Intentional Networking is the Key to Success in Commercial Real Estate

Crosstown Commercial  /   January 11, 2021

Intentional Networking is the Key to Success in Commercial Real Estate

Networking has always been an essential strategy in business success. Networking can bring you connections and opportunities that wouldn’t happen to you in any other way. With a growing network, any business professional can not only improve their skills but can often walk away with the deal of a lifetime.

In this new normal that we are all experiencing due to the coronavirus pandemic, the way we network has changed. Gone are the breakfast meetings, luncheons, and water cooler conversations that had become just a normal part of the business week not that long ago. And with businesses taking steps to weed out unnecessary expenses and specific projects getting put on hold, it makes us all wonder when business, especially the commercial real estate business, will become prosperous once again.

Though this particular pause in the market is a bit unique, we all know that there are plenty of peaks and valleys in the commercial real estate market. It just so happens that this valley might take a bit longer to get out of. In the meantime, the focus needs to be on continued networking so that timing, critical internal information, and growing relationships can do what they always do – aid in growing the business.

Thus, as with many businesses, the key is to be in the right place with the right people at the right time. Once those constraints have been tackled, the next step is to open the door for a conversation to discover critical information.

Commercial Real Estate Still Relies on the Right Buy

The fact is that there is more money to be had when the right transaction takes place. So, rather than kicking our feet up and waiting for our old normal to resume and assuming it actually will, those that will be successful are preparing for the market to swing north again. They are staying top of mind with key players to be ready when the right deal surfaces.

Those who wait it out will miss their opportunity. Even the youngest of children and most senior elders embrace technology to stay connected during these turbulent times. And if they can do it, so can you. Reach out to schedule that next Zoom or Google Hangouts meeting. If you have a webcam and internet connection or a phone with service, you have the tools you need to do your job.

There is Still Time to Make it Rain

In the business world, a rainmaker actively and persistently seeks opportunities where income can be generated for their business. These go-getters don’t stop at no, and they don’t let no keep them from moving on to the next conversation. The most successful rainmakers have figured out the key to winning business and partnering with those that can take the deal across the finish line. These folks are on the phone all the time, wheeling, dealing and building long-term relationships with those that could make the introduction to the next deal.

Take this time to be deliberate in maintaining your existing relationships through a nurture strategy and developing new ones. Use the pandemic as your excuse to check-in with those you haven’t spoken with for some time. And be sure to work your way through your top business contacts regularly. If they haven’t heard from you since before the pandemic, it is indeed a setback but not something you can’t rebound from. Please get back in front of them now so that you are top of mind when the right opportunity surfaces.

Emails are a great way to get in front of a neglected contact. Include a deliberate call to action at the end that invites the connection to a web call or phone discussion. And if you don’t get a response, there is no harm in contacting them directly after a few business days go by. Use mobile numbers when you have them, as most people are working remotely these days rather than going to the office.

Social media, including LinkedIn and Facebook, as well as your CRM database, provide the most priceless of contact lists. Work through the list and set up a ranking system to track each contact’s quality and their potential to introduce large or small deals through their network of people. Whatever approach you take, embrace now as your time to network intentionally. Before long, that door will open, and you too can make it rain.