Hi, My Name Is ... Successful Idaho Commercial Real Estate Networking
Dr. Drey Campbell
In my last career as a professor, one of my colleagues referred to me as a “story collector”. When we would go to regional research events, I would come away with a handful of friends each time. I didn’t think much of it since I enjoyed engaging people from an inquisitive heart posture. What I learned through this experience was that with each event, my network grew, and eventually I was in regular contact with like minded individuals around the world!
Building a network is proven to be important. Dr. David McClelland, a Harvard social psychologist, reports that, “[the people you habitually associate with] determine as much as 95 percent of your success or failure in life.” I will be the first to admit, the profession (and persons) of the commercial real estate brokerage community in Idaho were a bit intimidating when I began. Brokerages led with polished headshots and resumes. Developers were preceded by their incredible accomplishments. In general, the confidence commercial real estate professionals carried themselves with was impressive. The industry was full of action oriented deal makers who shaped the state we live in. At the core however, they were people and people are made to be in connection with one another.
The definition of networking is simply the action or process of interacting with others to exchange information and develop professional or social contacts. This is a descriptive definition when applied to commercial real estate. As commercial real estate professionals interact with others at events and during deals, networking through the exchange of information takes place. Those interactions and exchanges compound and relationships grow. Those relationships then open doors for other networking events and more relationships. Momentum then grows into a synergistic and healthy network.
Jim Rohn famously stated that a person is the sum of the people who they surround themselves with. Another quote is that a person’s network is their net worth. I love that Idaho has a small town community feel. Although some argue that is changing rapidly due to the influx of people, I would contend that the Idaho commercial real estate brokerage community retains the essence of a small Idaho populace–especially in terms of an abundance mindset and sharing of experiences. The power of networking in the Idaho commercial real estate community is that people with exceptional skill sets and accomplishments attend events regularly and often have an open door to others willing to humble themselves and learn. I have been able to meet with planners, architects, developers, brokers, builders, mayors, and more.
Networking is essential as a commercial real estate professional in idaho–both online and in person. The art of networking is to direct it towards a goal. Jeff Beals nails it when he says that networking is good, but networking with purpose is better. When I started my career, I strategically sought and networked with people who were having commercial real estate success or had influence on those who were–a method I still regularly employ. I read articles, noted signs, watched deal flow, and got to work. It is true that success leaves secrets. It was clear that the people who were accomplished were at commercial real estate networking events, from the Boma Symposium to Sundance open houses. The more events attended, the more familiar faces encountered, and the more stories collected.
It is to be noted that some people deal with a plethora of self created reasons not to network. It takes time, it requires interaction with others, and on some level, requires a bit of vulnerability. There are key ways to combat these limiting beliefs. Acknowledge that people are just people, no matter what they have accomplished or wear and that everyone has value just being who they were created to be. Be strategic and identify the people and groups you want to network with. Time is limited, and as I stated, people want to connect. Most people will inevitably network wherever they are, but directing the process to help build the desired network is ideal. By identifying where the network will be and going there, relationships will be established that are purposeful. Set clear goals before going to networking events, such as connecting with a real estate attorney or meeting at least one city council member, etc. I contend that in-person networking is the best way to build relationships since most communication is nonverbal. If that cannot be done, pick up the phone and call people. By resisting the temptation to simply email, text, or post–a more meaningful human experience can occur.
Read the book, The Go Giver, by Bob Burg. While networking, find ways to offer value to others. If you are out to serve yourself only, this will be noted, and in a small community, hard to escape. Each person has gifts and different spheres of influence. Tap into the strengths and networks to provide value to others without expecting a return. Keith Farrazzi states that relational growth happens when we show people how they will benefit from knowing us. As commercial real estate professionals, we are rewarded by what we know, who we know, and what we can do to assist others in achieving their goals. Make this clear when networking with others. Some networking will naturally happen as a byproduct of doing deals with one another. If the path of your career is not where you’d like, going to an event or picking up the phone and talking to people will get things moving. Activity inevitably breeds activity.
Networking is undoubtedly an essential piece of the puzzle when it comes to commercial real estate success in Idaho. Signing up for broker open houses, attending networking events in the brokerage community, hitting the links for local tournaments, sitting in on city council meetings, going to lunch and learns at title companies, calling brokers and talking to them about their listings, and digging in to all the close knit Idaho commercial brokerage community has to offer will pay dividends. Mark these words, friends will be made, doors will be opened, lessons learned, and a meaningful network established. If it doesn’t work, let’s go to lunch and talk about it.