Referrals, real estates gift to real estate agents. I remember when I was a new agent, in class the instructor lightly touched upon the fact that agents can do referrals with other agents. I thought this sounded interesting but, it did not dawn on me how powerful building a referral network could be!
Over the last couple of months I have done a few referrals out of state that resulted in a few thousand dollars in pocket for what I would say was about an hours worth of work on each referral! This money is a great boost to your business, you also make some good relationships along the way.
During my cold/soft contacting efforts I have now begun to not only remind or inform potential customers of my real estate abilities, I also inform them that I can help anywhere in the US or Canada by finding them a great real estate professional in the area they are moving to.
There are many ways to find agents and "toss" them a referral but, I think that the agents need to earn the referral for the most part. I know a lot of agents that send emails to other agents to see if they want one. Some will reply and I guess fishing works too but I like to do the research of the agents myself. Here are my steps for finding a great agent/
Referral Agent Locator and Referral Steps
- I start with our company website in the referral area (because they do a great job of showing agent qualifications and area of expertise)
- Visit the agent website (you can quickly tell if the agent is engaged with their market)
- Call the agents you pick to interview them. (I like this one, ask the agent why you should give them a referral, tell them what type of client you are referring to them like family, dear friend, long time acquaintance and so on. Let them give you their "sales pitch" of why your clients should use them. (you may want to brush up on yours) Once they finish it is now your turn to tell them what you expect from them, talk referral rate share etc. I love calling the agent, why? Because it is an awesome chance to talk markets in the other parts of the country, build a relationship and partner nationally.)
- Send the referral forms to the agents with your client contacts, have their brokers sign and send back the form before they contact your clients. The agent needs to know that you have opened a door of opportunity for them, they will be earning the biz.
- Follow up with your clients after the agents have contacted them, see which one they chose.
- Call the agent that was chosen and congratulate them, then follow up with an email and offer anything you can to them to help the process along. This is where you partner.
- Call the other agents and let them know that your clients have chosen another agent, thank them for their time. (Add these agents to your professional contact list.)
- When the transaction is completed, send the agent you referred business to a thank you not, maybe flowers or something.
- Add the agent to your professional contacts list so in the future they have a need in your market you are the agent that comes to mind!
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