The real estate business is not just about bricks and mortar, but also about people. This means that building a network in real estate is vital to your professional success.
But what precisely is networking in real estate? Is it more than just making connections with like-minded colleagues? Read on and we’ll find out.
In real estate you have both colleagues and clients, and both of these are vital to the success of your networking.
You need to develop relationships based on mutual respect with your clients and colleagues. Why? Because a solid professional network will generate word-of-mouth referrals, early access to off-market property listings and the opportunity to negotiate cooperative deals with other agents.
Why building a network is crucial for real estate agents in Australia
Networking involves meeting new people not for fun, but for work. You’re deliberately forging relationships that will enrich your career and take it to the next level.
Before you read on there’s an important caveat to note. You can master the skill of networking, but it can only truly work if it’s accompanied by sincerity and forthrightness. Getting a job in real estate is one thing – nurturing the network around you is another.
Improved visibility and credibility within the industry
Networking in real estate will heighten your professional profile within the property industry by cultivating relationships of trust with clients and your fellow real estate agent peers. As your personal reputation grows, so will your access to new business opportunities.
Access to a wider range of properties and clients
Building a network in real estate will enable you to exceed the normal scope of property market activity. A well-developed network will often enable you to learn about the upcoming sale of properties even before they’re advertised and on the market. You may also gain access to the multi-million-dollar property sector where exclusive homes in prestige neighbourhoods are sold in private transactions.
Increased referrals and repeat business
Strong networking in real estate will also bring business opportunities to your doorstep through word-of-mouth referrals. Word-of-mouth marketing is one of the most effective ways of growing your client base. Nothing will promote your reputation and success like a personal referral by a happy former client.
Building relationships with other real estate professionals
Building a network in real estate will generate collaborative personal relationships with mortgage brokers, property managers, home inspectors and other real estate agents. You’ll develop a cohort of trustworthy property professionals who, in turn, will trust and recommend you to others.
How to build a strong network as a real estate agent in Australia
The following tried-and-true strategies to enhance your networking in real estate should include:
Industry events and conferences
Real estate workshops and conferences are the perfect environment for building your professional network. At these events you’ll have the opportunity to meet and greet your peers in the property industry from all over the country. The sessions and seminars that are offered at these conferences will also help you learn new skills and stay on top of the latest industry trends and technologies.
Professional organisations and associations
While conferences and workshops only last a few days, organisations and associations are around on a permanent basis. This means that joining your local real estate industry body will enable you to cultivate long-term relationships with fellow property professionals who work in your community.
Social media and online networking platforms
As a business-oriented social media platform, LinkedIn can be invaluable tool for building a network in real estate. But don’t forget Facebook, Instagram, Twitter and industry-specific platforms like Domain and realestate.com.au. Establishing an online presence provides limitless opportunities to establish goodwill and credibility.
Networking with mortgage brokers and property managers
Whether it’s at an industry conference, through an exchange of messages on LinkedIn or during a property sale or rental, your work in real estate will create abundant networking opportunities.
But don’t limit yourself to building relationships with other real estate agents alone. Other property professionals, including mortgage brokers and property managers, can also serve as valuable contacts. In the grand scheme of things, it can be useful to regard anyone and everyone you work with as a possible asset to your long-term professional success.
Past clients and referrals
A direct word-of-mouth recommendation by a happy former client is one of the most valuable assets you can have when it comes to building your network as a real estate professional. A positive referral by someone who has direct experience with your work will enhance your professional credibility and reputation.
Overcoming challenges in building a network
Like everything else worthwhile in life, the task of building a network in real estate can at times present challenges. These include the following:
Competition from other agents in the industry
The real estate industry is competitive by nature. Successful property professionals are all self-starters with a strong work ethic. So it’s important not to take competition from other agents personally. Always remember that the race to the top is just a normal feature of the real estate business.
Balancing networking with other tasks
Work as a real estate agent will keep you busy, which means the demands on your time will be intense. This will require you to juggle the job’s competing priorities, of which networking will be just one. Achieving the right balance will be essential to your long-term success.
Navigating ethical considerations while networking
It’s important to remember that honesty and transparency are essential building blocks for long-term professional success. If you make a promise, always try to fulfill it. And if you can’t, be upfront about the reasons why.
Begin your journey with Entry Education
Because real estate is a people-oriented business, networking will be essential to your success as a property professional. The path to that success leads to Entry Education.
As Australia’s leading real estate institute, Entry Education is a great place to gain the credentials you’ll need for a career in real estate.
If this sounds like you, contact Entry Education. We’re always here to help.