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.
America loves a good come-from-behind story, especially when that story involves a lot of blood, sweat and tears along the way. We’re a country famous for falling down, dusting ourselves off, and getting back up again. Some of our most beloved national heroes and celebrities have failed and bounced back. Michael Jordan, for example, was cut from his high school basketball team. Championship boxers routinely get up from the mat—they never gave up, and neither should you.
Real estate can be a tough business, and you’re bound to lose a sale now and again. We’ve all been there; showing 50 homes to a client only to have them pick none of them. What matters more than the loss is how you put that past failure behind you and bring a winning attitude to your next client interaction.
Accept responsibility for the loss
In sports, the refs made a bad call or miss some of the action. The same goes for real estate. Sometimes it seems your clients missed an obvious opportunity on a property, or a fellow REALTOR® might misinterpret your communications. Still, it’s up to you to evaluate your own practices and ask tough questions about why a certain property hasn’t sold or about your own practices. After you evaluate, admit your mistakes. Instead of stewing, take each loss as a learning opportunity and move forward.