Referrals are the lifeblood of a successful and long-lasting career in real estate. More than 80% of real estate transactions come from repeat and referral business, according to analysis from Buffini & Co.
In a referral rut? Here are eight simple ways to leverage your network to kickstart new relationships and fill your funnel with high-quality leads.
1. Go above and beyond for clients
Great referrals are earned. If you want your clients to recommend you to others, you need to consistently meet the goals and expectations you have set together.
Take time to share that success on social media as well as in your blog and email newsletter. Be available to answer questions over phone and email. Going the extra mile builds the case for why they should share your name with their network.
2. Thank your referral sources
A simple thank you can go a long way. Send a handwritten thank you note to the people who share your name with new leads. Expressing gratitude feels good. It also makes people more likely to recommend your services again.
3. Act on positive feedback
Timing matters. Many real estate agents ask for referrals at the closing table. While it’s a logical time to ask for a referral, it may not always be the most opportune time.
Think about asking for referrals at other high points, like when a seller gets their full asking price or you show a client their dream home.
You don’t have to close a transaction in order to start warming up referrals. Act on moments in the sales funnel when a client is giving you positive feedback on your approach.
4. Make it easy for clients to refer you
The most common way to miss out on a referral? Your client doesn’t know you’re looking for one. Let clients know that you’re open to referrals and make it easy for them to recommend your services.
A few ways to do this include:
- Placing referral info on your business card
- Mentioning referrals into your marketing emails and email newsletter
- Putting a link to a referral form in your email signature
To be sure, you need to strike a balance. Work to make sure your clients are aware that you’re interested in referrals, but don’t overdo it by asking every time you interact with them.
5. Keep in touch with former clients
Your network and connections are your most valuable asset when it comes to getting referrals. Staying in touch with clients is a small, but essential task that sets you apart and makes it far more likely former clients will send friends your way.
Don’t let post-closing communication fall through the cracks. Schedule time in your week to reach out to former clients.
Ideas for staying in touch include:
- Following up with an email
- Inviting past and present clients to a fun exclusive event
- Sending an email newsletter
6. Share your list of dream clients
Doing your homework can improve your chances at referral success. Make a bucket list of clients you want to work with and then use LinkedIn or another social media platform to research whether you have a connection.
When you approach an existing client with a request to connect you to a person or organization, you remove the need for them to sit down and think about who would make a good referral.
Pro tip: Check out LinkedIn’s Advanced People Search to get started researching potential connections. Go to the top of the page and select “People” from the drop-down menu. From there you can look for second-degree connections by industry, job title and location.
7. Give referrals
Sometimes it’s better to give than to receive. Look for opportunities to refer your clients and their businesses. Knowing that you regularly give referrals makes people more likely to return the favor.
8. Create a rewards program
It takes work to make a good referral. Consider rewarding influential clients who connect you with solid leads. Whether you offer an Amazon gift card, an invite to an exclusive event or straight cash to sweeten the deal, give something valuable to clients who share their time and contacts with you.
With hard work, consistency and a bit of creativity, you can energize your referral strategy and fill your sales funnel with good leads.
Have a good way to get referrals that we didn’t mention? Send a tip to firstname.lastname@example.org.