When it comes to business goals, we all want to get off the ground with a bang.
It's about making your mark, building momentum, and gradually rising until you soar!
This is especially true in the real estate industry.
In fact, building strong relationships with local vendors is one of the most powerful ways to grow and maintain a thriving real estate agency.
When done successfully, you gain the ability to become a known and trusted local source of information. People turn to you first when they're in a bind. Word of mouth, in this case, is golden.
Every type of business has its own life blood; the one thing that is essential for health and growth. Be it resources, advertising, profit turnover or innovation, there is nothing more important than a strong client base.
A healthy local client base is the first and last link in the age-old chain of "supply and demand", even when it comes to the store down the road.
But how does this benefit the real estate industry?
Why you should focus on building relationships with local vendors:
Familiarity breeds comfort. By building a good rapport with local vendors, estate agents can ‘know’ the area a lot better than their competitors.
Local vendors are influential in their neighbourhood. By creating strong partnerships with them, estate agents can gain strength by association.
Vendors are also potential real estate clients. They could be a future buyer or seller. So, a little grooming may work in your favour.
Ways to Build Beneficial Relationships with Local Vendors
#1) Connect Residents with Local Businesses
Being an expert in your neighborhood is key. By welcoming new residents and connecting them with local vendors, you not only help yourself but you also help the vendor by introducing new business!
#2) The Gift of Giving
Nothing’s better than a good referral… except making a sale. As a realtor, you can bring these two things together. Many agents like to welcome new residents with a small gift. It’s smart to get that gift from a local vendor, with all their branding attached. You’ll impress your client and the chosen vendor gets both a sale and business promotion.
#3) Be The Who’s Who on Social Media
Statistics have shown that most people will always check someone out online before approaching them for business. Having a healthy online status can help your vendor relationships too. By re-tweeting local businesses and engaging in online conversations with them, you will boost engagement and attract more impressions from residents.
#4) Host Interviews with Local Professionals and Vendors
You can expand on the previous step by helping local businesses gain free exposure online. Feature them on your own marketing platform. This can also initiate the opportunity for cross-promotional marketing as you gain insight into the business, their needs, their goals, and their personality.
#5) Treat Your Clients Like VIPs
Make sure to offer your best deals to your strongest partners first. Everyone wants to feel special and valued. That vendor also benefits by passing on your information to their regulars.
Impressions Last Forever
At the end of the day, people don’t buy into what you are doing, they buy why you do it.
When you show you genuinely care about the local economy and vendors, you’re paying attention to the quality of life in the community.
This will inspire people to choose you not only as a realtor but as a valued partner as well.