The real estate business thrives on two main factors – referrals and networking. As a broker, you will stay ahead of your competitors if you excel in these two. The competition is tough, so you should be prepared to face all the challenges.
Referrals can help you generate more leads and close market deals. In short, it’s the most feasible way to get more business in real estate.
According to real estate market experts, 82% of real estate transactions come from referrals. More than 90% of customers trust recommendations from friends and family.
On average, 42% of real estate agents earn business from referrals. If you do not have a referral program for your business, it’s time you make one. Let’s see how you can build a successful referral program.
Develop Strong Client Relationships
Maintaining strong relations with clients can get you referrals. Practice regular follow-ups and provide ongoing value to your clients. Follow-ups after the deal can maintain lifelong ties.
In addition, you can ask for feedback about your services. Primarily, if they are happy with your services, they will refer your services to friends or family. This way, you can earn more business referrals.
Ideally, you can remember important dates and wish your clients to maintain contact. It’s important to let your clients know you are always available when they need you. By doing so, you can build trust and connections.
Collaborate With Other Real Estate Agents
You can expand your network when you partner with other real estate agents. Of course, you can leverage this network and earn more referrals. Ideally, you can collaborate with agents who specialize in a particular niche.
Collaborating with other real estate agents can foster community and enable different learning opportunities. To meet these agents, you can attend real estate seminars and webinars.
It’s important to participate actively and engage in meaningful conversations with agents. Also, you can join real estate associations to meet agents.
These networking events will provide you with new opportunities to connect. Most importantly, you can gain valuable industry insights by collaborating with agents.
Connect With Other Professionals
Like how you collaborate with agents, you can connect with professionals in the field. By doing so, you can gain insights into the market and expand business opportunities.
You can build relationships with private bankers and mortgage brokers and utilize their business expertise. Plus, these professionals can become your valuable reference source.
Ideally, you can create a referral network through different channels to connect with professionals. Attend educational seminars on real estate to find these professionals. Once you have their contact, you can utilize their network. If you meet a professional at any event, follow up with them afterward.
Focus On Social Media Reach
Social media is the best way to find new leads and get more referrals. People search for properties online, and you can leverage the opportunity for your business advantage.
How will you develop a referral program on social media? You can do that by sharing valuable real estate content, leveraging videos, and sharing customer testimonials.
By sharing valuable content, you can connect to your target base. If you share videos and photos, you can attract new leads. Customer testimonials act as social proof that can help you reach new clients.
Also, engaging with your clients online is essential, as that gives them the impression of being valued. Stay updated with the latest social media practices to build your referral program online.
Offer Good Customer Service
Building good relationships with customers can help you with referrals. For this, you need to exceed clients’ expectations so that they refer your services to friends and family. Being proactive, responsive, and attentive is essential to develop exceptional customer service.
Understand your client preferences and needs, as this will enable you to provide customized services. In addition, develop a clear communication channel with your clients. Use a preferred mode of communication for follow-ups and contacts.
Also, you can show your expertise and guide them. If you guide them through the home-buying process, it will create a good impression on them. Ideally, respect their time and listen actively to their concerns. Lastly, provide after-sale service if possible.
Utilise Referrals Incentives
In any business, referral and reward programs are a hit. In real estate, you can use referral programs to attract clients and ask them to refer their friends and family.
For instance, you might have seen referral programs where you have to fill in the details and refer three more friends. These referral incentives can help you connect to more people.
Of course, through referral programs, you can connect to potential clients. You must create a formal referral program and communicate it through social media channels.
Stay Consistent in your Efforts
You can’t get referrals in a single day. Of course, to get new referrals or networking opportunities, you have to make an effort. Constant effort in this direction can help you with valuable results. Ideally, you can set clear goals and expectations and follow a proper schedule.
Post social media updates at the same time to follow a schedule. Also, you can use different CRM tools to customize your services. By showing persistent efforts – you can gain a response. Consistency is the key to your business networking.
Use Referral Cards and Website
With referral cards, you can create different sets of cards for fellow agents and professionals and one set for clients. Also, you can make a referral website to redirect your clients for information.
Build an exceptional program,
How you utilize a referral program will impact your business. Building a successful program requires targeted marketing and constant efforts. You can use technology and social media to connect with potential clients.
Partner with professionals and agents to gain business advantage. Networking and referrals are foremost for your business, so develop a suitable strategy to achieve your goals.