network impacts net worth
Issue 79 - April 8th, 2022
This phrase applies to a lot of industries and parts of the business world, but as a real estate agent your “network truly impacts your net worth”. This is a funny saying to me, but the best real estate agents are master networkers and always find ways to keep in touch with their current network while at the same time expanding their relationships and reach.
As an agent, the best way to grow your business is by generating an incredible customer referral flywheel. Happy customers will go out of their way to refer their friends and family to you further expanding your network. The better you are at keeping in touch with friends, family, and past clients the better the chance you have of staying top of mind for new business referrals.
Agents work so hard to get deals closed, but so many agents completely lose touch with their clients the day the deal is done. The easiest “marketing” dollars ever spent should be on keeping in touch with your current network. It is a “warm” lead in a sense who will happily send you business! BUT and this a big BUT… you do have to work incredibly hard to keep their attention and your name top of mind. Don’t just assume people will you send you business, and don’t be offended when they don’t if you don’t ask for the business.
If you don’t believe me that this concept is important, here are some stats from the National Association of REALTORS:
68% of sellers who used a real estate agent found their agents through a referral by friends or family, and 53% used the agent they previously worked with to buy or sell a home.
Sellers who definitely would use same agent again: 90%
Put your network to work for you and keep compounding those relationships with happy customers and you will build an incredibly successful business as an agent.
Newsworthy Links To Share
Rising rates: It’s a challenging market for homebuyers and it keeps getting more difficult, as mortgage rates may hit 5% sooner rather than later. Although a 5% mortgage rate is still historically low, it would represent the most elevated level for mortgage rates in the last decade. While some may think that
is a bad sign for the housing market, experts argue it’s what’s needed to cool things down.Better.com offering employees 60-days severance, losing ‘tens of millions’ per month per sources (TechCrunch)
Russian Oligarch’s $17 Billion Fortune Reached an Off-Campus LSU Dorm: Viktor Vekselberg invested in a Louisiana apartment complex, highlighting how far Russian wealth has spread across the U.S. (Bloomberg)
Playhouse is TikTok meets Zillow for future homeowners: Playhouse is releasing its TikTok-like, short-form video feed of Bay Area properties.(TechCrunch)
Alphabet's Wing division has announced that it's launching a drone delivery service in the Dallas-Fort Worth (DFW) metroplex starting this week! (Engadget)
Crypto Mortgage? Milo, a fintech company in the lending business, made the first crypto home loan in March, when it provided a 30-year mortgage in bitcoin for a Miami duplex. The firm says the early response among other crypto-oriented home buyers has been so enthusiastic that it is already looking to double the size of its Miami office to 100 employees. (WSJ)
Dwellwell Analytics, a smart sensor company that helps monitor properties, announced emerging from stealth with over $12M in seed funding. (Finledger)
Manhattan real estate sales hit record $7.3 billion in sales in first quarter: Residential real estate in Manhattan hit a record $7.3 billion in the first three months of this year as the market continues to roar back from the coronavirus pandemic. The first quarter saw 3,585 sales in the borough, up 45.9% year over year and 48.9% higher than pre-pandemic levels.(NY Post)