March 7, 2019

The Daily Bean | Building a Network of Real Estate Professionals

The Daily Bean | Building a Network of Real Estate Professionals

The Daily Bean | 3.7.19 | Issue 079

Welcome to The Daily Bean! The mission of The Daily Bean is to give you daily tips, resources, and timely information that you can act on to maximize your real estate career at Bean Group.

BUILDING A NETWORK OF REAL ESTATE PROFESSIONALS

BUSINESS RELATIONSHIPS ARE VALUABLE
We often hear about teams in real estate. As an individual real estate agent, we may overlook the opportunity to create our own team by building a network or team of relevant professionals. This team can help you when clients ask questions that fall beyond your expertise.

In fact, our REALTOR® code of ethics requires us to avoid providing assistance outside of our field of competence. So, it is critical to have trustworthy business relationships for instances when you are unable to assist your clients. Therefore, when a client asks for a recommendation, you can say “While that is not my area of expertise, I recommend ____________ for that, and I would be happy to send you their contact information.”

By providing these recommendations to your clients, not only are you being helpful, but you are also developing vital relationships with local businesses. In return, businesses and professionals can help advocate your services when questions fall beyond their scope. It is reasonable to find like-minded professionals seeking to broaden their sphere of influence by relying on relationships that you have cultivated with your clients. If you are helping someone to build their business, it is natural for you to ask them to help build yours.

Cultivating relationships with local vendors and providers of real estate services is a great way to influence the overall growth and success of your real estate business. Make sure that your network team is aware of your capabilities and that they can rely on you for assistance.

CREATE YOUR OWN NETWORK OF PROFESSIONALS
Consider the following, obvious choices:

  • Loan officers
  • Title and Insurance Companies

But all industries related to real estate offer opportunities to share clients. Don’t overlook:

  • Maintenance Professionals
  • Photographers & Stagers
  • Landscaping & Cleaning Services
  • Moving & Storage Companies
  • Appraisers & Inspectors
  • Contractors, Architects, & Builders

Aim to have 2-3 recommendations in every category of product and service. Not only does this expand your opportunity to grow your sphere through additional relationships, but it will also help avoid any appearance that you are not complying with RESPA requirements.

WORK YOUR NETWORK
Always maintain contact with your professional network! It’s not enough to simply drop off your business card with a local business owner; cultivating relationships means staying actively engaged. Consider teaming up on community projects or promotions, or simply make it a point to engage in meaningful conversation online.

People-to-people relationships are an important element of success for any real estate professional. These must-have relationships will help generate business opportunities and expand your knowledge, making it essential to assemble a network of experts who can help your clients navigate a wide range of issues or tasks.