The importance of building relationships in real estate (and every business)

There is an age-old catchphrase that rings true in the real estate business: “It’s not what you know, but who you know.” And while I will always argue that you need to trust experts in the real estate market, I also believe it’s who you know in real estate that can push you toward success.

In fact, one of the fastest ways to build up your real estate business is to begin networking and building up great relationships with people and organizations that can help you find success and vice versa. If you haven’t yet prioritized networking for your real estate business, I have some advice on why you should do so and how to get started.

Networking is a great way to build up your sphere of influence while also connecting you to a group of supporters who can help grow your business. It also provides you with strategic advantages that will ensure you stand out in your field. Here’s how:

You’ll find new opportunities. As you network, you’ll begin to be exposed to people from different backgrounds, industries, and experiences. You’ll likely find out about new markets you didn’t know about previously. You’ll begin to be invited to new events, find ways to collaborate with people you haven’t met before, learn about new trends, and more. Many of these opportunities will also pull you into a group of individuals who can refer you to new customers, and you can similarly do the same for them. It’s great for your personal and professional growth.

You’ll build credibility. As you begin connecting with people who don’t have insider knowledge of your field, you’ll start gaining more credibility and respect from people who see you as a knowledgeable resource. It also takes a willingness to engage and share the information that you know, so be sure to speak up to build your reputation. And once you start doing this, people will turn to you for advice and to seek out your expertise.

You can learn and share insights. Meeting people both within your industry and outside of it will begin opening your eyes to the realities of worlds outside of your own. Not only will you start to see what’s happening in other communities and industries, but you’ll help others see yours. Often, understanding what’s happening in other industries can inspire you within your own. And you can help inspire others, too.

You can find a shared community. As you start building up your network, it will become increasingly more obvious who your people are. Finding that community can be empowering. You’ll find people who share your values. You can find mentors, discover new places to put your energy, receive support, and build friendships with people who will put you at the top of their list of recommendations and requests. Finding that community can be one of the biggest assets of your career for the long-term.

As you focus on building your network, you may be wondering where to start connecting with these people. Fortunately, there are many places you can find the people that will help you as you build your career. Keep in mind that many professionals are looking to connect with people just like you for the same reasons you’re hoping to connect with them. Here’s where you can start.

Attend seminars and conferences. Conferences are a great place to learn industry trends, find workshops and discussions that will help you grow your business, get inspired, and find mentors. But they’re also a great place for meeting new people and expanding your network. In my business, Generation Blue is a great annual conference where I connect with leaders and up-and-coming individuals within my industry, and I’ve always walked away with new friends and ideas I’ve immediately implemented into my business. Be open-minded, go to learn, and be willing to connect with people at every level to successfully expand your network.

Join professional networks. There are many networks in every profession that are available for you to join. Look into them and look for the ways they may benefit you. For example, in real estate, people can join many organizations that are registered under the National Association of REALTORS®. If you’re a woman, you may want to join a women’s professional organization geared toward getting the support you need for your unique challenges. You could potentially join a network that matches your job experience, or something that expands what you know. There is no limit to what you can join or how involved you need to get. When you’re in those networks, you’ll find like-minded people who want to work together toward a common goal, which can help you take your career to the next level.

Get involved in community service organizations. What are you passionate about? Is there an organization near you that you can get involved in? You may want to join a civic club that collects food for your local food bank. Maybe you want to volunteer with your church. You may be passionate about working with veterans or you might want to be part of an entrepreneurship organization. Whatever you choose, it’s a great way to connect with people outside of your profession who are passionate about the same things you are, particularly when it’s geared toward your community. These organizations will expand your experience and help you give back.

Once you’ve started building your network, the key is to continue engaging the people you meet along the way. It can be as simple as through social media or an email. You may want to grab coffee regularly with some of your connections or attend the same conferences and events you know they’ll be attending so you can catch up. The key is to be willing to share advice as well as ask for help, be willing to give in return, and be authentic in these relationships. In time, that network will grow, and so will your business.

Do you have recommendations for how a real estate agent — or any other industry professional — can build up a network? Share your insights and stories below.

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.