Referrals are truly the name of the game in real estate. They are the most profitable and efficient way to increase your business.
Increase your referrals, and watch your business grow.
Here are five ideas to increase your referral business without incurring a big hit to your business’s bottom line like some other common lead sources.
1. Host an event
Events can be a game-changer for your business. You can create both leverage and influence through events. Here are some events I’ve seen agents get great traction with:
- Monthly happy hour: It’s simple, really. Pick a time, place and maybe even get a few vendors to help with the costs of picking up appetizers for the group. Invite your network. This is a simple way to get your network together, and the power of networking can really make a difference in your referral business.
- Housewarming party: Host a housewarming party after closing. There is no better way to get referrals than doing this for your existing client base, in my opinion. It’s an excellent way to establish yourself as a trusted real estate agent among your new clients’ family and friends.
- Monthly mastermind: If you enjoy personal development and networking, this could be a great opportunity for you. Get together with your business associates, prospects and referral partners to collaborate and help each other grow your businesses. When you host an event like this, the influence you create will be off the charts.
2. Focus on professional pipelines
Referrals from past clients, family and friends are great. Referrals from trusted professionals are really where the magic can happen for your business.
Take time to cultivate great relationships with trusted professionals. The best professions to network with as an agent are CPAs, estate attorneys, divorce attorneys, financial advisers, mortgage lenders, and don’t forget about the HR departments or corporations.
Make an effort to meet with these people quarterly, and focus on how you can work together to refer each other business. Remember, you are the trusted real estate professional.
3. Create a communication plan
We get busy with negotiations, working on contracts and showing houses. It’s critical to have a communication plan in place so that important contacts to your network can be made.
Set time in your schedule every week to make calls to the influencers in your network.
Ask for new relationships, and always be looking for the next pipeline of referrals that can launch your business to a new level.
4. Use doing what you love to create a niche
I recently met with a top producer who created a little niche in receiving referrals. He would just walk up to strangers at a restaurant and let them know he was an agent, then he’d offer to buy them a drink or dessert.
Before the evening ended, he would ask to get coffee with them at a future date. He enjoyed food and eating out, so he thought this would be a great way to build his business.
What do you enjoy doing? How can you leverage that fulfillment and meet some new people while pursuing those passions? Maybe it’s volunteering, attending a new yoga class or getting more involved with certain events and things you enjoy.
5. Focus on giving
It is not all about you. Put a focus on how you can help people. As an agent, you are at the top of the chain when it comes to referral opportunities. Take advantage of that.
Use every chance that you can to refer business to others. It will come back to you in many ways.
If your goal is to receive 10 referrals a month, you need to make sure you give 20 referrals.
They don’t all have to be to the same business or individual. It’s just how the referral universe works. Approach every interaction with a giving mindset, and focus on serving others. Your satisfaction and fulfillment will increase along with your incoming referrals.
Make sure your referral plan is in place and executed on a weekly basis. If you don’t have a plan for obtaining new referrals from your network, you shouldn’t expect those referrals to come through.
Use these tips to double your referral business and focus on quality relationships with the right people in your circles of influence.
Nick Najjar is the founder My Company Gifts. Follow Nick on Facebook or connect with him on LinkedIn.