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For many brokers, referrals are a common source of business, and many brokers are finding that business networking groups are a good way of building referred business.
Across Australia there are several business networking groups that are formed with the aim of increasing business for all members.
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Each group usually has approximately 20 members, all of whom are from different areas of business such as one solicitor, one printer, one accountant, one electrician and one mortgage broker.
The groups give members an opportunity to meet regularly with like-minded professionals and form close and genuine relationships. Over time, members will develop deep insights into each others' businesses and the group can serve as a platform for sharing and discussing ideas and suggestions with each other. This can also serve as an education for members as to the wider business environment, a world to which they may have become blind to over the years.
Business network groups are a great source of word-of-mouth referrals as everyone in the group agrees to refer each other as the first person to go to for that particular service. It's in members' best interests to actively promote each other as it keeps the group working as an all-encompassing marketing machine. Some groups have a structured approach to lead sharing to ensure fairness for all members.
A few of the larger networking businesses offer services such as business development workshops and online member platforms as well as hosting special events and functions throughout the year. Several 1st Street brokers are part of local business networking groups and they have proven to be a good source of referrals as well as new friendships.
A few years ago, I began to meet for a weekly breakfast with a real estate agent and a financial planner. Our group has continued and it has grown, now including a solicitor, an architect, an accountant, a property developer and an investor. Between us we have a wealth of complimentary knowledge and our opportunities overlap. All of our contact books have become each other's contact books and, for all of us, it has proven that the whole is greater than the sum of the parts.
