There are roughly 1.4 million Realtors in the United States, and many more real estate licensees nationwide. In a competitive and often unforgiving industry, it’s certainly easy enough to view our fellow agents as strictly competition.
But what if we’re looking at them all wrong?
If the best real estate businesses are built on relationships with a strong sphere of influence, why shouldn’t our fellow agents be part of that sphere? After all, they’re often the people we interact with most in our professional lives.
I came to this realization almost by accident. In 2020, during the pandemic, I was given the opportunity to start and host an educational podcast for my brokerage. I had absolutely no idea what I was doing. But I stuck with it.
Over time, the podcast developed a following among agents both inside and outside my company. It gave me a platform to exchange ideas and collaborate with incredibly successful agents and industry thought leaders, all with the goal of helping other real estate professionals grow their business.
I loved it.
Then something happened that I never anticipated: I started receiving referrals. Not random internet leads. Quality referrals from agents and listeners whose clients needed to buy or sell in my market.
Without realizing it, I had become a familiar voice to agents beyond my immediate business footprint. I was someone they knew, liked and trusted. Much like my traditional sphere, my fellow agents had quietly become a consistent source of business.
That led to an epiphany: We spend far too much time viewing other agents solely as competitors when they can also become one of our greatest referral sources.
5 ways to leverage the overlooked referral source most agents miss
Our industry is perpetually searching for the next magic bullet: the newest lead source, a sleek marketing platform, technology or prospecting strategy. Meanwhile, we often overlook the low-hanging fruit sitting right in front of us.
And you don’t need a podcast to build a strong agent-to-agent referral business.
1. Show up
Simple? Absolutely. Common? Not necessarily.
Be present: In your office, online and throughout the industry. Attend educational events, brokerage meetings, conferences, charity events and Realtor association functions. Run for your local board. Volunteer. Cover a showing for another agent. Sit an open house when someone needs help.
Don’t show up asking, “What can I get?” Show up asking, “How can I help?”
Visibility creates familiarity. Familiarity creates relationships. Relationships create opportunities.
2. Become a connector
The larger and more diverse your agent network becomes, the more valuable you become to others.
Get to know great agents outside your market. If a colleague needs an agent across the state, or across the country, make the introduction.
Will every connection generate a referral check? Of course not. That isn’t the point. Connecting people builds goodwill and establishes you as a resource. And goodwill has a funny way of finding its way back to you.
3. Build a mastermind beyond your market
Think about the impressive agents you’ve encountered during transactions, conferences or networking events. Why let those relationships end there?
Create a small monthly mastermind with agents from noncompeting markets. Share what’s working, discuss challenges, exchange marketing ideas, and hold one another accountable.
You’ll improve your business while building meaningful relationships with agents who may someday have a client moving directly into your market.
People refer business to people they know, like and trust. Agents are no different.
4. Play the long game
Some of the best opportunities in real estate take years to develop.
Build genuine relationships with successful agents throughout your career. Be helpful. Be professional. Become someone they trust.
Eventually, productive agents retire, relocate, change careers or simply reduce their workload. Their clients still need someone to call.
If you’ve spent years demonstrating that you’ll take care of those relationships, and not merely monetize them, you may become the person they trust with their most valuable asset: their reputation.
5. Become the agent other agents remember
We spend enormous amounts of time marketing to consumers. Why not thoughtfully market to the people who already understand exactly what we do?
Build an agent database. Stay in touch. Share useful market information. Promote your geographic and specialty expertise. Engage with agents on social media. And when someone sends you business, communicate exceptionally well and take extraordinary care of their client.
Your goal isn’t to constantly ask for referrals. It’s to make your name synonymous with your market.
Because when an agent hundreds of miles away hears, “I need a great Realtor in your area,” you want your name to be the first one that comes to mind.
There may be millions of real estate professionals competing for business.
Perhaps one of the smartest ways to compete is to stop treating all of them like competitors.
Jason Ostrowsky is team leader of The Jason Ostrowsky Team at Berkshire Hathaway HomeServices Fox & Roach, Realtors. Get connected on LinkedIn and Instagram.
