TRENDS & ISSUES just as much lead generation as marketing directly to potential buyers and sellers, but can require a lot less work.
Too often, luxury real estate professionals forget to network with each other when they have or need a listing.
Why and How to Network With Local Luxury Real Estate Professionals Commentary by Diane Hartley
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s a luxury real estate professional, how often do you nurture the relationships you have with other agents in your market?
Better yet, how often do you seek out relationships with those other local agents to grow your sphere of influence? While it’s true that luxury real estate is a competitive field, networking with other local luxury real estate professionals is one of the best ways to increase your success at the closing table. In fact, according to The Institute of Luxury Home Marketing (The Institute) instructor and luxury real estate expert Kofi Nartey, the goal as it applies to agent relationships is what he calls “co-opetition”—not competition. As he so eloquently puts it, “It’s not about winning or losing, it’s about the desired outcome.” Here’s why.
84 October 2021 RISMedia’s REAL ESTATE
1. Networking with local luxury real estate agents can boost your clients’ bids. Networking with other local luxury real estate agents is always a smart idea, but especially in a red-hot seller’s market like the one we’re in now. When there are multiple offers on the line, having great rapport with the listing agent can put your client’s bid ahead of other potential buyers. 2. Building your luxury real estate agent network can lead to more listings. Too often, luxury real estate professionals forget to network with each other when they have or need a listing. The reality is, building solid relationships with other local luxury real estate agents accomplishes
3. Networking with other luxury real estate agents helps your reputation. In an industry that’s built on relationships, your reputation is everything. You never know when you might want to transition to a new brokerage, build your team or need a favor. At the very least, making an effort to stay in good standing with local agents can help you when you least expect it. Ready to network with other luxury real estate professionals? The Institute’s in-person Luxury Live events are back and—for the first time ever—we’ve introduced a Member Happy Hour. The curriculum for these exciting two-day events is based on our proven Seven-Step Luxury Marketing Blueprint to help you break into luxury real estate or reach the next level in your luxury real estate career. To learn more, visit www.luxuryhomemarketing.com/real-estate-agents/ schedule.html. RE Diane Hartley is president of The Institute for Luxury Home Marketing, an independent authority in training and designation for real estate agents working in the luxury residential market. Hartley brings her passion for luxury marketing and more than 20 years of experience to her role. For more information, please visit www.luxuryhomemarketing.com.
