Mr. & Mrs. Realtor: 5 Networking Mistakes You Make That Hurt Your Business

One of the most unproductive time wasting traps that Realtors can, and do, fall into is attending networking events without a plan, without a clue to who they wish to meet, and without qualifying the event’s effectiveness. Networking is the lifeblood of a Realtor’s business but in many cases this important function of lead generation and business synergy is relegated to low level status. Here are 5 common errors to avoid in networking:

1. “ROE”: Return on Effort aka Is this event worth the effort and time expenditure vs the return? Qualify each event to answer this question. Very few Realtors, I have met at networking meetings, have researched the events they attend every week.

2. Homework: I have asked many Realtors at networking events this simple question “So who are you here to meet?” The answer 60% of the time is “I don’t know who is here yet.” If it’s a first meeting that is true but if the meet is an ongoing event this should never happen. Have a plan to meet specific impact business people!

Tip-Make a roster of the attendees you want to meet, research their web or blog sites, understand their businesses. Then seek these people out and begin your dialog.

3. Networking Is NOT: Just showing up to an event; talking non stop; standing off to the side with no intentions; trying to sell your product or service with every breath you take. How can you understand what to do when you don’t understand what you are doing?

4. First Principle in Networking: Stop selling yourself, your product, or your services. Before you can receive you must first give something of value to your “targeted” partner, something they will find valuable, and you must give it for free with no strings attached. It is that simple yet very FEW people get it.

5. Follow Through: Not follow up but follow through. Lip service is so often the order of the day. Why is it that when you work to meet people, they agree that you should continue an ongoing conversation, and you exchange information you do not make the initial contact? The excuses of time, forgetfulness, or any other reasons are unnecessary.

Tip-If you tell someone you are going to call your reputation is on the line. If someone contacts you and you do not respond your reputation is on the line. If you spent the time to attend an event, with the goal of meeting people for business, and you do not follow through on your collected contacts what does that say about you?

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5 thoughts on “Mr. & Mrs. Realtor: 5 Networking Mistakes You Make That Hurt Your Business

  1. dean,

    You’re right … you gotta have a plan when you do the networking circuit.

    Two Marketing Guys I know and follow, Jimmy Vee and Travis Miller lay out a great approach to working network events in their new book, Gravitational Marketing.

    The link on my name takes you to more info about their book on my blog.

    Walt

  2. Thank you for the tips! I am member of West Toronto realtor team and networking is pretty important here. You can see some fresh one realtors really trying hard to sell themselves, following maybe some advice from cheap “How to be real estate millionaire” book and they look funny. On the other hand, I have often problems to prepare some good plan what to do there too. But every meeting brings you something. Always. and your job is to take much, not just a little…

  3. WT,

    Thank you for your kind comment. I hope it helps you find your best approach to meeting people. I completely understand the “newbe” mentality you describe.

    The most unfortunate problem with networking is that the majority of people in every business do not understand how to find, form, and cultivate relationships.

    If you are looking for more articles on networking try my drop down menu “Most Popular Posts” and select “Networking.”

    Thank you and best of luck in the beautiful city of Toronto!

    dean

  4. Walt,

    I have a project for the two of us. The problem and challenge is not how to find information on the correct method of networking. We both have covered that as has some of the biggest names in the business.

    Yet my estimate remains 85%+ do not know how to network; and those people believe networking is showing up, having a elevator pitch, and blasting away their message without listening.

    Here is the challenge. Make a list of places, meetings, associations, or organizations (specific to industry) where people “get it.” The best networking for people who understand networking.

    dean

  5. Hi – very good web site you have made. I had fun going through this posting. I had an urge to issue a remark to let you know that the layout of this website is very aesthetically sweet. I used to be a website designer, now I am a copy editor in chief for a big corporation. I have always enjoyed playing with computer technology and am attempting to learn computer code in my free time (which there is never enough of lol).

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