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Networking Groups..... How important can they be to your business.....

By
Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

GroupsI was asked my opinion the other day by a loan officer in regards to the Chamber of Commerce. Everyone has their own opinions and thoughts, but my experience with our local Chamber of Commerce has been average. Don't get me wrong, any networking group can be beneficial in so many ways.

Let's start with one that I am familiar with. Le Tip International. http://www.letip.com/  They are in 22 states now and Canada. The basic foundation behind this group is that you have 1 person from each type of business. Meaning that you would have only have 1 realtor, 1 loan officer, 1 CPA, 1 lawn care person (landscaper), 1 lawyer (many specialty lawyers are allowed), 1 Florist, so on and so on. Many of the people in these groups are owners of their own business. You basically meet once a week for an hour, get to know each other's type of business, and network amongst each other. I was in this type of group for about 1 1/2 years and it works very well. You might ask why I got out of it? Let's just say that there was some poiltics involed and that it came down to a certain individual. (long story) But I am here to say that it does work. You actually give each other what are called tips. The tip would be some type of contact that is looking for that person's help in their expertise of business. Example. My tip would be John Smith who is looking for a house to purchase. I then write this down on a piece of paper and give it to the realtor in the group. In my particular group at that time, we had 34 people representing 34 different types of businesses.

Other groups out there would be BNI, http://www.bni.com/, which works in the same capacity as Le Tip. I have not experienced this type of networking group before, but I have heard positive things about it in the past. Then you have the Chamber of Commerce. They are usually located in many of your local towns or cities. Like I said, it's my opinion, but in this group, you can have many of the same people from one type of business. And they get together and pass each other's business cards around. Another group would be your local Rotary group. I have also experienced this group before, but I left because I ended up moving over 20 miles away and it was too much traveling time. Typically this type of group are of business individuals from the local area. And the concept of this group is like Le Tip and BNI. For the most part, you are only allowed one person from each type of business. But this group is more than about business contacts. They also get involved in the community to help out, may it be fund raisers or cleaning up their community. And Knights of Columbus is another group that can be used for networking. The Knights of Columbus is an international fraternal and service organization for Catholic men.

Overall, I think these are types of networking that so many of us overlook. It can be very beneficial to each of our businesses. And with many of these groups, it takes about an hour out of your day, once a week. The actual costs can be a lot cheaper than your basic advertising. Such a small price to pay that could end up adding so much to your business. And please don't be offended if I left any groups out. There are also many types of business networking groups for women only. I would love any comments on what groups have been left out or any suggestions.

Here are several networking sites online that can help you with information on networking.

http://sbinfocanada.about.com/od/networking          http://www.rileyguide.com/support.html

 

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Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Rich.... I agree.... each group can and will be different. Just like when I was in Le Tip, it had it's clicks also.(certain groups within the group) It all just depends on the people invloved, your personality, and theirs....
Oct 17, 2006 06:04 PM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
here is something that I am not going to add into my blog....but I thought it was an interesting view point. Lead Groups  Something that I read after I wrote my blog.
Oct 17, 2006 10:00 PM
Tracy Santrock
Santrock Realty Group Inc. , - Cary, NC
Raleigh - Cary Broker
Networking is key in a slow market and even when business is booming.  Thanks for sharing your ideas.
Oct 18, 2006 12:14 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

I have tried to get into a BNI Group around here, but the ones that I have talked with already have a Loan Officer.  One of our  LO's belongs to one and he has found it very helpful.

I agree about the Chamber of Commerce. We have a very large and active one, and I know a lot of the people in it, but you are right the business return has been minimal. However, I do participate because I enjoy a lot of the activities and gathering that they have.

I Network in other ways, through my Church, Civic Groups, and still stay in touch with organizations that my kids were a part of when they were growing up, like sports, and Boy Scouts.

You have to Network in one way or another if you want to keep building your business.  Good blog and info Jeff.

Oct 18, 2006 01:35 AM
Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590

Jeff,

One easy way to network is to go to www.meetup.com and search for a special interest group.  Here are a few you might enjoy:

Philly Passive Income group 

Golf Meetup in Philly 

Landlords 

Oct 18, 2006 01:55 AM
Susan Trombley
Trombley Real Estate - Wake Forest, NC
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs
Not all is this works for a realtor. It seems that like BNI back fires on the Real Estate Agent. They will bring all the new people to the group and not visa versa.
Oct 18, 2006 06:43 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Tracy..... networking is KEY to any market....but sure, it will pick up your slack when slower.

George......sure, there are other ways...  church and your kids sports. 2 other great avenues. I didn't want to make the blog longer .... trying to keep it to a minimal so I don't lose people from reading it. Thanks for the comment.

Brian......I'll check these out later.... thanks

Susan....I am confused....why would you say BNI would backfire on a realtor?  In my Le Tip group, the realtor got the 3rd most leads. She did very well. I think it has a lot to do with that person's personality. People have to click with each other.....  some people just rub people the wrong way. Just food for thought.  Thanks for your comment...

Oct 18, 2006 07:15 AM
Professor X
NONE - Ludington, MI

Hey Jeff,

 Great Post!

I belong to my local Chamber and am lucky enought that they have developed their own business networking groups within the chamber.  They call them BRAG...business Resource Alliance Groups....They are like BNI on steroids, complete with business planning and training, these groups focus heavily on referals and one on one meeting with other members of your group....the waiting list is miles long in my chamber and I am sooooooo excited to be a member of one of these groups....and best of all through my chamber these groups are absolutely FREE

Oct 18, 2006 12:16 PM
Eddy Martinez
Nationwide Funding Group - Highland Park, CA
Cool deal thanks for the info jeff.....
Oct 18, 2006 12:27 PM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Joshua.....  did I get a 5 then?   lol   That sounds great. It feels great to be a part of something like that and it actually works. Someone did point out in another blog that not all of these groups work because you are passing a referral onto someone that might not be as good. I kind of agree... hence one reason why I got out of my group. It was just one person and my power partner. But overall..with the right people, you can actually meet new people that are very, very good also....and refer them business knowing that they will take care of it and that you can trust them. Some people just have a bad experience which tends to leave a bad taste in their mouth.

And thanks for the compliment.

Eddy.....thanks for the comment and for stoping by.

Oct 18, 2006 01:04 PM
Jim Quinn
Quinn Appraisals - Bridgeton, NJ
Jeff, very good post. I have heard about these groups and have always wondered if it would help me. Just thinking that I would only get business from the loan officer.
Oct 18, 2006 03:29 PM
Robert D. Ashby
Cruise Planners of South Florida - Plantation, FL
Providing Personalized Travel

Jeff,

I am involved in one networking group myself (actually helping to form it down here in South Florida).  It is not a "leads group" and is based on brainstorming as well as networking.  We network, and will inform others if we know someone is looking for their type of service, but we also share business tips and allow presentations (15 minute) for one person a month to expand on thier business.

I also am working with the only business events magazine, at least in South Florida.  This magazine is a great tool to advertise in and write articles for.  I have already been recognized by people reading the magazine and it is only two months old. 

I am in charge of designing the website, which will be online soon at www.businesseventsmagazine.com.  I will likely make a blog about it when the website goes live, for those of you in South Florida, you will want to visit the site as it will have all networking events in the South Florida region.

Oct 20, 2006 02:06 AM
Robert D. Ashby
Cruise Planners of South Florida - Plantation, FL
Providing Personalized Travel
I forgot to let those of you know my networking group, if you care it can be found at www.tsfbc.com.  I am designing this website as well.  It is currently online with pages to be added as I develop them.
Oct 20, 2006 02:08 AM
Suzanne Marriott
Keller Williams Arizona Realty - Anthem, AZ
Associate Broker, CLHMS, e-PRO
Nothing better than being selective when building your referral network
Oct 20, 2006 03:04 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Robert.....that group sounds interesting. And I am not trying to bust on you, just joking here.... but you said it's not a leads group..but you do let each other know if you have someone looking for their services. To me, that's still a lead. A lead or referral. And in Le Tip, they do the same things. We didn't just meet to hand out leads. We had 2 people a week stand up and give a 15 minute presentation on their business and services. And we also had each memeber once a week go to that person's place of business and sit with them for about a half hour. Asking them questions and learning what they do. And then the following week, a few people had to stand up and give a 2 to 5 minute presentation on who they met with, acting as that person, selling back to the group.

I was just bring this up, because it was too much to write in the initial blog. And I wanted to point out that some of these groups that say "leads groups" are more than just that. Just an FYI.

Robert.... good luck with the business events magazine.

Suzanne.....yes, NOTHING is wrong with that. I see so many give out referrals to others in the business just to get on their good side so they can receive referrals back. But they don't know if that person will do a good job, they are more interested in obtaining business for business.... it's a fine line depending on how you look at it.

Thanks for the input...

Oct 20, 2006 04:12 AM
Kristal Kraft
Novella Real Estate - Denver, CO
Selling Metro Denver Real Estate - 303-589-2022

I have enjoyed various group membership over the years.  I find it better when one is very interested and participates in the group, as opposed to just showing up for business.

I ended my Rotary Membership awhile back.  That's where I was when 9/11 occurred and the President didn't even acknowledge it.  Now I remember that and just can't go back.  My interest was lost in an instant.

Oct 25, 2006 06:24 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Kristal......I agree with you first comment. The only reason I went to the few that I did belong to was because the actual people. Getting the referrals was an added bonus. Great point.

In regards to the reason why you ended your Rotary membership.... that's sad. Sorry to hear.... thanks for sharing.

Oct 25, 2006 10:08 AM
Neil Burke
Lending - Haddonfield, NJ
Jeff..  there are some great groups mentioned here.This is a key to anyone's business.  good job
Dec 08, 2006 11:44 PM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Neil.... thanks. This is and should be huge for so many of us.... take advantage of these types of groups and the people around you.
Dec 09, 2006 12:02 AM
Anonymous
gary d

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Gary DiGiorgio

The DiGiorgio Group

9035 Wadsworth pkwy 2000

Westminster.Co 80021

Direct 303 898 4279

Office 303 422 5200 fx 303 467 0211

Gary@Di-DenverRealty.com

Nov 12, 2009 10:36 AM
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