Industry News

Shoot for recommendations, not referrals

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

I have two puzzles for you. Ready? If Agent A has a database of 100 names of people from social networking or business cards who have never referred business to her, how many referrals do you think Agent A would receive if the database were increased to 1,000 names?  The correct answer is that she'll receive referrals at about the same rate as you receive them from your own networking database. My guess is that is somewhere around 1 percent or less. Here's another puzzle. Agent B just left a closing with a commission check in hand. The buyers said at the closing, "We have no complaints." In other words, they are a satisfied customer. If Agent B generates five satisfied customers, how many referrals should he expect from these five customers? Again, the correct number is the number of referrals you have received from your satisfied customers. My guess is that this number will be around "none." So far we have eliminated networking and satisfied customers a...