Networking, Lead Generation, and Starbucks

It's all about lead generation in the real estate industry. "Getting someone to agree to a coffee meeting is only the first step in obtaining leads." writes John Heckers in a great article for Colorado Biz Magazine.

Cultivating networking partners is an important aspect of business growth. A networking partner is an acquaintance in the business world through which you can generate leads that you might not otherwise get. This partnership is a two-way street, so make sure you get to know the person before doing business with them. A coffee meeting is a great way to build trust and begin a long-term networking relationship.

Heckers offers "Nine ways to make the most of your coffee meeting, otherwise all you get is Starbucks and a lighter wallet."

1.) It's not all about you. Ask what you can do to help them in their goals. This is a quicker way to get the information (and potential leads) you want.

2.) "Don't go for the jugular" counsels Heckers. You have to establish trust and a relationship before someone opens their rolodex to you.

3.) Give your 30-second elevator speech, not "War and Peace". Make it conversational, hit only the details you need and keep it under two minutes.

4.) Ask "Who do you know to whom I should be speaking?" DON'T ask if they know someone because unless they live in a cave, of course they know people.

5.) Counteract a negative response of "Gee, I don't know anyone" with suggestions of types of acquaintances they might know including neighbors, coworkers, people they've met while networking, vendors, etc.

6.) Closing: At the end, thank them for their time and exchange cards. "Ask your networking partner to keep you informed of their progress, and ask if they'd like to be kept informed of yours. If the networking partner has been helpful, suggest that you two meet again in a couple of weeks." suggests Heckers.

7.) Leave Communication Open: At the close, tell them you'd be happy to give them a call if you come up with more information and then ask them to do the same. And then make sure you follow through!

8.) "Don't be too nice though," says Heckers. If you refer contacts to the networking partner, follow up on those people you sent to see how things were handled.

9.) Don't Waste Valuable Time: "If it has been two meetings and you still are not getting any reciprocity from a new networking partner, broom 'em. Don't waste your time continuing to meet with someone who is stingy or unhelpful. It may sound harsh, but your time is valuable." writes Heckers.

Your coffee meeting can be a valuable tool or a complete waste of time, says Heckers. It's important to know the difference and make your time count.

Read more at ColoBiz.com

photo credit: Jonathan Rubio