5 Relationships most Successful Realtors Can’t do Without
“A great many new real estate agents never make it through their first two years. They underestimate expenses and overestimate income, a deadly combination. Or they rely too much on old industry truisms that aren’t as valid in the real estate world that has developed in the internet-driven decade since the 2008-09 financial meltdown.”
And there is one more: connections. A differentiating factor for most successful agents is that they have built a long network of relationships over the years. They have consistently built and gained trust, not only with clients but with investors, realtors, lawyers, inspectors, title companies, loan officers, appraisers, inspectors and contractors. It has taken years to build but they’ve picked up a great deal of business and referrals through these connections.
Here’s a great quote from Brian Tracy:
Building great relationships is crucial in real estate. Because when the supply of new leads wane, the relationships you’ve built with past clients, other agents and professionals are what you’re left with.
“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie
Grow your Real Estate Network
While many sales people focus only on the lead generation and selling or buying process, there is a lot that could happen after the completion of a transaction. Clients who are impressed could leave a review, refer a friend or just help promote your brand to friends via word of mouth. This is why successful agents prioritize building a long-lasting relationship with their clients.
By providing quick and useful information, they solidify their status as someone who has answers to client questions. And by actively listening to customer needs, they keep the focus on relationships rather than a simple buy-sell trade.
- Other real estate agents.
As in most professions, synergy is a powerful tool. Having a network of active agents who are ready to work with you will go a long way in boosting your real estate agent career. You need to consider joining associations like the NAR, CAR, NYSAR. They keep you on your toes as you have to adhere to rules that keep you accountable. Plus being a member of these associations add to your CV and credibility as a real estate agent. Developing good working relationships will keep you abreast of new tricks of the trade and help you get random real estate referrals. Obviously, you must also be willing to give out referrals.
- Hard money lenders or loan officers.
Mortgages are an important part of the home buying process. Agents that not only provide useful mortgage information to clients but also create convenience by directing their clients to useful sources of information will create great experience. Since mortgages are an almost indispensable aspect of real estate transactions, it makes sense to build relationships with hard money lenders or loan officers.
Aside from the fact that you can benefit from a sort of business referral exchange, mortgage rates are changing on a daily basis. The rules and requirements also change. You would be able to keep abreast of these. It’ll save a lot of time for your client.
- The Community.
You have to get yourself out there. Attend town meetings, HOA meetings, support local events and charities, volunteer whenever you can. The fact that you care about your community would be a good selling point. And you shouldn’t need to emphasize this. Let prospects see for themselves.
Yet you want to connect with people not just to hand out flyers showing you’re an agent but to make some valuable friendships. When they hire you as a real estate agent, they are committing to you as a person, not just as a real estate agent.
- Other service professionals.
Different professionals are involved in the home transaction – home inspectors, lawyers, structural engineers, appraisers, real estate investors. A seller or buyer might need any of these services. Plus they want someone vetted. They might be new in town without the right connections yet. An agent is expected to have a network of connections with service professionals in their farm area. Guarantee that these services are screened as recommending people who are unprofessional to your clients may put a dent on your own service delivery.
Tools for building great relationships
Professionalism, especially with clients is a winner. For example, if you promise to meet a client by 3 p.m, then you need to be there by 3 pm. When people find out they can take you at your word, they trust you. It’s a great foundation for a mutually beneficial relationship. An aspect of being professional is also making use of cutting edge technology. New gadgets are being introduced into the real estate industry constantly. You should be using a few of these. For example, leveraging 360 video technology for your video listings would impress most clients.
Real estate agents must be good communicators. This means they should be able to listen and take in information, clarify comments to get a visceral understanding of what the other party needs.
This means you need to be an attentive person, not just listening for what to say. Empathy means that you put yourself in another person’s position for a bit to get an idea of the thoughts and emotions they feel. Essentially, when you have empathy, any solution or recommendation you provide would be more personalized.
When making connections, you need to be a source of value. Real estate agents are expected to have knowledge of the local real estate market and rules. Flaunt this when you can in a non-salesy way. We all love people who don’t just try to sell us but bring value into a conversation.
The best producing agents find it easy to make important connections because they have significant market experience. Plus a track record of successful home transactions under their belt, which makes them valuable to other professionals and clients.
But providing value goes beyond being able to supply good information. It means mutual respect and understanding. Drop random compliments, send out birthday cards or gifts and give good solicited advice if needed.
Having great realtor relationships is an ingredient for real estate success. Don’t be a lone ranger.