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When you’re looking to grow your business, it’s easy to focus on the tactics that have worked in the past. But if you want to keep growing, you need to find new ways to generate referrals.
Consistent and Personal Contact
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Stay in touch with your clients. Be sure to follow up with them after the transaction is complete, set a reminder to follow up again in a year, and don't be afraid to ask for referrals.
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Keep in touch with your real estate agent network. If you've been a consistent referral source for other agents, it's only fair that they return the favor when it comes time for you to start buying or selling real estate!
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Stay in touch with your business network. If there's anyone else in your industry who might be interested in what you do, consider reaching out to them and letting them know about how they can work together on projects like yours!
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Stay in touch with friends and family. Everyone knows someone who could use some help from a professional like yourself—be sure to ask around so that people know where their best interests lie when considering their next move!
Follow-up gifts
The gift you give should be appropriate and relevant to the relationship. A friend of mine was over at a client's house and noticed that they were big fans of a particular university, so when the university came to town to play a local team, he bought his clients tickets to attend. The client was thrilled at the gesture and the thoughtful gift was posted on social media to share with family and friends. My friend received two referrals from that post! By giving gifts such as this, you will find yourself with many more opportunities with existing clients & also generate a buzz amongst their sphere of influence, leading to referrals over time.
Unique Networking Events
Networking is the key to building your business & it is important to network with people with similar interests. For instance, as a real estate agent, you often need to work with home designers, contractors, lawn care services, moving companies, etc. so creating a new networking group to include one business owner from each industry is a great way to grow your relationship with other services you utilize often and also create an environment for referrals from business to business! If you are not ready to start your own networking group, there are always chamber of commerce events, etc. in the area for you to get involved in!
Ask for social media shares
Social media is a major driving force behind the way people find out about businesses and products.
Asking for social media shares is one of the best ways to get more referrals. The more people who share your business information, the wider your reach becomes.
Referral Rewards
You can also reward your clients for their referrals. One of the most effective ways to do this is to offer a discount on closing costs, or even for them to keep the commission from the sale. This is often referred to as “commission splitting.”
Another great way of rewarding clients for referring you business is by giving them a gift card from your favorite restaurant or spa! This can be an easy way of thanking someone and showing them how much they mean to you and your business.
It’s important to note that this kind of reward must be given at the time of referral—so don't wait until after they've closed on their new home!
Getting more referrals may be easier than you think.
Getting more referrals may be easier than you think.
According to the 2018 NAR Multiple Listing Service (MLS) Annual Report, which aggregates data from over 9,000 real estate offices across the country, “referral business accounted for 15 percent of all home sales in 2017.” This means that about one out of every six homes sold was a result of a referral from a friend or family member, and it's no surprise why: referrals are typically your highest quality leads and their cost effectiveness makes them more affordable than any other source. It’s a win-win situation—for everyone involved!"
