Strategies for Maintaining Business Relationships

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  • 0:00 Business Relationships
  • 0:52 Build and Maintain…
  • 2:17 The Importance of Giving
  • 3:08 Quality, Not Quantity
  • 3:52 Lesson Summary
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Lesson Transcript
Instructor: Tara Schofield

Tara has a PhD in Marketing & Management

You want to move ahead in your career but aren't sure where to start. Business relationships are important to your success. By learning and implementing these steps, you can improve your relationships.

Business Relationships

A person's success or failure in business often relies on their ability to build relationships with other professionals. Let's imagine you are a new real estate agent and want to create a solid business. Not only do you need to build relationships with other realtors, you must have bonds with other professionals in related fields. You'll need the assistance of mortgage brokers, property inspectors, title companies, and service providers. Not only will these professionals assist you in your business, they will be an important source of leads and contacts.

Relationships are equally important within a company. To be a successful agent, you'll also need to work with others in your office, including agents, support staff, accounting and HR members, and upper management. Your ability to build good relationships will affect your success in your field.

Build and Maintain Relationships

To build and maintain business relationships, there are several specific keys that are important to consider.

First, all healthy relationships are built on trust. In the course of working with others, you will have the opportunity to show others they can trust you by keeping your commitments, showing up on time, being prepared for meetings, following up, and offering assistance. As an agent, you work with buyers and sellers who have different goals. You must be honest with both parties and honor the commitments you've made to your client. You must keep their information confidential, tell them the truth, and handle all details related to their home. You must also be truthful with other agents and professionals in the industry. Building trust is fundamental to growing and maintaining business relationships.

Second, professionals understand the value of growing their contacts and having many associations in their industry. Networking is an important activity as it helps you meet more people, learn about people who have skills or talents that may be helpful to you in the future, and connect with others who may need your services. As a real estate agent, you find networking to be a vital activity because it leads you to more customers. Networking allows you to tell more people about your specialty in high-end real estate and meet potential buyers and sellers. As you meet more people and talk to new contacts, you grow your business by finding people who want to list their home with you or who are ready to buy a house.

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