The relationships REALTORS® build and manage can lead to big business stemming from referrals. Case in point: forty-one percent of buyers found their agent through a referral from a friend or family member, according to a 2011 National Association of Realtors® report entitled Profile of Home Buyers and Sellers. Another 2012 NAR study indicated 67% of buyers and sellers contacted and selected just ONE agent to help them with their transaction.
One way to interpret this data is that most buyers and sellers do not even think about partnering with a broker until the need arises. The real estate agent they chose to work with is usually one they have worked with before OR yet another who is on the top of their minds at this time. That agent could be you by consistently making networking a regular part of your business practice right now.
Building your Network:
This blog previously referenced several digital marketing strategies that will be an important part of your networking strategy. For business networking purposes, the best place to start is LinkedIn. More than 225 million users rely on LinkedIn to both gain and pass on referrals for their respective business endeavors. It takes just 10 minutes to establish a basic LinkedIn profile for free. You’ll be surprised at how many people you know once you sign up. Be sure to invite all of them into your network, even request that individuals you know well to “endorse” your services.