talked through moderated conversations about improving commercial spaces while our comments were recorded through a two way mirror. The reason I bring this up is because the ability to network was a recurring topic that came up as something important to these executives. Going further, one business owner explained that he went to every business in his building and introduced himself with his business card – which actually resulted in business for him. He also mentioned that he attends all the chamber meetings and networking events like LeTip. Even though what this person does to network is not creative or innovative, he has a tremendous advantage over competition because most people don’t even make an effort to network this much. I couldn’t help but to ask myself how many real estate agents I know that network just as much as this person – and agents are in a much more competitive industry. The answer: extremely few.
Networking is a very plain, fundamental business concept that just about everyone knows is a good thing to do. However, it is terribly neglected. Real estate agency is a business of relationships. This means you needs massive exposure to people to form these relationships and build your network. This is one of the reasons you will see bad agents get business and good agents don’t. Top producing real estate agents know a lot of people and they ask them for business.
Do a self-analysis on your networking. How often are you meeting new people? What are you doing that is expanding your network base? Remember that it’s different then marketing. Marketing is usually a one-way form of communication. Networking is more engaging, mutual introductions, and an exchange of words. Ask yourself who your target demographic is and think of ways that you can meet more of them.