How to Network Like a Pro!
Having a large commercial real estate investment network is key to building your business. Here are a few tips that I deem essential in order to network in real estate like a Pro!
1. Stay Active on Social Media
Social Media has become a very powerful tool in the real estate industry and is a great way to connect with clients and increase customer reach. It also creates an amazing opportunity to be able to share your knowledge and expertise with the world in a relatable format. You have to stay active and interact with the people that share the same career path and interests or you will not be successful in marketing yourself, your product or your business on social media! Be sure to respond to all inquiries, emails, direct messages, etc. across all of your platforms to ensure good customer service and a positive online presence. If you are a realtor, you can use LinkedIn, Facebook and Twitter to promote your listings on major real estate aggregators such as LoopNet, TenX and CoStar. It is important to come across genuinely and not as if you are just trying to get a deal done. Your customers and target markets are comprised of people, just like you and I. Sometimes a personal and relatable approach will gain more traction than something statistical and boring.
2. Join and Attend the Best Networking Outlets and Events
Joining a group of fellow real estate investors and attending industry events is another great way to network. A few networking outlets can include local auctions, chamber of commerce groups, and real estate investor association meetings. Many of these outlets and groups also have social media groups and pages which you should interact with numerous times per week by commenting, liking or sharing posts. As an investor, it is extremely important to build solid relationships with other real estate professionals in your area in order to get a feel for the community as well as to have local resources on hand. Another networking strategy is to establish connections with third party businesses such as vendors, whom you don’t directly compete with. You should also make it your goal to refer these vendor contacts to clients and vice versa. In this day and age, people forget how important a warm lead is. Something vital to keep in mind is that anyone, literally anyone you meet could be a buyer, referral source, or even a resource… do not waste opportunities that could be right in front of you!
3. Stay Up To Date With Current News, Real Estate Trends and The Market
It is imperative that you keep up with the trends of real estate as well as the market, which can heavily influence interest rates and property values. Current news is also very important, and a perfect example is the “COVID-19 Pandemic”. As the number of cases exponentially increases each day, stocks have dropped, many businesses have closed, unemployment has risen and millions of Americans have been mandated to stay in their homes. This virus has affected life as we know it and has also made a big impact on the real estate industry as a whole. Real estate transactions such as a purchase, sale, or refinance are very difficult because they typically require numerous in-person interactions like third party site visits for appraisals, environmental and property condition reports, inspections, and even closings. Brokers, buyers, and sellers are all navigating through the uncertainty and trying to deal with it as best as possible. It is no longer business as usual… rather business as UNUSUAL.
We have found that being knowledgeable and providing insight and expert advice on how to manage such challenges is something that definitely eases our clients’ minds. In a time like this, you want to make it known to the public that you and your team are there to help. Being proactive speaks volumes for you, your company, your brand and the customer service that you provide and maintain.
John Libretti is a Financial Analyst at Progress Capital and is not only available to advise you on any real estate investment you are considering, but can also provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.