Whether it’s cold calls, emails, door knocking, trading business cards, using social media, or another method, getting your name out there as a real estate professional is essential for growing your business.
To avoid hitting a plateau in growth, it is crucial that real estate professionals must constantly try to create new relationships and nurture old ones with clients and other industry professionals. The power of networking can give you a competitive edge in your space by developing powerful referral relationships and increasing transparency throughout the home-buying process. Read on to view some important networking tips.
Networking with industry professionals
Through all networking activities, client success should remain the top priority. Real estate agents and mortgage brokers have a lot in common for their networking initiatives, as they both have the ability to use their connections to obtain the best deals for clients. In fact, when industry professionals like these network with one another, they can efficiently keep up with changes in the loan market and access insider knowledge that they otherwise would not have access to.
Mortgage brokers’ jobs are to shop around and find the best deal for the client. Chances are, as an agent, you have probably had a few networking coffee meet-ups or at least a LinkedIn message from a broker looking to set up a referral deal with you. That’s an area of real value when it comes to networking outside of your immediate line of work. When a client goes to a mortgage broker first for pre-approval, you can be the realtor they recommend the client consults to start their house-hunting journey. As for specific networking strategies, look to connect with mortgage brokers through social media and website contact pages.
Another beneficial industry professional worth connecting with is mortgage underwriters and lenders. These real estate professionals are directly involved in the base level of mortgage lending. Many homebuyers, especially first-timers, will ask their realtor for advice on mortgage lenders and other industry professionals, like home inspectors. By already having contacts in those areas, you can make efficient recommendations to your clients. An easy way to connect with mortgage lenders is simply by calling around and asking to set up meetings with different banks and alternative lenders. Much of the time, they will reach out to you. To connect with home inspectors and other trade-specific contacts, you could attend local trade events and associations that you could work with.
Finally, don’t forget the importance of connecting with real estate agents. There are many benefits to connecting with other real estate agents, as they have different specialties within the housing market. Sharing industry-specific insights can help you grow in your knowledge of other specialties and give you confidence in areas in which you may not have a lot of experience. This will also benefit you by keeping you informed on updates and industry-specific news. By connecting with other realtors, you could even open up future career opportunities for yourself. The best way to connect with real estate agents is through real estate-specific events and forums.
Your ability to advise your clients based on what is best for them will improve as you interact with different experts that relate to your industry and learn about their specialties. Find out who will provide consistent and reliable services when you refer your clients to them, and continue developing those relationships by seeking out networking opportunities.
Building long-term relationships with clients
Long-term relationships aren’t built overnight. Instead, investing time in building trust between you as a professional and your clients will foster more valuable connections. Due to the commission-based nature of the real estate industry, many prospective homebuyers can be cautious of the process. Therefore, building long-term relationships with clients starts by providing honest and transparent service. You can utilize your professional network to help do this.
If your client still needs to get a mortgage lender, use your network to help recommend the best option. If they have a good relationship with their financial institution, your professional advice may be that they go there for a quote. However, if they are looking to shop around a bit to find the best rate or have bruised credit, using your network to recommend a mortgage broker may be best for your client. Additionally, referring your client to a good mortgage broker is only going to make your business look better. When a broker offers exceptional service, such as a higher pre-approval amount or a better rate, with a speedy turnaround time, the client will be grateful to the realtor for having made that introduction. If you recommend colleagues based on your confidence in their work over monetary gains, your clients will recognize this and have more trust in both processes.
After a transaction is completed, always go the extra mile to thank them for their business and share valuable resources with them if possible – this is how you invite your client into your network. Recommend your service contacts, including plumbing, electrical, and house inspectors, to your new homeowners to help them settle comfortably.
When clients are happy with their house-hunting experience from beginning to end, they are more likely to refer your professional services to family and friends and be returning customers themselves. Make sure it is well known that you are open to previous clients referring their friends and family to you– then keep your gold standard of professionalism when they come to you.
Once you begin to get your name out there as a professional willing to work with others, more doors will open for you to grow as a thought leader and mentor in your field. Of course, creating long-lasting relationships with both industry professionals and clients takes a conscious effort and a time commitment. Nonetheless, networking with many people in the industry will help advance your business goals and make the space more transparent and trusting for prospective clients. So, get out there and make real connections, and watch your business grow.
Mortgage broker Chris Allard and his team of mortgage agent professionals have the training and expertise to help borrowers with all types of mortgage needs throughout the greater Ottawa area and beyond. Whether you have bruised credit, are buying your first home or investing in real estate, or are seeking a better mortgage rate when the time comes to refinance, we can help.