7 Ways to Get More Quality Real Estate Referrals
It’s no secret that referrals are essential to the success of any business, and the real estate industry is no different. In fact, referrals are the lifeblood of the real estate business.
Most real estate transactions are the result of a referral, so it’s important to nurture your relationships with referral sources.
According to a 2022 report by the National Association of REALTORS®:
- 36% of sellers who used a real estate agent found their agents through a referral by friends or family, and 27% used the agent they previously worked with to buy or sell a home.
- Sellers who definitely would use the same agent again: 73%.
There are several ways to get realtor referrals, but not all of them are created equal. In this blog post, we’ll share 7 referral tips that real estate agents can use to get more quality referrals.
How to Get Real Estate Referrals
1. Partner up with a Mortgage Broker.
Consider offering a package deal with other vendors in your area.
Partner up with a mortgage broker and put together a first-time buyer program. The broker can waive certain fees on the loan side while you contribute a few hundred from your commissions.
Pooled together, it can mean $1,000 or $2,000 off a buyer’s purchase — seriously incentivizing them to use both your services. You could even do more specific programs, like one for property management employees, teachers, nurses, etc.
Get creative and figure out how you can benefit from a shared offering of clients to come up with creative ways to get referrals.
2. Incentivize and reward referrals.
Create your own referral program and always reward vendors who are willing to refer your business.
Maybe you send them a Starbucks gift card along with your thank you note, or maybe you up the ante with each referral they give you:
- a $10 Amazon card
- a free movie pass
- a dinner at a nice restaurant
Or, keep it simple with a straight referral fee.
Make it worthwhile for people to send you business — and keep on doing it. Apply what you know about customer loyalty to anyone who can be a source of ongoing real estate referrals.
3. Become a resource.
One of the best ways to get more professional referrals as a real estate agent is to simply become a known resource in your field.
Do you specialize in vacation homes? Host seminars on buying vacation properties. Have handouts and brochures around the topic and give those to vendors. Launch a shareable video or blog series. Become the go-to source when other real estate professionals, such as buyers, sellers, and industry vendors, have questions in your area of expertise.
Then, when clients come up in that category, you’ll be the first REALTOR® to mind every time.
4. Keep in touch with your past clients and stay top of mind.
If you’re wondering how to keep your real estate business top of mind, one of the best things you can do is stay in touch with your past clients. After all, these are the people who have already worked with you and know what you’re all about.
There are a few different ways you can stay in touch with your past clients:
- email them
- call them
- send them handwritten notes
- do the Pop-by
Whatever method you choose, the important thing is to be consistent and make sure your past clients know you’re still thinking about them.
By staying in touch with your past clients, you’ll not only stay top of mind, but you’ll also be in a better position to generate repeat business.
So if you’re looking for a way to boost your real estate business, make sure you stay in touch with your past clients.
5. Attend events and trade shows.
Networking as a salesperson is vital if you want to up those professional real estate client referrals.
For one, your existing network can only take you so far; it has limits, and reaching beyond those can be the key to increasing your referral-generated income. When you attend networking events, you want to be sure and meet people outside your geographic area — ideally, those in cities and states neighboring yours.
You never know when they might have a client heading to your neck of the woods, and as the only vendor they’ve met in the area, you’d be a shoo-in for that referral.
Work on building your network of far-off vendors, as well as those in closer quarters.
6. Make referrals easy.
If you want to maximize referrals, make the referral agreements as easy and simple as possible. Give your vendors plenty of branded materials like:
- business cards
- and more
Include the following in your email signature for quick reference:
- your website
- social media links such as Facebook
- phone number
When they’re ready to refer business to you, finding your contact info should take only a few seconds max.
7. Ask for referrals!
Asking for more referrals is a great way to grow your business because it’s a form of word-of-mouth marketing. When your customers have a good experience with your business and then tell their friends about it, that’s a powerful way to build your reputation and attract new customers.
Even the most introverted of agents can do this.
Ask your clients or customers through an email, online, in-person, or at the bottom of your invoices. This is visible but not pushy or awkward. Be positive and know that you’ve earned it by going above and beyond.
So if you’re not already asking your customers for more referrals, now is the time to start!
Always provide exceptional service
In conclusion, there are several ways that real estate agents can get more quality never ending referrals.
First and foremost, it is important to provide good customer service and a positive experience for clients.
Additionally, agents can stay in touch with past clients, build a strong online presence, and cultivate relationships with other professionals in the industry. By taking these steps, agents can increase their chances of getting realtor referrals from happy clients who are confident in their ability to deliver results.
Finally, if you’re looking for more quality referrals, consider aligning with Embrace Home Loans. As a national leader in the home loan industry, we can provide your clients with the best possible financing options and the highest level of customer service.
Contact us today to learn more about how we can help you grow your business.