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Mastering the Art of Real Estate Referrals

The most important part for getting referrals? Do a great job the first time. But there are also ways to get referrals before actually working with customers.

NEW YORK – Prospecting for new clients is an essential part of the real estate job that can be enhanced if agents are very good at their job. It motivates current and past clients and contacts to refer an agent to their family, friends and acquaintances.

Agents can also create a ranking system for referrers. Level 1 sources, for example, include past and present clients as well as contacts, such as relatives and friends. Level 2 sources are people who will probably send referrals to the agent but require additional work; and level 3 sources are people who may send agents new business because they’ve heard about them.

It’s also essential to stay in contact with possible referrers, whether checking in periodically via phone call or by sending them a link to an article the agent wrote.

Other steps include mailing referrers a handwritten thank-you note or a small show of appreciation, such as a gift card if the budget allows.

Even if the lead isn’t interested in doing business right now, the relationship shouldn’t be abandoned. Agents need to keep the possibilities open by asking questions like: May I contact you again in one/three/six months? Would you be interested in receiving my newsletter, market statistics and other updates? Would you please give your contacts my information so I can help meet their real estate needs?

Source: RISMedia (10/11/20)

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