How to Find Referrals
Referrals are the lifeblood of a real estate agent's business. But if you're a new agent, starting out, you might be at a loss as to how to get referrals. They don't happen by accident. Referrals from real estate agents are a key component of facilitating a marketing plan for any real estate company. Realtors search for valuable conduit for current clients to stay in touch and also bring new leads organically, this is called customer advocacy. You need to build a referral strategy and then execute it regularly. To maintain an active referral network, agents must diligently build and maintain a solid customer relationship. In this article, we will discuss in brief the methods for building a referral technique for your business and the process for keeping a large and highly active loyal customer base.
CONSIDER ALL PERSONAL RESOURCES
If you are just starting out, your Friends, family, and past clients are all logical targets for referral requests. Start by considering your natural barriers. For example, some people might be afraid to make direct contact with strangers, while others might be afraid to ask for referrals from strangers. Try an easier option first before using a harder option as some people might be afraid of being rejected, which would result in no referrals. Do not forget to share your personal details either, such as your business cards and email contacts.
You don't want to be the fellow who only calls when you need a favour. Build your community, Nurture your relationships and check in periodically. The time commitment and context will vary by relationship and value to get referrals. Referrals are like currency; you need to trade them when you have some spare time. Build relationships and earn them wisely. Know who warrants a casual face-to-face, who rates a phone call, and who can simply be part of your email marketing strategy. No matter what medium, you should always provide value with every communication.
Other ENTREPRENEURS & BUSINESSES
Networking with local businesses or vendors even outside the real estate community can bring a whole new source of business and referrals. They're plugged into your community in different ways than you are, and you can build mutually beneficial relationships. Of course, this is a direct transfer of power from you to them, so do your due diligence, dont show desperation and only approach businesses you are positive are legitimate, professional, and well-connected. If at all possible, avoid industries you aren't comfortable with.
PROVIDE HELPFUL INFORMATION
Sometimes, it’s easy to become discouraged and want to quit when it doesn’t seem like there are any online leads coming in or referrals. If you want to ensure that you get more information, it may be best to think about how you can provide value before your customer will. In this instance, think about some ways that you can provide service or information that are going to give your business a leg up over their competitors. For example, People will learn to open your emails if you consistently provide quality information that is relevant to them.
Ask the right people, obviously, you shouldn't ask clients that aren't happy with your services. You want to target people who know and trust you, value your judgement, or have seen your expertise at your job. When you build a referral program for your business, it is imperative that you approach it in the right way also. Your goal is to build and maintain the customer database for future use. Don't hint or beat around the bush. You want to be polite and respectful, but you do need to come out and ask. It will depict your confidence in the value of your business.
BE GOOD AT WHAT YOU DO
The best way to build your referral business is to provide high-quality service to your client. Let your clients know what to expect from you and what you expect from them. Be upfront and patient in a way that isn't overbearing. Don't bluff on what you don't know, you'll damage their trust. Ensure you are well knowledgeable, for everything you need to know on Real Estate Business, Sign up for our real estate course today!