I belive to be successful it's important to surround yourself with successful people for many reasons:
- Motivation/Synergy
- Leveraging knowledge, experience and best practices
- Sharing war stories / someone to relate to (it's hard for people not in real estate to understand what we go through) / know that you're not alone
I also believe that there is enough business for everyone and that other Realtors aren't competition to me because we all connect with different clients based on our upbringing, interests, gender, age, etc.
As a business owner, you have several channels for leads. One channel is networking. Many business owners do not fully utilize the power of networking and do not yield maximum return from their investment because of the following reasons.
One reason is that many business owners do not properly evaluate (or do not know how to evaluate) networking opportunities before investing time and money into them. I've learned over the course of seven years as a business owner by trial and error how to evaluate networking opportunities. Before you invest in a networking opportunities you should consider the following:
- What is the cost? For example, if you wanted to join a chamber, what is the cost of membership? Once I join, will I be required to pay additional fees like event admission fees? What is the cost for advertising to the membership?
- What opportunities/tools will the networking opportunity provide? Using the same example, you'll want to find out what events and programs are offered by the chamber that will help me better my business and increase sales? From my experience, Ambassador programs, speed networking events and educational events add the most value to small business owners. The Ambassador programs usually provide a higher level of visibility within the chamber in exchange for donation of your time. Speed networking events provide an opportunity to meet with many business owners one-on-one in a very short period of time. And, if you use the concept of referral networking, you'll exponential increase the amount of contacts you gain from speed networking events that will help grow your business. Educational events geared toward small businesses are also important because they help you improve your business by giving you exposure to new concepts that will help your business.
- How many opportunities will be provided and how often? As a small business owner you'll want to set up several networking channels for leads. What I mean by this is you'll want to take advantage of organizations, like chambers, that provide you with events and programs on a regular basis that you can attend. Organizations like these take the thought out of planning your networking activities.
Another reason why many business owners do not fully utilize their networking opportunities is because they don't follow through. What I mean by that is many business owners think that they can attend a networking event, talk with someone for a few minutes, exchange cards and the business will begin to roll in. BIG mistake. Meeting someone at a business networking event is only the start of the networking process. You must schedule a coffee meeting outside of the event so you can get to know the person one-on-one. You'll want to learn about their background, experience and services. You can even discuss opportunities for you to collaborate with one another. It doesn't stop there...then you should figure out the best way to keep in contact with the person (maintain the business relationship) over the long term.
Another reason why many business owners do not reap the maximum return from their investment from networking is becuase they don't understand how to use the tools (events, programs, etc.) that are available. For example, many business owners attend one speed networking event where they get to talk with one-on-one about 10 to 15 business owners in one hour. The feedback I receive from most business owners is that have attended speed networking events is that their target market (prospects) don't attend the event. I then ask them if they understand the concept of referral networking and how utilizing that technique they could leave the event with 30 to 50 new referral contacts, people that can refer you a lot of business over the long term because they service the same clients that you service.
Another reason many business owners don't obtain any results from networking opportunities is because they have the wrong mindset or mentality. Many business owners, new business owner specifically, have the habit of trying to sell their product/service to each and every person they meet with. This tactic actually scares people away. If you take the time to learn about the each and every business owner you meet and look for opportunities to help them (whether it be referring them a vendor, employee, referral contact or client)...the good deed will usually come back to you ten-fold. If you help enough people, then you'll have many referral contacts sending you clients/customers on a regular basis.
I could go on and on, but I think I'll stop here.
Specializing in first-time homebuyers and investors. Experienced with listings, purchases, foreclosures, short sales, estate, probate. Serving Sacramento, Natomas, Elk Grove, Roseville and Folsom.
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