3 Reasons to Network with Your Fellow Agents
And Why You’ll Make More with Less Headaches When You Do
By America’s Six Figure Real Estate Coach Roberta Ross
If you want to take your business to the next level, I highly encourage you to think differently about your relationships with other real estate agents. There is a great opportunity for you to create a handsome referral income stream by developing your own network of agents. It will require you to “see” your fellow agents perhaps a little differently than you have in the past. Think ASSET rather than ADVERSARY!
Here’s why: Imagine what your world would be like having a steady stream of referral checks and hot leads fed to you by other agents? It’s not hard, it does not require massive action, but it does require action, an open mind, and some genuine focus.
If you’ve ever seen me speak, you’ve probably heard me say that there are a ton of ways to be busy in this business without making a whole lot of money. The lesson is — be careful not to set out on an endeavor for referrals until you have your other lead generation systems in place. Building your referral lead stream should work in conjunction with the other things you are doing. You can streamline the process by staying focused on your I.C. (ideal client) and referring the rest. Or at the very least, refer any business that will heavily distract you from using your time productively, such as traveling too far or taking on business that you are unfamiliar with. When you are focused on your I.C., it gives you the opportunity to refer business outside of your I.C. This further enhances your ability to stay concentrated on your I.C. – which spirals your business and efficiency up. Networking with other agents effectively can and will create a powerful income stream for you over time, and allow you to build valuable relationships with like-minded professionals who will not only help you raise your income level – they’ll make you a stronger agent.
Here are three reasons to create a strong network:
- Understand the WHY. One of the biggest mistakes most agents make is to try to attract all of the business instead of working on and building a focused market or I.C. A similar mistake that agents make is to accept all of the business they attract. It’s that darned fear of loss factor that keeps most agents accepting listings WAY outside their market area or driving buyers all over creation for a month without so much as a promise of a deal. Here’s a good example: A seller calls, but they are an hour away from your office and farm area. What do you do? If you’re like a lot of agents you take the listing – regardless of driving time, or inconvenience because hey – it’s a listing right? But here’s the problem: Now every time you have to meet with that seller, do an open house, show the property, meet an inspector, etc. you have a two-hour excursion. PLUS, you’re likely busy leveraging current listings to get new listings which means you might just end up with MORE listings that are a two-hour excursion and that are taking you away from the geo farm right there in your own back yard. What if instead you developed a relationship with an agent who is respectable, trustworthy, and maybe you’ve done business with in the past who is an expert in that market area. You send referrals their way and they send referrals your way that are in your immediate market area. Now everyone wins, including the client. The clients are better served by someone who is right there, and and everyone is happier for it.
- Love the learning curve: When you connect on a top-tier level with like-minded agents and really begin to share referrals and business, often times you can learn a lot along the way. Don’t just stop at making the referral call. Get to know these top agents. Develop some mentor/protégé relationships. What they are doing that is similar to your efforts? What are they doing differently? How you can help each other leverage strengths and overcome weaknesses?
- There’s strength in numbers. Put that law of attraction to work for you and find like-minded, producing agents with similar integrity levels and commitment to service that you have. Start with a few in areas where you are most likely to send referrals. Offer a higher than average referral fee (that’s using the law of reciprocity!) and begin to cultivate your network. As you do you’ll find more and more referrals coming to you from top agents, just as they’ll enjoy the referrals coming their way. Next, expand your reach to include agents from across the country and around the world. The Internet has created so much opportunity to get to know and connect with top agents from just about anywhere. Attend local, state, and national conferences and events where you will meet all kinds of extraordinary agents. Then connect with the agents you like and stay engaged via multiple mediums including social media. Join online real estate groups and seize the opportunity to become a resource for other agents from around the globe.
There’s never been a better time to shake off the old mindsets of our industry where agents would hoard information and strategy and do all they could to keep other agents at arm’s length. No more. Working together, everyone accomplishes more, in less time, with less headaches, and it’s a whole lot more fun. Give it a try.
As always, I’d love to hear your thoughts! Leave them below. Happy listing this season – and remember I’m here if you need a coaching boost!