When we think of business development, cold calling and other forms of prospecting come to mind. However, this is only part of the bigger picture. Although the task involves pursuing strategic opportunities for a particular industry sector within real estate, relationships must be cultivated for the long haul. It can’t be just about boosting revenue.
Because the sales cycle is so long in commercial real estate, for example, in office leasing, finding meaningful reasons to stay in touch is imperative. Sending regular market updates and making check-in and follow-up phone calls is a great start.
Pursuing opportunities to help your business grow must be looked at in terms of building meaningful relationships. Once those connections are solid, business will start to come. Networking is a great way to make this happen organically, so choose your groups wisely.
Thinking you will get new business when you first meet people feels shady. So many networking groups are structured incorrectly. They push for elevator pitch after elevator pitch. But does this method really work? Building relationships come from knowing people for several months to years. It might be better to participate in groups with a cause or strong learning objectives, so when you discuss what you do, it isn’t forced. It comes up naturally.
Too many realtors, especially in residential, go hard when it comes to elevator pitches. They expect instant results the moment they are in front of someone. That’s not how it works. Too often, networking groups are approached aggressively. “This is what I do. Do you want my service?” is a complete turn-off. While some good can come from groups structured this way, it is what you do as a realtor afterwards. In other words, you are not going straight for the close.
Taking a different approach, realtors of all sectors can get to know others by joining courses or groups with a common purpose or interest., from boards of trades, and chambers of commerce to enrolling in courses that intrigue you. By making friends and just being yourself, connections grow organically. Although this approach takes time, it is more rewarding and produces better results.
Learn more about this topic from Nicole here.