Do you need more referral partners?
November 15 2017
Referrals are a real estate agent's best friend. According to NAR's 2016 Profile of Home Buyers and Sellers, 53 percent of buyers and 64 percent of sellers used an agent who was either referred by friends and family or with whom they worked previously. While past clients are a valuable referral resource, you have to explore additional avenues if you want to grow your business.
Prospective Referral Partners
The ideal partner is someone who shares a common target audience but doesn't compete with your business directly. You'll also want partners who will feel comfortable vouching for you and vice versa.
Home builders are an excellent choice because two-thirds of their buyers have homes to sell. Loan officers and mortgage brokers often work with clients before they've selected a real estate agent, and service professionals often clean, repair and remodel homes before they go to market. These are all potential partners who could benefit from a mutual referral agreement.
Other possible referral sources include military contacts, community organizations and charities, and trusted professionals such as accountants, attorneys, financial planners and insurance agents. And don't forget about title agents; national, state and local real estate organizations; and other real estate agents.
Before you ask for referrals, you need to make genuine connections and prove your expertise and value to the partnership. Old-fashioned networking, content swaps and joint marketing initiatives are just a few referral-earning strategies to consider.
But perhaps the most important thing to consider when trying to build a strong referral relationship is the service you give to clients. If you don't provide an excellent experience, you won't hang on to referral partners for long. Go out of your way to ensure everyone is happy, however, and you'll earn a spot as the go-to referral agent for years to come.