Social currency is fun and interesting facts that can be exchanged with others to break the ice, add value to a conversation, engender conviviality, and also build rapport. Sellers and lessors looked forward to our scheduled meetings, because we would exchange tidbits of information that we all had come across since we last met. Then, we talked business. In our commercial real estate practice, we found that our social currency account generated listings and referrals.
In Europe, a lunch/dinner business meeting begins when the coffee is served at the end of the meal. The Europeans feel that meals should be savored and enjoyed with fun light conversation, and we heartily agree. It is also good for one’s digestion.
When we were managing a residential real estate company, one of the sellers asked to meet with us. He was planning to have his 50th birthday party in the home he had listed with one of the top producers in the office. He was inviting friends and relatives to this party as well as the two of us.
He did not want to let his listing agent know about the party, because on previous social occasions he had seen her “work” the room. She passed out her cards, and talked to everyone who would listen about “real estate”. His guests were upset and he was embarrassed. We told him to invite her, and we would take care of the problem.
The trouble with this agent was that she had not developed her fields of interests, and did not have a social currency account. We sat her down and discussed the sellers concerns. She had a month to develop a range of conversation before the party, which she did. She was a success as a guest at the party. She did not volunteer her profession, she talked about the upcoming wine harvest, education, the film festival in town, and the latest restaurant she had been to with her husband. And, she was asked for her card and set up a meeting for a potential listing.
Life is not about real estate 24/7. It is however, about relationships and great rapport with everyone you meet. You will be surprised at how many dividends your social currency account will bring. How is your social currency account doing?