Real estate experts cultivate large social networks because it gives them contacts and potential clients. However, they also often work with professionals outside of traditional real estate markets.
Several good examples include insurance experts, public adjusters, researchers, and journalists. Not only can these different groups act as contacts, they can also facilitate major transactions.
A friend in the insurance industry, for example, can offer help if the buyer or seller is processing a claim related to the property.
Likewise, if you’re looking for fresh information about the latest property developments/investments, a journalist or academic researcher may be able to pass along a few clues.
Most of the information that they give you may not directly help in closing more deals but they can point you in the right direction, and that should count for a lot.
How to Meet and Cultivate Professional Contacts
Unlike social contacts, we mentioned earlier, working with professionals and building your professionals circle requires more work and a certain amount of reciprocity. In other words, you will need to help them if you want them to help you.
For example, if you want the help of an insurance agent then you better help them find homeowners who are interested in expanding their insurance coverage, and if you want home repair contractors to help you find more clients then maybe you should introduce them to some of your older clients.
This sort of reciprocity exists among different types of professionals, and you should embrace it. Helping non-real estate professionals gives them the incentive to help you.
If you do your job right, you won’t even need to approach these people for help. They’ll come to you, and you can leverage your own reputation to find new and interesting deals.
However, if they won’t come to you then there are other ways to get their attention, and here are a few examples that you should try:
– Join conferences where realtors and other professionals interact
– Join government or public-private partnership events
– Join commercial and business organizations
– Join online communities that allow realtors to help other professionals
– Offer some of your services at a discount to people who seem like they have something to offer you.
Working with professionals can be very beneficial to any real estate agent. So whether you want to become a real estate agent or a real estate investor, just remember that having a few friends in high places can help you get a lot of great deals.