Real estate is an industry built on relationships. As Mortgage Loan Originators, we know it is important you build these relationships to increase your purchase-loan business. And while these connections are nice-to-haves when the housing market is hot, they quickly become must-haves when the market cools off a bit. After all, interest rates will inevitably go up at some point and refinances will drop again.
You can’t stop the ups and downs of the market, but when you have a relationship-rich network, you can better position yourself to succeed no matter what state the market is in.
Read on as we outline a number of ways you can build and create more professional relationships.
Virtual Happy Hour
Normally we’d recommend hosting an in-person happy hour, but we are still in the thrall of a pandemic. Consequently, countless people have taken to the internet via Zoom, FaceTime, and other video apps to mingle with co-workers, friends and family alike. So consider hosting a virtual “happy hour” as a great way to make new connections and keep current connections. You can even promote your brand by sending a happy hour-themed package in the mail prior to the phone call (Everyone loves receiving fun items in the mail).
Be Proactive
In today’s increasingly competitive world, you can’t sit back and wait for professional connections to appear from nowhere. You have to get out there and cultivate these relationships. So, when you do get someone’s contact information, you need to be proactive and make first contact. Now, this is in no way an endorsement to be pushy, but there’s no sense in waiting for a call when you can just make it yourself.
Get started through LinkedIn. It’s a great place to look for new industry connections. First be sure to research the best, most accepted and most effective methods of engaging other professionals through this now-standard social media channel.
Build Digital Credibility
One important aspect of building professional relationships is helping others foster their own professional relationships. In other words, the more people you can refer to others could lead to more referrals coming your way. Again, LinkedIn can be a terrific tool to engage for this purpose. So make sure your LinkedIn profile is current, and that the settings allow for others to easily connect with you or see your profile. Fostering those relationships can go a long way to build your credibility (and personal brand relevance) online, and ultimately in the real world.
Thank You Notes
We’ve discussed some important ways to build relationships digitally. But sometimes, it can pay to keep it “old school.” And one of the best ways to do that is with a good old-fashioned handwritten thank you note. When everyone is so used to receiving messages through their phone screens, a note on paper can make a unique, lasting impression.
Great professional relationships are essential to your business, and they need to be maintained on a proactive, regular basis. So as you may have heard a lot lately: As you social distance, be social from a distance – and work to maintain those relationships that become so vital when markets taper off. So, if you’re new to the business or in need of some newer connections, we hope you’ll find these ideas useful along your journey.