Week 8: Interview Blackstone Realty

 This weeks readings focused on the importance of networking.  Ibarra & Hunter (2007) identified three forms of networking:  

• operational networking- uses the network within the organization.  This includes superiors, direct reports, and peers as well as key outsiders like suppliers and distributors.  The purpose of operational networking is getting work done  efficiently, maintain the capacities and functions required by the group.  According to the researchers, one of the problems with relying on operation networking only is that this network is usually geared toward  the task at hand, not addressing the strategic question of "what should we be doing".
• personal networking- is described in the reading as kindred spirits outside of the organization.  Some examples of personal networks are professional groups, alumni associations, personal interest communities. The purpose of personal networking is enhancing personal and professional envelopment; providing referrals to useful information and contacts;
• strategic networking-plugs the aspiring leader into a set of relationships and information sources that help them see how their contributions fit into the big picture.  The purpose of strategic networking is to figure out future priorities and challenges; getting stakeholder support them.

This week the subject of my interview is Sarah Reyes, a realtor with Black Stone Realty.  Her territory is challenging because it is in the High Dessert, a rural part of California, about 30 minutes away from Barstow.  Most professional networks are at least a 45 minute drive for her and the other realtors in her office.  Four months ago, they decided to start their own professional networking group.

Why did you decide to put together a networking group?

We thought it would be a good way to reach out in our community; build community partnership and generate referrals among our perspective businesses.

How did you choose who you would invite to your networking group?

We invite businesses that we have worked with before. 

Like who?

Past clients who own businesses, property management groups, contractors, electritions, plumbers, insurance agents, lenders, hair stylists, house kepers, auto body repair, mechanics, painters, advertising people, marketing professionals, IT professionals... anyone who my office uses within our business, and can possibly get a referral from the other businesses that are present.  The idea is to create a synergy between eachother where referrals are being generated.

"Personal networks are largely external, made up of a discretionary links to people with whom we have something in common" (Ibarra & Hunter, 2007).

What goes on at the networking meeting?

We introduce new attendees, who come by invite only from active members.  We have group discussions for announcements or promotions, share marketing strategies or ideas that could be helpful for the group; we invite guest speakers to discuss relevant topics. 

How you do advertise this event?

I send out an invitation via email.  New attendees can come as guessed if invited by current members.  We prefer to keep it invitation only at this time so that we have appropriate businesses represented.  We want to be selective because we want to refer businesses who we know are reputable. 

How often do you meet?

One time a month.  The last wed. of everymonth, same time and location.

Have you received any referrals though your program? 

Yes. Our office has received one referral from an insurance sales rep. His sister was looking to buy an investment property and I took her on as a client.

That's pretty good. A home referral in just four month.

Yes it is.  I am hopeful that this is going to be a fruitful collaboration for all of us. 

References

Ibarra, H. & Hunter, M. (2007).  How leaders create and use networks, Harvard Business Review, pp. 1-9.