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Working with "Mets": Building Your Network
Working with “Mets”: Building Your Network
Introduction
This chapter focuses on cultivating and leveraging your existing network, referred to as “Mets,” to generate leads and build a sustainable real estate business. We will explore strategies for identifying, categorizing, and nurturing these relationships to maximize referrals and repeat business.
Who Are Mets?
Defining “Mets”
A “Met” is anyone you’ve had personal contact with, either in person or by phone, and whose contact information you have recorded in your database. They are not complete strangers but individuals within your sphere of influence. The essence is to convert these contacts into reliable sources of business over time.
Expanding Your “Met” Circle
Here are some effective ways to expand your “Met” network:
- Community Involvement: Join local organizations and volunteer.
- Networking Events: Attend real estate and chamber of commerce events.
- Public Speaking: Offer expertise at local clubs or associations.
- Media Presence: Volunteer information to local newspapers and become a quoted expert.
- Visibility: Use branded car wraps or shirts to attract attention.
- Database Integration: Feed contacts from FSBOs, expired listings, open houses, etc., into your database.
- Active Engagement: Proactively reach out and connect with people.
Classifying “Mets”
Organizing your “Mets” into categories can help you tailor your communication and nurture relationships effectively.
| Group | Definition | Potential Actions |
|---|---|---|
| Network Group | Individuals who know you through in-person or phone contact. They are potential future clients. | Stay in regular contact through calls, emails, and social media engagement. |
| Allied Resources | Real estate-related professionals who can become referral partners. | Develop reciprocal relationships. Offer value to their business while requesting referrals. |
| Advocates | Past clients who actively recommend your services. | Maintain strong relationships. Show appreciation through exclusive events and personalized touches. |
| Core Advocates | Highly influential individuals who consistently generate a stream of qualified leads due to their position and connections. | Provide exceptional service and build a deep personal connection. They should feel like valued partners, not just referral sources. |
What Is “Metworking”?
Understanding “Metworking”
“Metworking” is the strategic process of nurturing relationships with your “Mets” to build trust, establish credibility, and generate leads and referrals. It involves consistent communication, providing value, and staying top-of-mind.
The Importance of “Metworking”
- Increased Referrals: Cultivating strong relationships leads to more referrals from satisfied “Mets”.
- Repeat Business: Keeping in touch with past clients increases the likelihood of repeat business.
- Brand Awareness: Consistent communication reinforces your brand and expertise within your network.
- Cost-Effective Marketing: “Metworking” is often more cost-effective than traditional marketing methods.
- Enhanced Reputation: Building strong relationships enhances your reputation as a trusted real estate professional.
Theories and Principles
Social Exchange Theory:
This theory posits that relationships are built on a cost-benefit analysis. Individuals seek to maximize benefits and minimize costs in their interactions. In “Metworking,” offering value (e.g., market updates, helpful advice) increases the likelihood of reciprocity (e.g., referrals).
The Law of Reciprocity:
This principle suggests that people tend to reciprocate actions. By providing value and support to your “Mets,” you increase the likelihood that they will return the favor through referrals and business opportunities.
Cognitive Psychology (Memory Decay):
Studies in cognitive psychology show that without regular reminders, the human mind tends to forget information. Ebbinghaus’s Forgetting Curve illustrates how memory decays exponentially over time. Thus, consistent communication is essential to remain top-of-mind for your “Mets.”
Challenges and Misconceptions
- Perceived Intrusiveness: Some people hesitate to contact their “Mets” for fear of being perceived as intrusive.
- Lack of Time: Many agents struggle to allocate sufficient time for “Metworking.”
- Inconsistent Follow-Up: Failing to consistently follow up with “Mets” can lead to lost opportunities.
- Misunderstanding Value: Not understanding or providing real value to your “Mets” diminishes the effectiveness of “Metworking.”
How to “Metwork”
Systematic Tools for “Metworking”
The 8x8
The 8x8 is an intensive, eight-week campaign designed to establish a relationship with a new “Met”. It involves eight touches over eight weeks to create familiarity and build rapport.
Methodology:
- Week 1: Handwritten note introducing yourself and your services.
- Week 2: Phone call to learn about their real estate needs and interests.
- Week 3: Email providing valuable market information or a relevant article.
- Week 4: Social media engagement (e.g., liking or commenting on their posts).
- Week 5: Small gift or token of appreciation (e.g., coffee gift card).
- Week 6: Invitation to a local event or seminar.
- Week 7: Personalized video message sharing a real estate tip or update.
- Week 8: Follow-up call to solidify the relationship and offer further assistance.
Benefits:
- Quickly establishes a connection with new “Mets”.
- Demonstrates your commitment and expertise.
- Increases the likelihood of future referrals.
The 33 Touch
The 33 Touch is a year-long campaign designed to maintain consistent contact with your “Mets”. It involves 33 touches throughout the year to stay top-of-mind and nurture relationships.
Methodology:
The 33 Touch campaign should incorporate a variety of communication methods to keep your interactions fresh and engaging. This may include:
- Monthly Newsletter: Providing valuable market insights and real estate tips.
- Quarterly Phone Call: Checking in and offering personalized assistance.
- Holiday Cards: Sending personalized greetings during holidays.
- Birthday Cards: Acknowledging their special day with a thoughtful note.
- Email Updates: Sharing relevant articles, infographics, or videos.
- Social Media Engagement: Liking, commenting, and sharing their content.
- Event Invitations: Inviting them to local events, seminars, or webinars.
- Client Appreciation Events: Hosting exclusive events to show your gratitude.
- Personalized Gifts: Sending small, thoughtful gifts based on their interests.
- Handwritten Notes: Sending personalized notes for special occasions or milestones.
Strategies for Success:
- Personalization: Tailor your messages and interactions to each “Met’s” individual interests and needs.
- Value-Driven Content: Provide valuable information and resources that benefit your “Mets”.
- Consistency: Maintain a consistent schedule of communication throughout the year.
- Variety: Mix up your communication methods to keep your “Mets” engaged.
- Automation: Use CRM software to automate tasks and streamline your “Metworking” efforts.
- Tracking: Monitor your results to identify what’s working and what’s not.
- Adaptation: Adjust your strategies based on the feedback and results you receive.
Mathematical Formulas and Equations
To estimate the potential return on investment (ROI) from “Metworking,” we can use the following formulas:
- Referral Conversion Rate (RCR):
- RCR = (Number of Referrals Converted into Clients / Total Number of Referrals) * 100
- Average Commission Per Client (ACPC):
- ACPC = Total Commission Earned / Total Number of Clients
- Return on Investment (ROI):
- ROI = ((Number of Referrals * RCR * ACPC) - Cost of Metworking) / Cost of Metworking
Where:
- Cost of Metworking = Total Expenses (time, materials, events)
“Metworking” to Your Circles
Inner Circles
Your inner circles consist of your closest relationships: family, friends, and close colleagues. These individuals are often your strongest advocates and referral sources.
Strategies for Engaging Inner Circles:
- Open Communication: Clearly communicate your real estate goals and ask for their support.
- Regular Updates: Keep them informed about your progress and successes.
- Appreciation: Show your gratitude for their referrals and support.
- Personalized Service: Offer them exceptional service when they need real estate assistance.
- Exclusive Offers: Consider offering them special discounts or incentives.
Referrals Through Your “Metwork”
Success Through Others
Generating referrals is the ultimate goal of “Metworking.” By nurturing your relationships and providing value, you can create a steady stream of qualified leads.
Working for Referrals
- Ask Directly: Don’t be afraid to ask your “Mets” for referrals.
- Provide Incentives: Consider offering referral bonuses or rewards.
- Make It Easy: Provide them with referral cards or online forms.
- Show Appreciation: Acknowledge and thank them for every referral they send.
- Stay Top-of-Mind: Consistently remind them that you appreciate their referrals.
Case Studies
Case Study 1: The Power of Personalization
- A real estate agent implemented a 33 Touch campaign, personalizing each interaction based on the “Met’s” interests and needs.
- Result: Referral rates increased by 40% within the first year.
Case Study 2: The Impact of Value-Driven Content
- An agent focused on providing valuable market insights and real estate tips in their monthly newsletter.
- Result: Engagement rates increased significantly, leading to more inquiries and referrals.
Case Study 3: The Importance of Appreciation
- An agent implemented a system for acknowledging and thanking every referral they received.
- Result: Referral rates increased by 25% as “Mets” felt valued and appreciated.
Final Thoughts
“Metworking” is a long-term investment that requires consistent effort and a genuine desire to build relationships. By implementing the strategies and methodologies discussed in this chapter, you can cultivate a strong network of “Mets” that will generate leads, referrals, and sustainable success in your real estate business.
Putting It All Together
The 3-Hour Habit
Dedicate at least three hours per day to lead generation activities, including “Metworking.” This consistent effort will compound over time, leading to significant results.
- Time Blocking: Schedule specific blocks of time for “Metworking” in your calendar.
- Prioritization: Focus on the most impactful “Metworking” activities first.
- Consistency: Stick to your schedule and make “Metworking” a daily habit.
By understanding who your “Mets” are, what “Metworking” entails, and applying systematic strategies, you can build a robust referral-based business.
Chapter Summary
Working with “Mets”: Building Your Network - Scientific Summary
Recapitulation: This chapter emphasizes the pivotal role of “Mets” (individuals you’ve met and have contact information for) in real estate lead generation. It underscores that anyone you’ve personally connected with is a potential asset. The core strategies revolve around systematically nurturing these relationships through the 8x8 and 33 Touch plans to achieve top-of-mind awareness, which is critical for securing referrals and repeat business. The chapter categorizes Mets (Network, Allied Resources, Advocates, Core Advocates) to tailor engagement and emphasizes continuous growth of your Met database through active community involvement, networking, and consistently adding new contacts.
Key Takeaways:
- Everyone Matters: Treat every contact as a potential source of future business.
- Consistency is Key: Implement systematic follow-up (8x8 and 33 Touch) to stay top-of-mind.
- Categorize Your Mets: Segment your database to personalize communication and nurture relationships effectively.
- Intentional Growth: Actively seek opportunities to expand your network and add new Mets to your database.
- Referrals are Vital: Focus on providing value to your Mets to encourage referrals.
Connection to Broader Real Estate Principles:
The concepts directly align with fundamental real estate principles of relationship building, client retention, and referral marketing. In a relationship-driven business, a strong network of “Mets” provides a sustainable source of leads and clients, reducing reliance on costly and less effective methods. Cultivating Mets is a proactive approach to building a robust real estate practice.
Practical Next Steps:
- Database Segmentation: Categorize your existing contacts into Network, Allied Resources, Advocates, and Core Advocates.
- 8x8 Implementation: Select a group of new Mets and implement an 8x8 plan (8 communications in 8 weeks).
- 33 Touch Implementation: For existing Mets, begin developing and executing a 33 Touch plan (33 communications throughout the year).
- Network Expansion: Identify one new networking opportunity (e.g., community event, professional organization) and commit to attending within the next month.
- Referral Tracking: Implement a system to track the source of your leads and referrals to measure the effectiveness of your Metworking efforts.
- Time Blocking: Dedicate specific blocks of time to lead generation activities, including working with Mets.
Areas for Further Exploration and Continued Learning:
- Advanced CRM strategies for managing and automating Met communication.
- Psychological principles of influence and persuasion to enhance communication effectiveness.
- Case studies of successful real estate professionals who have built their business through “Metworking.”
- The evolving role of social media in nurturing and expanding your network.
- Metrics and KPIs (Key Performance Indicators) for tracking the ROI of Metworking activities.
- Continuous refinement of your 8x8 and 33 Touch plans based on performance data and feedback.
