Often underestimated by Realtors is importance of the relationships you build with other professionals. Networking is not only something you do to get clients it is something you do to enhance what you do for your clients.
Let me give a couple examples of what I am talking about.
Example #1
During the peak of the market I submitted an offer on a single family home. I got a call back from the seller's agent, who was broker for a large real estate firm. She indicated they had multiple offers; a couple a little higher than ours. They decided to go with us. She did not know the other agents or their lenders. She knew me and our loan officer and was confident the transaction would go smooth. I thought, if the situation were reversed I would probably recommend my client consider taking her offer for the very same reason.
Example #2
In our town several townhouses had been on the market for a long time. I had a client who was desperate to move his townhouse quick and could not afford to lower the price below market. I got on the horn and notified all of my Realtor friends in the community about the unit coming available. It was a nice unit with a convenient location. The very first day we showed it, we had multiple offers in the first four hours. We closed early and painless with an agent and loan officer on the other side that I know well. My client has since sent me a few more referrals.
We all recognize this is a people business. That does not end with clients. It also includes the other Realtors we interact with. Remember it takes two agents to make a contract. You need to find Realtors just as much as you need to find clients.
The networking and relationship building does not end there. Venders are just as important. Without quality loan officers getting the mortgages, there are no sales. Home inspectors, surveyors, cleaners, contractors, escrow officers and handymen and many others are all critical to your success and your ability to best serve your clients.
When you think about where to spend your time and energy, just remember to not overlook those relationships.
Randy, I just had two Realtors within the last three weeks that were involved in multiple offer situations, tell me that the Selling Agent went with the Borrower that I gave a Pre-Approval Letter to, because they knew me and knew that the deal was going to get done.
So you are absolutely right about the power of networking, especially if the networking is done with people who are trusted professionals.
I completely agree, if you know that someone is professional and has integrity, why wouldn't you want to work with them? It creates a lasting impression both with the other agent and with your client when a transaction goes smoothly.
Randy, you spoke to the relationships in the neighborhood. Don't overlook the potential for relationships to be built right here on AR. If a seller here in AZ wants to move to your island, do you think I'm going to a GRI or CRS book, No way. I know how you think, I have some idea how you will act, why wouldn't I talk to you? AR is a great tool for referrals.
Knowing the agents in your neighborhood is extremely important, and keeping good relationships with them is invaluable. Each week on tour I look at the sheet for properties I might have an interest in, and agents I know I will be able to work with smoothly. Yes, I have a few agents on the show at last resort list also.
George - It makes a big difference. If I know and respect the Realtor or the loan officer it helps.
Tony - Well said
Sally - Good point, Active Rain is a great place to network.
Randy,
You are so right! I have picked up a few pointers from BB and TLW about how they nurture the relationships with other Realtors(R).
We definitely need each other.
Aloha,
Lucky :)
Lucky - BB and TLW are the masters.
Jeff- That would be something I would avoid. They could get in a lot of trouble if they cross the line for anti-trust.
Thesa - I find attending CRS classes is also a great way to meet and interact with area professionals.
Having good relationships with the local agents is a must.. Knowing the listing or selling agent can, as Randy notes, really make the difference..I know which agents will be terrific and which ones I hope I never have to deal with again..
Oh Randy... the BIG ferry ship is on it's way it came through Manhattan Beach, Hermosa and Huntington Beach on Tuesday.. we had pics in the local paper with some interior views..looks very cool
Meeting peers is very important in this business. If you dont meet others face to face, they are likely to discard you when it comes time to multiple offers if they dont know who you are. Making an impression and letting others know that you are serious about this profession is critical. I like Jeff Geoghans comment though and I beleive it happens here too in Hawaii but I say screw them because there are plenty of other homes available!
Kaye - The Super Ferry arrives this afternoon in Honolulu Harbor.
David - I do not believe there is anything quite like what Jeff described in Hawaii. if there is I was not invited. I do see some companies who try to discourage cooperating brokers and try to keep their transactions in-house. A terrible business practive that is not in their customers best interest. It is also crazy to try and be a dual agent on most of their transactions.
Chris - Your good reputation helps your clients.
I believe that networking with other agents is key to a business plan.
Vicki
Vicki - I should be a part of your plan for sure.
Lisa - I also have a services directory that I give out. It is very helpful to friends and clients.
Jeff - I too have a group of agents who I took classes with and we have become good friends and support each other.
Couldn't agree more Randy. In a profession where there are new people coming in and out of the business all the time, part timers, etc. that may know little about what they are doing; It is very helpful to work with someone you know if knowledgeable in their field and will work a smooth transaction.
Joe - Venders can make or break you. Those relationships can make a big difference for you and your clients.