If you ask a hundred financial professionals to name the most influential centers-of-influence in their professional networks, most will put Certified Public Accountants (CPAs) and attorneys at the top of the list.
But there is one big problem with adding top CPAs and attorneys to a network. The competition is fierce because very other financial professional wants to cultivate them, too.
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Fortunately, the sphere of valuable professional connections you can make goes far beyond CPAs and attorneys.
One of the best ways to start expanding your network may be to notice the names on "HOME FOR SALE" signs in your own neighborhood–that is, the names of leading REALTORS in your market.
REALTORS are licensed real estate agents who are members of the National Association of REALTORS (NAR).
They are able to use the trademarked term "REALTOR" (always written in all-capital letters) behind their names, and they are held to the association's Code of Ethics and Standards of Practice. Like RIAs and CFPs, REALTORS are required by professional ethics to put the interests of clients ahead of their own and avoid exaggerating, misrepresenting or concealing material facts.
With just over one million members in NAR, REALTORS belong to one of the largest unified professions in the U.S., According to NAR, the average REALTOR works 40 hours per week and generates gross personal income of $49,000 per year.
By gender, women lead this profession, accounting for 57% of all REALTORS, with the balance (43%) male. The average REALTOR has 10 years of experience in the field and completes eight transactions per year.
The vast majority of REALTORS, 81%, are independent contractors who affiliate with a brokerage firm and work mainly on commissions.
Why target REALTORS?
First, they have sold houses to influential leaders and business owners in the community, so they usually have a feel for key personal relationships.
After real estate transactions close, details become public record and REALTORS may be free to make qualified client referrals to financial service providers.
Secondly, REALTORS are key contacts whom business owners consult when they are planning to change locations or expand.
Thirdly, because REALTORS are a key source of information on building codes, zoning and permits, they understand local government circles and officials.
What's the best way to form relationships with REALTORS?
When your clients indicate a desire to sell homes or businesses, offer to introduce them to one or more REALTORS. The client will make the final choice, but REALTORS will appreciate referrals and be more likely to cross-refer you.
At least, they will become more aware of your services and the potential for networking.
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