Networking For Real Estate Agents (Tips That Really Work)

  • Author: Devin Henry
  • Last Updated: November 14, 2024
Table of Contents

Real estate is a business of people and relationships. Yet, so many in the field let golden opportunities slip through their fingers. Why? Because they underestimate the power of networking for real estate agents. 

In an industry where who you know can be just as important as what you know, mastering the art of networking for real estate agents isn’t just advisable; it’s essential.

The landscape is bustling with potential – from social media platforms teeming with prospects to local community events brimming with fellow professionals eager to collaborate. For those just breaking into the field or aiming to broaden their current circle, grasping the nuances of maneuvering through this terrain can distinguish you from your peers. This blog will cover practical strategies to boost your networking reach.

Networking For Real Estate Agents: Why Is It So Important?

Networking is fundamental to the success of any real estate business. Many developers and realtors don’t take advantage of the incredible networking opportunities available to them.

Why is it important to start with that idea? Because there are so many ways to network in real estate that it can be difficult to know where to begin. Focusing on the end goal of creating new lead sources can help you figure out what networking-to-close-more-deals actually looks like for you and your business.

The role of networking in real estate

As a real estate agent, developing and maintaining a robust network can directly impact your success. The people you know unlock potential for fresh ventures, provide wisdom on shifting market dynamics and rules, and bolster your standing with praise and recommendations.

Networking in real estate is about cultivating relationships built on trust and mutual benefit. Though it requires time, consistency, and genuine interest in others, the benefits are immense.

How networking impacts your real estate business

Your network can be a game-changer for your real estate business. It’s not merely about gaining new clients, but also about staying informed, finding mentors, and creating a support system.

By using effective networking strategies, you can establish a strong network that fuels your success as a real estate agent, opening doors to infinite opportunities.

Effective Strategies for Real Estate Networking

Let’s dive into strategies for both online and IRL networking, expert tips for networking successfully, secrets specifically for introverts, and where to find new potential real estate clients.

Leveraging social media for networking

Utilizing different social media platforms is important for creating a strong online presence as a real estate agent. Navigating through social media, you can interact with prospective customers, disseminate insightful information, and display your proficiency within the real estate sector.

The more you engage on your local market’s community hubs on social media, the more visible you’ll be. The more helpful and service-oriented you are, the more leads and followers you’ll attract.

Attending local community events

Attending local community events is an effective strategy for real estate networking. These events provide opportunities to meet potential clients, connect with other professionals in the industry, and establish yourself as a knowledgeable and engaged member of the community.

Keep in mind, these community events don’t necessarily have to be real estate related. They can be gatherings for local events or celebrations in the community, like 4th of July activities or wine tasting events.

Building and Maintaining Relationships in Real Estate

In the real estate game, relationships are everything. They’re the lifeblood of your business, the key to unlocking a steady stream of clients and referrals. 

But here’s the thing: relationships don’t just happen. They require effort, consistency, and a genuine desire to connect with others. 

The importance of follow-ups

You’ve met a potential client at a networking event, had a great conversation, and exchanged business cards. Now what? This is where the power of the follow-up comes into play. 

Following up with the connections you make through networking is crucial for building and maintaining relationships in the real estate industry.

After meeting someone new, send a personalized email or handwritten note thanking them for their time and referencing something specific from your conversation. Continue to stay in touch by sharing relevant content, offering assistance, and setting up future meetings or collaborations. Bear in mind, the essence lies not solely in sparking that initial bond but rather in meticulously cultivating it as time progresses.

Turning referrals into clients

According to the National Association of Realtors, 40% of buyers and 38% of sellers found their agent through a referral from a friend, neighbor, or relative. For property transactions, harnessing the potential of referrals significantly drives fresh clientele engagements. When you receive a referral from a colleague or past client, be sure to thank them and keep them updated on your progress with the referred individual.

Go above and beyond for the client you were referred to; doing so not only paves the way for more referrals but also solidifies your bond with the person who recommended you. Remember, every referral is an opportunity to showcase your expertise and build trust with a new client.

Building connections with non-agents

While networking with other real estate professionals is essential, don’t overlook the importance of building connections with non-agents. Building connections with non-agents, such as lenders, contractors, and other service providers, can be beneficial for your real estate business. These professionals can provide valuable insights, referrals, and support to help you better serve your clients.

Seek out opportunities to collaborate, share resources, and cross-promote each other’s services to create mutually beneficial relationships. Venturing into realms outside of real estate, you unlock a treasure trove of fresh chances and deep wisdom to elevate your enterprise.

Networking Is Foundational For Your Career Growth

Every handshake, every exchanged business card, and every casual chat over coffee has potential. The realm of networking for real estate agents is vast but not unfathomable. Transforming brief encounters into partnerships and converting recommendations into clientele involves those minor, yet significant, actions.

This journey might have started today by flipping traditional notions on their head or embracing technology like never before – but remember this; building relationships takes time and genuine effort. As we’ve seen through engaging strategies and embracing our online presence while keeping things human at heart, there’s no one-size-fits-all answer here – except perhaps staying curious and open-minded.

So keep showing up—whether it’s at local gatherings or virtual meetups—and always bring your authentic self because that’s what people connect with most deeply. For more information or to work with/network with seasoned real estate professionals, visit Nomadic Real Estate today.

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Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

Owner Portal Reports
  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

Enhanced Rent Roll Report
  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

Unit Comparison Report
  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

Income Statement by Month Report
  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.