Maximizing “Metwork”: Generating Leads from Your Contacts

Introduction: The Untapped Potential of Your “Metwork”

Your existing network, or “Metwork,” represents a goldmine of potential leads and referrals. This chapter delves into the science and strategies of converting your contacts into a consistent source of business. We’ll move beyond simple networking and explore systematic approaches to cultivate relationships and extract maximum value from your “Metwork.”

Who Are Your “Mets”? Defining and Categorizing Your Contacts

The term “Mets” encompasses anyone you’ve had personal contact with and whose information is in your database. It’s broader than just friends or past clients. This includes:

• Former colleagues: People you’ve worked with in previous jobs.
• Service providers: Your doctor, dentist, accountant, etc.
• Community members: Individuals you interact with through clubs, associations, or volunteer activities.
• Business Contacts: Individuals you have met through business interactions.

Categorizing Your “Mets” for Targeted Engagement

Not all “Mets” are equal. Segmenting your contacts allows for more personalized and effective communication. Consider these categories:

1. Network Group: Individuals who recognize you and might consider doing business with you.
2. Allied Resources: Professionals in real estate-related fields (mortgage brokers, home inspectors, contractors) who can be sources of referrals and partnerships.
3. Advocates: Past clients and contacts who actively recommend you.
4. Core Advocates: Highly influential individuals with extensive networks who can provide a steady stream of leads.

The Importance of Data Hygiene: Ensure your contact information is up-to-date and accurate. Incomplete or outdated data diminishes the effectiveness of your “Metworking” efforts.

“Metworking”: The Science of Relationship Cultivation

“Metworking” is the systematic process of building and nurturing relationships with your “Mets” to generate leads and referrals. It’s not just about collecting contacts; it’s about actively engaging and providing value.

Why “Metworking” Matters:

• Referrals are High-Quality Leads: Referrals typically have a higher conversion rate and require less effort to close.
• Top-of-Mind Awareness: Consistent communication keeps you at the forefront of your “Mets’” minds when they or someone they know needs real estate services. Research consistently shows the forgetting curve.
• Building Trust and Credibility: Regular engagement demonstrates your commitment to your network and builds trust, making them more likely to refer you.

The Forgetting Curve: A Scientific Perspective

The forgetting curve, initially described by Hermann Ebbinghaus, demonstrates the exponential decay of memory retention over time. This highlights the need for consistent interaction to maintain top-of-mind awareness.

• Equation: R = e^-t/S
  • R = Retention rate
  • t = Time elapsed
  • S = Relative strength of memory
  • e = Euler’s number (approximately 2.718)
• Application: This equation shows that without reinforcement, memory of you as a real estate agent will fade over time. Frequent contact is therefore critical.

Methodologies for Effective “Metworking”: Building Systems for Success

1. The 8x8 Program: Jumpstarting New Relationships

The 8x8 program is an intensive, eight-week initiative designed to establish a strong connection with new “Mets.” It involves eight different forms of contact over eight weeks.

• Goal: Quickly build rapport and establish yourself as a trusted resource.

• Steps:

  1. Week 1: Personalized introductory email/message.
  2. Week 2: Phone call to learn about their needs and interests.
  3. Week 3: Send a handwritten note or card.
  4. Week 4: Share a relevant article or resource.
  5. Week 5: Invite them to connect on social media.
  6. Week 6: Engage with their content on social media.
  7. Week 7: Offer a helpful piece of advice or information.
  8. Week 8: Send a small, thoughtful gift or token of appreciation.

2. The 33 Touch Program: Long-Term Relationship Maintenance

The 33 Touch program is a year-long strategy for maintaining consistent contact with your “Mets” and solidifying your position as their go-to real estate expert. It involves 33 distinct interactions throughout the year.

• Goal: Nurture long-term relationships and generate a consistent stream of referrals.

• Key Principle: Variety is key to keep the contact fresh and engaging.

• Implementation:

  1. Divide: Divide 33 contacts throughout the year (approximately 3 touch points a month)
  2. Consider: Include phone calls, emails, newsletters, direct mail, social media engagement, events, and personal visits.
  3. Personalize: Customize your messaging based on your “Mets’” interests and needs.
  4. Automate: Use CRM software to schedule and track your interactions.
  5. Analyze: Regularly review your results and adjust your strategy as needed.

• 7 Strategies for 33 Touch Success:

  1. Be Authentic: Genuine interactions are more impactful.
  2. Provide Value: Offer helpful information and resources.
  3. Be Consistent: Maintain a regular cadence of communication.
  4. Personalize Your Approach: Tailor your messages to individual preferences.
  5. Track Your Progress: Monitor your interactions and their effectiveness.
  6. Ask For Referrals: Don’t be afraid to explicitly request referrals.
  7. Show Gratitude: Acknowledge and appreciate referrals you receive.

3. Mapping Your Inner Circles: Identifying Your Most Influential Contacts

Your inner circle comprises the individuals who know, like, and trust you the most. These are your strongest advocates and potential sources of high-quality referrals.

• Identifying Your Inner Circle:

  • Who consistently engages with your content?
  • Who readily offers support and advice?
  • Who enthusiastically refers you to others?

• Cultivating Your Inner Circle:

  • Prioritize regular communication.
  • Offer them exclusive opportunities and insights.
  • Express your gratitude for their support.

Leveraging Data and Technology: Optimizing Your “Metworking” Efforts

• Customer Relationship Management (CRM) Systems:
  • Centralize contact information.
  • Automate communication.
  • Track interactions and results.
• Social Media Analytics:
  • Identify your most engaged followers.
  • Understand the types of content that resonate with your audience.
  • Refine your social media strategy for maximum impact.
• Email Marketing Platforms:
  • Create targeted email campaigns.
  • Track open and click-through rates.
  • Segment your audience for personalized messaging.

Overcoming “Metworking” Challenges: Addressing Common Misconceptions and Obstacles

• Misconception: “Networking is salesy and inauthentic.”
  • Reality: Genuine relationship building is the foundation of successful “Metworking.”
• Challenge: Time constraints.
  • Solution: Implement systems and automation to streamline your efforts. Time blocking for lead generation activities.
• Challenge: Fear of rejection.
  • Solution: Focus on providing value and building relationships, not just making sales.
• Challenge: Difficulty tracking results.
  • Solution: Utilize CRM software and analytics to monitor your progress.

Case Studies: Real-World Examples of “Metworking” Success

• Case Study 1: A real estate agent implemented the 33 Touch program and saw a 30% increase in referral business within one year.
• Case Study 2: An agent focused on cultivating their inner circle and secured several high-value referrals from key contacts.
• Case Study 3: A new agent built a strong “Metwork” through community involvement and networking events, quickly establishing a solid client base.

Final Thoughts: Turning Contacts into Cash Flow

Maximizing your “Metwork” is not about quick fixes or sales tactics. It’s about building genuine relationships, providing value, and consistently engaging with your contacts. By implementing the strategies and methodologies outlined in this chapter, you can transform your “Metwork” into a powerful lead generation engine and achieve sustained success in your real estate career.