Summary

Justin Stoddart discusses the challenges of professional networking in real estate, emphasizing the need for a more efficient system. He introduces Pro Insight, a platform modernizing professional networking by matching real estate agents with relevant professionals. Stoddart outlines key professions to network with, such as electricians and landscapers, and explains the importance of building relationships based on gratitude. He suggests asking professionals if their clients are preparing to sell homes, and if not, offering to introduce them to a high-quality real estate agent. Stoddart also highlights asset-based professionals like attorneys and financial advisors, who can refer clients anticipating property transactions. He concludes by promoting Pro Insight as a solution to streamline this referral process.

Action Items

• [ ] Reach out to existing professional partners to express gratitude for past referrals and inquire about collaborating going forward.
• [ ] Ask professional partners to inquire with their clients about upcoming real estate needs and make introductions if needed.
• [ ] Consider joining Pro Insight to leverage their training and help implementing the referral strategy.

Outline

Professional Networking Challenges

• Justin Stoddart discusses the common frustration among real estate agents who feel like they are the ones constantly passing referrals, while receiving very little in return.
• He mentions various professional networking attempts, such as Chamber of Commerce events and BNI chapters, which often fail to generate significant business.
• Justin highlights the challenges of building profitable relationships through traditional professional networking, including the time-consuming nature of meeting and establishing trust.
• He emphasizes the need for a more efficient and effective approach to professional networking.

Modernizing Professional Networking with Pro Insight

• Justin introduces Pro Insight, a company that aims to modernize professional networking by cutting through the traditional in-person business card exchange.
• He compares Pro Insight’s approach to Match.com, where professionals can match with each other based on their specific needs and interests.
• Justin explains how Pro Insight’s platform allows professionals to share detailed information about themselves, enabling direct referrals without the need for multiple initial meetings.
• He outlines the benefits of this modern approach, including increased efficiency and the potential for more meaningful and profitable professional relationships.

Key Professionals to Network with

• Justin lists various professionals that real estate agents should be networking with, including electrical, flooring, general contractors, and others.
• He explains why these professionals are important, as they often interact with property owners who are preparing to sell their homes.
• Justin emphasizes the importance of building relationships with these professionals and understanding their clients’ needs.
• He suggests that agents should approach these professionals with a spirit of gratitude and collaboration, rather than entitlement.

Strategies for Networking with Key Professionals

• Justin advises agents to express gratitude to these professionals for their work and to ask if they are interested in deeper collaboration.
• He suggests asking professionals if they would be willing to ask their clients about their real estate needs, which can lead to referrals.
• Justin explains the importance of asking clients if they have a level 9 or 10 real estate agent, and if not, offering to introduce them to a high-quality agent.
• He emphasizes the value of making three-way text introductions to facilitate smooth transitions and build trust with clients.

Potential for Referrals from Key Professionals

• Justin calculates that 20 professional partners could each refer one client per quarter, resulting in 80 referrals per year.
• He explains that even if only 25% of these referrals close, it would still generate 20 new pieces of ideal business annually.
• Justin acknowledges that not all professionals will have 20 partners, but encourages agents to focus on building strong relationships with key professionals.
• He reiterates the importance of asking the right questions and building a network of professionals who can refer clients at the right time.

Asset-Based Professionals as Referral Sources

• Justin introduces a new list of asset-based professionals, including attorneys, financial advisors, and commercial brokers, who can also be valuable referral sources.
• He explains that these professionals are often involved in clients’ financial planning and can identify when clients are preparing to buy or sell property.
• Justin advises agents to ask these professionals if their clients anticipate buying or selling property in the upcoming year.
• He emphasizes the importance of asking clients if they have a level 9 or 10 real estate agent and offering to introduce them to a high-quality agent if needed.

Benefits of Asset-Based Professionals for Agents

• Justin explains that asset-based professionals can add value to their clients by identifying the need for a real estate agent and making introductions.
• He highlights the competitive advantage that professionals gain by collaborating with other industry experts, enhancing their client experience.
• Justin addresses the concern of training professionals to refer agents, suggesting that agents can do it themselves or use Pro Insight’s services.
• He offers a plug for Pro Insight, explaining how they can help agents implement this strategy effectively and affordably.