We all love referrals!
That's one of the many benefits of being a part of different real estate referral networks, like CRS, ABR, e-Pro, SRES, Active Rain, any coaching program or if you're a member of a national real estate company, etc.
But it's not enough just to ask for referrals and say you'll pay X % in a referral fee.
It's important to share with others why they should refer one of their valued clients to you over someone else. What makes you different from other agents in your area? Do you offer any guarantees? Especially with relocation, communication between you and the buyers as well as the referring agent is very important. Many times the referring agent is out of the loop and if you aren't keeping them updated, you're going to miss out on future referrals from them. It's important to keep the referring agent updated throughout the process, so they can feel comfortable with you and your systems for bringing their referral to a closing.
Most agents advertise their market area, referral fee amount, yrs in business, etc, but why not stand out from the crowd and share something different that's going to make the referring agent call you instead of someone else.
You should design a web page on your web site that talks about the points of difference you can offer to those who are considering referring you business. A good way to connect with other agents is to share a hobby you love, a niche market you focus on, a charitable organization you're a member of, etc. Share some client testimonials that can prove your level of service.
When advertising your services for agent referrals, include your e-mail address, web address with a link to your "Realtor referrals" page and one phone number (the best one to reach you). Don't list 3 or 4 phone numbers that cause the agent to try and track you down. They'll move on to another agent.
Finally, when an agent has a referral for you, take a few minutes to question them about the referral. You need to get more than just their name, address, and phone number. Find out about the agent's connection to them...what are their wants and needs...their preferred timetable to act...their concerns/fears about the process. The more you know, the better you can help their referral. As soon as you hang up the phone with the referring agent, contact their referral immediately and start building rapport with them.
That's one of the many benefits of being a part of different real estate referral networks, like CRS, ABR, e-Pro, SRES, Active Rain, any coaching program or if you're a member of a national real estate company, etc.
But it's not enough just to ask for referrals and say you'll pay X % in a referral fee.
It's important to share with others why they should refer one of their valued clients to you over someone else. What makes you different from other agents in your area? Do you offer any guarantees? Especially with relocation, communication between you and the buyers as well as the referring agent is very important. Many times the referring agent is out of the loop and if you aren't keeping them updated, you're going to miss out on future referrals from them. It's important to keep the referring agent updated throughout the process, so they can feel comfortable with you and your systems for bringing their referral to a closing.
Most agents advertise their market area, referral fee amount, yrs in business, etc, but why not stand out from the crowd and share something different that's going to make the referring agent call you instead of someone else.
You should design a web page on your web site that talks about the points of difference you can offer to those who are considering referring you business. A good way to connect with other agents is to share a hobby you love, a niche market you focus on, a charitable organization you're a member of, etc. Share some client testimonials that can prove your level of service.
When advertising your services for agent referrals, include your e-mail address, web address with a link to your "Realtor referrals" page and one phone number (the best one to reach you). Don't list 3 or 4 phone numbers that cause the agent to try and track you down. They'll move on to another agent.
Finally, when an agent has a referral for you, take a few minutes to question them about the referral. You need to get more than just their name, address, and phone number. Find out about the agent's connection to them...what are their wants and needs...their preferred timetable to act...their concerns/fears about the process. The more you know, the better you can help their referral. As soon as you hang up the phone with the referring agent, contact their referral immediately and start building rapport with them.
One other point just came to me that I use from time to time. If an agent wants to send me a referral, where they want to look in an area that's outside my coverage area or specialty, I will recommend an agent, who specializes in that area. Instead of trying to be greedy when I don't know the area and possibly hurting the referral, I give the referring agent another agent's name and don't ask for a referral fee. I can always tell that it's appreciated by both sides and you know what? It comes back to me in other ways down the road. My recommendation is to NOT be a jack-of-all-trades. Focus on being the best you can be in your niche markets. The rest will take care of itself.
If you have any successful strategies for receiving more agent referrals, I'd love to hear about them. I may even share them in the future and give you the credit...another referral opportunity.
I hope this helps you.
To your success,
Dan
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