Anyone belong to Business Network International (BNI)

[Tom Horn]

I was just wondering if anyone here belongs to a BNI group and if so how is it working for you. If you are successful with it do you have any tips for being successful in this type of business referral networking group. Thanks for any input.

 

[Dontbethatguy]

Ive been asked to join a BNI for the past year. As a trainee no less. Doesnt make a lot of sense for me as I bring in business for my sup. from the MB, the Title company is my uncle and I know the realtor( all in the BNI). I actually did an appraisal from the MB (who has pitched me BNI) and the realtor (from BNI) pitched me again. I asked him why I would pay to network with individuals I already have a working relationship with.

 

[dobie]

I'm pretty sure there was a thread on this a couple of months ago. Do a search. The responses were generally not positive as I recall

 

[JonGalt]

I was in BNI for a year. The first group was lead be a mortgage broker and he invited me to join. The purpose of the group was to generate referals for one another to help each other build business. The mortgage broker who invited me turned out to be a real scumbag. He wanted comp searches all the time and wouldn't give me an order unless I guaranteed value. I quit that group and joined another which had a MB from a major bank who was a straight shooter. I did a lot of work for that "Major" bank and had no trouble reffering business back to the Mortgage Broker. Unfortunately the bank went AMC. They kept my fee as normal for about 6 months before they joined the race to the bottom fee.

I think BNI could be a good source. For me it lead to many leads to typical MB's who want you to play ball for business which is useless to me. The large bank would have been a great account but they joined the AMC and I can't afford their fees. It's a pretty big time investment but networking is a great way to get your foot in the door.

 

[Lorenzo8]

I currently joined BNI here in south florida about 6 months ago and I think its great. I get between 2-6 appraisals a month from referrals from BNI. Down here there is many BNI chapters, what I would recommend is visit a few BNI chapters in your area and see which group has more of a real estate sphere that way you can get more referrals.

 

[Brad Gillispie]

I was in BNI for 3 or 4 years, and am now in a competing group and have been for 4 years. I have had very favorable results. However, I believed that you that to have the right attitute about it. First, if you will not give it a year, do not waste your time. Groups like BNI are based on relationships. If you do not build the relationships, you will not get the business. If you just show up and expect everyone to give you business you are mistaken.

Pick a group with lender and Realtor with a good reputation. I have had a bad realtor in my groups a couple times, and it just kills me.

When doing your 60 second commercial, ask for the business...think out side the box. I only do residential appriasing, but have 8 to 10 different things that I talk about or ask for.

I have received several non-lending assignments that I never would have if I did not ask. Rental research, consultation, divorce, estate, feasibility of additions, vacant land and pre-listing appraisals are all assignments that I have for the group.

To really capitalize on the group, try asking "Who do you know who works at ....." This a great was to get your foot into a bank, mortgage company, government agency. I never quit being amazed who knows who that I did not know. If you can arrange an introduction, even better.

Once again it is all about relationships. Meet with everyone in your group out side of the meeting. Learn about their buisness. Remember, you are there to help others build their business as much as build your own. The "Givers Gain" philosiphy does work.

 

[Doug in NC]

I stuck with it for maybe 6 months and don't recommend it. There was one mortgage guy in the group and basically the only one who ever referred any work. While he was getting 10-12 referrals a week (during one refi boom), I might have gotten 2 of those appraisals. Now that mortgage brokers won't be ordering (as it is planned) I would probably be getting no orders and I would still be wasting time going to regular meetings and losing that time, plus membership cost, plus meeting meal cost. A commercial appraiser dropped out of the group not long before I got in because she saw no benefit to the group.

 

[Mark in Michigan]

I would not recommend it unless the BNI group is large. It is usually too much time and effort in relation to the minimal work obtained. Only one person from each profession is allowed in each group. If lucky, there may be a lender or attorney in your group that may provide some leads. In my case the lender in our group already had appraiser's which received their work. The few appraisals I did receive from other group members each complained about the values or did not want to pay for the appraisal fee. The weekly meetings usually are the same- the few members speak about their business to the same few members. Maybe BNI works better in other parts of the country but not here...

 

[Wolverinefan]

I was asked to join one but who wants to get up at 6am on a Tuesday morning....not me!

 

[starmansf]

don't bother. Early meetings, LO's /Brokers with attitudes, couple of cheap assingnments, hassle getting paid...

back to all COD orders... no problem