5 Steps To Improve Networking Results
By JD Esajian on April 30, 2016
It is no coincidence that the best investors are also the best networkers. Not only is networking a more efficient way to build your business it is also much more cost effective. Instead of spending money on one time leads networking can set your business up for the future. Successful networking is much more than shaking hands and exchanging business cards. You want to create an impression strong enough that you are thought about when your product or service is needed. There is a certain method that most successful networkers follow. Regardless of how many contacts you currently have there is always room for more. Here are five steps that will greatly improve your networking results.
- Focus On Building Relationships. What is networking to you? If you ask five different investors you may get five different answers. What the best networkers will tell you is that networking is the act of building relationships. It is better to have five people that want to work with you than twenty who you are friendly with. To get this small handful of people you need to focus on them rather than you. Ask questions about their business and which areas may need improvements. Don’t be in such a rush to spit out an answer or to tout you and your business. Building a relationship is about forming a friendship that eventually leads to a business partnership. If you come across as unfriendly and dominating you can bet that nobody will want to work with you. Very few, if any, partnerships are formed after the initial meeting. Think of this as a process that happens over time. By focusing on building relationships instead of looking for the next deal you will have much greater networking success.
- Plan Of Attack. Before you start networking you need to have a plan of attack. Just like anything else you do in business you will have more success the better prepared you are. Think about what you want out of your networking efforts. Who are you looking to target and what kind of people do you want to work with? Each networking opportunity offers different targets. At local networking meetings you most likely have a wide range of real estate professionals. You can have everyone from attorneys to mortgage brokers present. While you want to be friendly with everyone you should narrow your target to just one or two people. Pick out a mortgage broker and commit to talking to them for a bulk of the free time. The next meeting you can do the same to an attorney or accountant. After speaking with someone for 15 minutes you can get a good idea of whether or not you would be a good fit together. This approach holds true for larger networking events as well. Local real estate investment clubs can pack the room with hundreds of potential contacts. Instead of working the room and saying hello to everyone pick up a small handful of targets and focus on them. Successful networking starts by having a plan of attack.
- Converse. The key to a successful sale is to not feel like you are selling anything. The same concept is true with networking. Most people in the business offer similar products or services. What separates one person from the next is their personality. You need to let your personality come through in every networking conversation you have. Don’t be afraid to talk about your favorite sports team, the weather or a current event. Always be mindful and respectful of others opinions but don’t be afraid to be yourself. You can stand out from the crowd by not being stuffy and in your conversation. Instead of asking the same old questions you will create a positive impression with interesting conversations.
- Body Language/Eye Contact. You don’t need to be an expert public speaker to be a good communicator. In fact, the seemingly minor things you do often have the biggest impact. When you are talking to someone look them in the eye. Actually listen to the answers and only chime in when appropriate. When they are talking don’t move around or try to get away from them before they are finished. Your body language often says more than anything that comes out of your mouth. It is important not to make snap judgements on someone before you really get to know them. Some of the most successful people in real estate are dressed in t-shirts and flip flops. Whoever you are speaking with should have your undivided attention until it is time to move on. Your nonverbal communication is just as important as your speaking ability.
- Follow Up. You can have the best conversation with someone but unless you follow up it won’t make a difference. It is important to follow up within 24 hours of meeting someone. You can start by sending an email or text but nothing replaces an actual phone call. However you communicate you should always have a follow up plan in mind. Set a specific time, date and location of how you plan on meeting next. Doing this gives them less of an opportunity to make an excuse to back out. Something as quick as a cup of coffee can have a real impact. Even if they can’t make your date the follow up thought is in their minds.
With networking it is often the minor steps that are important. You don’t need to put on a full court press to be successful. Focus on building relationships and keeping the other person in mind. If you do this you will have much greater networking success in the future.