At Weichert®, we see that many successful brokers and agents have one thing in common: they value the power of networking. But not just your tried-and-true networking, like attending an industry conference once a year. We’re talking strategic networking; the kind you plan, work at, finetune, and measure all year long.
There’s a common misconception that networking is merely the exchange of information between people. “Here’s my business card.” While this is still an important and practical part of networking, it’s not enough. Instead, strategic networking is about establishing, maintaining, and nurturing long-term, mutually beneficial relationships with others. It’s a cultivation of genuine relationships built on trust and connection. From there, sales are sure to follow.
To master the art of strategic networking, we suggest that you put your focus on the following:
1. Define your networking niche
Before diving headfirst into every event and handshake, take a step back. Who and what do you want to be known for? A first-time home buyer expert? Luxury estate specialist? Commercial property guru? Narrowing your focus allows you to strategically connect with individuals who are interested in your expertise. It’s also an opportunity to identify where you can be the yin to another business’s yang.
In addition, keep your city or region in mind as you define your niche. For example, charitable events and local gatherings can provide a PR boost to your brand as they show potential clients that you are an active member of the community. (Source: RISMedia)
2. Perfect your elevator pitch
Think of networking events as miniature sales pitches but infused with warmth and genuine interest. Craft a concise, compelling message that highlights your niche, value proposition, and unique selling points. Remember, it’s not about you; it’s about how you can solve their real estate needs.
How do you craft a great elevator pitch? Remember these four words:
- Short (less than a minute, 100 words or less)Interesting (tell a story, evoke an emotion)Personalized (think about your audience and what they care about)Confident (yet still humble)
“The 1-Page Marketing Plan” by Allan Dib suggests that you follow a simple problem/solution/proof formula. It might sound something like this: “Many people are finding it hard these days to buy a home. Well, I help families find their dream home. In fact, last year I helped 10 families buy a home right here in your town.” You can add more details to round out your “story,” but you get the idea.
Next time someone says, “So, what do you do?” you’ll be ready with a dynamic elevator pitch.
3. Remember less can be more
Don’t get caught up in how many leads you have sitting in your database. Focus on quality, not just quantity. Strategic networking isn’t a numbers game. It’s about quality connections. Instead of exchanging cards and disappearing, engage in meaningful conversations. Actively listen, ask insightful open-ended questions, and discover their hopes, challenges, and dream properties. Genuine interest translates into trust and potential referrals.
For example, if you’re headed to a speaker program, do some research in advance about the speakers on the panel. Learn about their background and some of the pain points about the topic they’re discussing. This will help you tailor a few questions to ask during the Q&A period at the end, which might open up a chance for more one-on-one conversation. Then exchange business cards.
4. Cultivate strategic partnerships
Don’t view everyone as competition. Instead, seek out mutually beneficial partnerships with lenders, home inspectors, and other real estate professionals. Cross-referrals, joint events, and collaborative marketing efforts can open doors to new networks and untapped lead sources.
Think of yourself as a real estate matchmaker, connecting people, resources, and opportunities. Show genuine interest in your network’s needs, even if they don’t directly translate into immediate sales. Building authentic relationships leads to long-term loyalty and unexpected benefits.
Weichert franchise broker-owners across the entire country lean on each other to get better at what they do, as individuals and as a community. That’s one of the many strengths of our franchise network. As a built-in community, we offer each other helpful advice, share industry insights, and genuinely support individual and collective goals. Ask us more about this.
5. Track your progress
Just like any other business initiative, strategic networking needs to be tracked and monitored. Treat it seriously. Analyze which events, tactics, and connections generate the most leads and conversions. Adapt your approach based on your findings, and constantly seek new ways to expand your network and refine your strategy.
Remember, building a powerful networking strategy isn’t about overnight success. It’s about cultivating genuine relationships, providing value, and becoming a trusted resource in your community. By implementing these tips and tailoring them to your unique personality and niche, you can transform your network into a thriving pipeline of leads and loyal clients, propelling your real estate career to new heights.
So, why strategic networking?
It’s one of the simplest things you can do to grow your real estate business. It’s also everywhere in your everyday travels. Be strategic about how you can turn simple conversations and connections into powerful networking partnerships. Weichert just may be one of them. Let’s talk.
Are we a good fit?
Let’s talk about it. We promise no pressure, just useful information.