I’ve been in the real estate industry for over 10 years, and one thing that’s always stood out to me is the importance of networking in this industry.
Let’s face it, most things about real estate can be learned through books, seminars, and other forms of self-study. However, when it comes to building relationships with other industry professionals—especially those who can help you land more clients or get more referrals—it’s all about who you know. And if you’re not actively building your network by attending events, you could be missing out on all sorts of opportunities!
Why Networking Is Important in the Real Estate Industry
The real estate industry is a relationship business. If you want to be successful, you need to develop relationships with the people who can help you succeed. Networking is one of the best ways to do this because it’s an opportunity for people in similar industries or professions to connect and share their knowledge and expertise with each other.
It doesn’t matter which stage of your career you’re in, as a broker or lender, networking comes into play and it’s essential from day one!
Networking Helps Brokers Build Relationships and Trust With Lenders
As a broker, you’re not just originating loans, you’re selling yourself as well. The most successful brokers are those who have a strong network of lenders and other industry professionals. When you’re trying to secure financing for your clients, having a good rapport with the lender is essential.
The benefits of having these connections include:
- Increased opportunities for referrals
- Improved access to new leads and clients (and thus more sales)
- Increased profitability through joint ventures or partnerships
Lenders want to work with people who they trust and know will deliver results. They also want to work with someone who can refer them business from their clients or colleagues. By establishing yourself as an expert in your field through networking, you’ll be able to develop these relationships that lead directly back into real estate deals for yourself!
When you’re networking, it’s important to remember that everyone has different goals and priorities. However, most people want something out of their interactions, whether that’s business opportunities or simply an introduction to someone else who might benefit them professionally or personally.
In order for these connections to happen organically without being forced upon people who aren’t interested, join networking events like those hosted by Express Capital Financing, which provides weekly networking opportunities.
Networking Helps Brokers Meet Lenders and Expand Their Reach
As a broker, you have the opportunity to network and meet lenders who can help expand your reach. This will give you access to new products and resources that can help grow your business, as well as provide better service for clients.
Here are some examples of how brokers can use networking to expand their business:
- Meet other brokers at industry events or conferences; this gives them an opportunity to learn about each other’s businesses and share information with one another
- Attend educational seminars hosted by lenders or other organizations in real estate that offer valuable information on topics like marketing strategies and technology trends affecting the industry today, so you’re always up-to-date.
- Connect with local organizations that hold regular networking events where brokers will be able to build relationships with like-minded professionals within local communities.
Networking helps brokers meet lenders and gain exposure to new products and resources that will help them better serve their clients. A diverse network of lenders gives you access to a range of products, from traditional loans to hard money lending options or even equity-based investments. This can be especially helpful if one type of loan isn’t working for your client, or if they’re looking for something more flexible than what’s available in their area.
It doesn’t stop there either! Having an extensive list of contacts will also give you opportunities for referrals when someone else needs help purchasing or refinancing their home, as well as provide valuable insight into what other brokers are doing in terms of marketing strategies (and which ones work).
Networking Gives Brokers Exposure to Products and Resources
Networking can provide brokers with exposure to new products and resources, which can help them better serve their clients. Lenders are often looking for ways to differentiate themselves from the competition and gain market share. By networking with lenders, brokers have access to information about new products that may be useful in their business. They also have an opportunity to learn about industry trends or developments and how they might affect their clients’ financing needs in the future.
Brokers should stay up-to-date on these developments by attending conferences or participating in online discussions with other real estate professionals who share similar interests. This allows them to build relationships with professionals outside of their current network, which will open doors for referrals when those clients need financing options outside of what is offered locally by banks or credit unions.
3 Tips to Help Brokers Getting Started with Networking
- Know the people you are meeting. You want to be prepared with a list of questions and topics you want to discuss with each person. This will help keep your conversations focused, and it also shows that you took the time to learn about them before meeting them in person.
- Ask questions! Most people love talking about themselves and their business, so asking questions is an easy way to get them engaged in conversation. If there’s something specific that relates back to one of your goals or interests, then asking questions can help provide answers right away without having any pressure on you whatsoever!
- Be prepared with business cards. Whether it’s handing them out at events or handing them over during introductions at networking events, always have plenty available so no one walks away empty-handed!
The best way to get started with networking is by attending industry conferences and events, joining professional organizations, and utilizing social media to connect with lenders and other industry professionals. As a broker, you can also reach out directly to lenders by sending them an email or calling them on the phone. Many lenders will be happy to speak with brokers who are looking for advice or guidance on how they can improve their businesses.
The Best Apps To Help Brokers Build Post-Event Relationships
If you’re looking for apps that will help you in your efforts at building relationships with other brokers and lenders, here are some recommendations:
- Recent Contacts: The Recent Contacts app is a great way to build relationships and keep track of the people you meet at networking events, so you can stay in touch and follow up with them after the event.
- Popl: Another great networking tool for brokers is the Popl app, which allows you to customize an unlimited number of digital business cards per profile so you instantly share your information with clients or industry professionals.
- Blinq: Blinq is a digital business card app similar to Popl that allows you to customize and share your contact information with others. I recommend trying both and seeing which one makes your life easier!
As a lender, I’ve seen how essential networking is to the success of your business. It can help you build relationships with lenders and other professionals in the real estate industry, meet new contacts who could become clients or partners, gain exposure to new products and resources that will benefit your clients, and much more.
If you’re not already networking regularly, or if you’re not sure how best to put those efforts into action, it’s time for some reflection. What type of events do you attend? Are there other ways for potential clients or partners who might be interested in working together? What does your LinkedIn profile look like? Is it up-to-date?
Once these questions have been answered, take action by setting goals for yourself, maybe reach out once per week through social media channels, attend two conferences a month, etcetera! With these steps firmly in place, there’s no reason why all brokers shouldn’t be able to reap significant benefits from their efforts toward building relationships through effective networking strategies.
ABOUT THE AUTHOR:
Max Chera is the Managing Partner of Express Capital Financing, a hard money lender based in Brooklyn, New York.
Max has been a real estate expert since before he could legally rent a car. By the time he turned 21, he had already established his own brokerage in Brooklyn, where he honed his skills in sales and leasing across South Brooklyn. With a drive for success and a keen eye for opportunity, Max set his sights on new horizons and made his way to Austin, Texas.
In Texas, Max joined forces with a highly successful team and contributed to selling over 150 homes each year, while also mentoring and training new agents on the intricacies of the Real Estate market. His extensive work experience has allowed him to invest in, and advise others on, profitable Real Estate ventures, helping his network to grow their wealth through Real Estate investments.
Max is a true leader in the hard money financing space—leveraging his knowledge and expertise to assist his clients in accumulating wealth. He has a passion for helping others reach their financial goals, and his dedication to his clients and the industry is unmatched.
Max’s dedication to his clients and the industry is unmatched. He is committed to providing exceptional service to his clients, and his expertise in the Real Estate market is second to none. With his vast experience and knowledge, Max has become a trusted advisor to many, helping them to navigate the complexities of Real Estate investments. Max’s passion for the industry is evident in his work, and he continues to be a driving force in the Real Estate market.