As a Real Estate Agent, it is quite valuable to nurture and build a referral network.
It is certainly true that most excelling real estate agents count on referrals from past or current clients for more than 50% of their new business; sometimes real estate agents get to the point is where 8 or 9 out of 10 of their new deals come from referrals.
A referral is a form of a lead of course, but slightly warmer than non-referral leads. If it was possible that we could supply you with a steady stream of real friend and personal referrals, we would; as we wish you the best in your real estate career endevour in the area that you cover. However, logically, it is not possible that we can supply 40-60 personal referrals per month. We are naturally limited to maximizing leads sourced in real-time from Canadians on the internet for you.
Referrals are also a source of pride among Real Estate Agents. A elevated or high referral stream rate is a direct indication to an agent’s talent and finesse to build trust, satisfaction, loyalty, and ongoing occasional contact, and amongst their past and current clients.
We have researched for you some good general tips on how to maximize your referral rate. Here is what we found out from speaking with over 50 agents, our clients from various cities all across Canada.
1) The 1st step in developing a real estate referral network is to always strive to provide first class service to each and every one of your clients along the way. Obviously this would give your clients a good reason, or better – a motivation, to refer you. For referrals it is probably not enough to give just satisfactory service; only ‘above and beyond expectations’ service should be considered referral-fertilizer.
2) So go the extra distance whenever possible. Here’s how: try to anticipate your client’s needs and help smooth out any rough road in whatever way possible. When you know that you have made your client happy, then onto the next necessary step – which is asking for referrals. Asking certainly helps draw their help out of them and coincidentally also makes them feel more important at the same time.
3) Don’t forget to ask them right after handing them the key to their new house. But if if you feel uncomfortable asking them directly (which is the best way however) you still have the options of: sending them follow-up letters in the mail, or even by email, facebook messages to them, or emailing them articles or reports that you know would be of interest to your particular clients.
When you offer them your goodwill, it reaffirms you as a reliable, trusted expert, and friend with your ongoing relationship with clients. Every time you make a contact, you are effectively indirectly requesting referrals. We tend to think it is a good to blend in some directness however, asking them if they know anybody considering a relocation. If you receive an invitation by a client to a function or a party, if you can make it – attend it. You might just wind up with a name and number of somebody in the market.
Consider timing too. It is logical to to inquire about possible referrals when your clients are the most likely to give them to you.
Immediately after you close a deal, of course that is the best time to take advantage of the emotional high of the moment, and memories, that makes up the occasion. We heard that some of the sweetest referrals come out of the most challenging ordeals. When you can turn a disaster around or overcome the odds through diligence and with gracefulness, you present yourself to be a resourceful problem solving guru and clients praise you to their friends.
And this might be surprising to you: Opportunities often may happen when a client withdraws from a deal. You can say something like this “I realize this particular deal wasn’t right for you so I sincerely support your decision as you are uncomfortable with it. But if I may ask a parting favor of you: would there be someone you know who I can ask if they are in need of real estate service, so that when they’re ready to do a real estate transaction, that possibly I may be their agent?” If you maintained a gentle tone then most likely your client will be delighted to give you a referral if they have one.
And just to drive this point fully home, after closing a deal, it important to keep in touch with your clients regularly thereafter. A simple periodic email campaign or quarterly newsletter may reel in additional referrals.
Frankly, the reasons people resist giving somebody referrals is that they might be afraid it could reflect badly on them. They wouldn’t want for for friends, family or colleagues to a have a negative experience.
As referrals are a key channel for new business; project your gratitude to your clients in-person, hand them a few extra business cards, or real estate flyers and real estate brochures if you have enough to spare at a given time. Exceptional service, periodic followups and unwavering commitment to giving your all is the best foundation for building solid relationships; and you gain a strong referral network that will further delight you in later days. Invest in your future by nurturing referrals from day 1 with your current and new clients.
With Our Best Wishes to you! Your RealEstateLeads(.ca) service.