You Can Be a Referral Magnet

By
Real Estate Technology with Imagine WOW! Digital Marketing Agency
http://actvra.in/fGw

realtor referral magnet Ralph Waldo Emerson said, “It is one of the most beautiful compensations of life that no man can sincerely try to help another without helping himself.”

Helping someone grow their business while helping you at the same time can be like Christmas in July. You have a present to give at a time when people are least expecting it.

The Law of Reciprocity works based on this theory; that what goes around comes around. So how can you put this into action within your business?

A simple way to build an abundant business for both you and those around you is to cross refer. Cross refer simply means that you are asking how you can aid in the growth of someone else’s business. By understanding what type of referrals they would like to receive, you open the door to cross referral karma.

How Does Cross Referral Karma Work?

The trick to cross referral karma is not so much in the doing as it is in the asking. To identify who your referral partner’s potential client is, you need to ask a lot of questions and then just listen. Get to know their business.

Understand what makes them tick and what it is they need from you. By learning the ins and outs of one another’s business, you open the gateway to exponential growth within your business.

Once you understand their business, your next step is to let your cross-referring partner know that you will do your best to send referrals their way! It’s that simple!

The law of reciprocity spells it out this way - When you do something for someone else, they feel a compelling urge to reciprocate. Now isn’t that a beautiful thing?!

Create Your Own Referral Club

It shouldn’t be a far stretch to assume that you are talking to multiple people at any given moment that could refer potential buyers and sellers to you. (If you’re not, that’s a subject for another time!) Every one of these people could be your next referral karma partner!

Who Are They?

  • Appraiser
  • Inspector
  • Past Client
  • Handyman
  • Landscaper
  • Electrician
  • Painter

Now go through your database; choose 3 people per day to schedule a meeting with. Prepare a simple script explaining your goal.

For example:

“Hi Dave, I’m looking to expand my business and felt that we might be a benefit to each other. I would like to ask for 30-45 minutes of your time where I can get to know your business and see if there’s a way that I can refer clients that are in need of your services.

Would you be available this week? I have time on (1st time and date option) or (2nd time and date option). Do either of those times work for you?”

The idea behind this referral strategy is creating a mutually beneficial team of referring partners. Your “club” should feel as if they’ve joined a support team that will push the limits of their business beyond the boundaries they set for themselves.

You can become a cross referral magnet! All you have to do is ASK.

 

 

You Can Be a Referral Magnet was written by Rebekah Radice.

 

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Re-Blogged 9 times:

Re-Blogged By Re-Blogged At
  1. Tanya Kovacheva 07/08/2011 03:56 AM
  2. Betty Special 07/08/2011 04:04 AM
  3. Louise Thaxton NMLS 69996 07/08/2011 04:17 AM
  4. Randal Jenkins 07/08/2011 04:43 AM
  5. Patrick Ciriello 07/08/2011 05:38 AM
  6. Bill Jones 07/08/2011 09:01 AM
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  8. Maria Gilda Racelis 01/04/2012 02:56 AM
  9. Winston Heverly 08/05/2012 02:04 PM
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Rainmaker
757,112
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Rebekah:

I am in the process of doing just what you suggest.  I am also contacting other businesses whom I am refer people to and who may refer their customers to me.  Thanks for the suggestions.

Jul 09, 2011 07:16 AM #92
Rainmaker
543,932
What Not To Renovate - Milan B.
Palm Coast, FL
We provide tips & trends on home renos & designs

Hi Rebekah,

Thanks for posting!
That's an amazing way to help people grow their business, and keep our names on the forefront.
I will definitely work on this strategy.

Thanks for sharing!

Jul 09, 2011 07:41 AM #93
Rainer
31,944
John Green CHP / e-pro/GRI/CBR Residential Real Estate Specialest
Century 21 North Shore - Lynn, MA

Hi Rebekah thanks for the call last week I very much appreciate the follow up the sign of a true profecional. This is another great blog it reminds me to get back to basics. Thanks again. Im still raving about the bridal registry.

Jul 09, 2011 03:18 PM #94
Ambassador
1,176,614
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

I love doing this type of networking, and haven't done it in a while.   What you give, you get back in spades...

Jul 10, 2011 12:02 PM #95
Rainmaker
1,426,630
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Sounds like a plan.  I am very loyal to the vendors I use.  However, I am not there biggest account.

Jul 10, 2011 01:26 PM #96
Rainmaker
226,189
FAJARDO DELACRUZ
Century Homes Realty Group LLC. - Flushing, NY

Very nice post and I would like see if we can Cross refer to help each other out.

Jul 10, 2011 02:52 PM #97
Rainmaker
129,317
Mike Henderson
Your complete source for buying HUD homes - Littleton, CO
HUD Home Hub - 303-949-5848

I need to get more active with my network.

Jul 10, 2011 04:00 PM #98
Ambassador
556,500
John DL Arendsen
TAG Real Estate Sales & Investments, ON THE LEVEL General Contractor, Crest Homes Factory Built Housing Developer - Leucadia, CA
TAG Real Estate Sales & Investments Coastal Living

I love Colorado!!

Jul 10, 2011 04:00 PM #99
Rainmaker
239,167
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

I definitely look to past clients for referrals and of course, if they have their own business and I'm able to refer to them I do! The plumber and insurance agent I work with most not only refer me but have both become my clients. It's a little harder with lenders since they work with SOOOO many different Realtors but I alwasy ask.

Jul 11, 2011 04:41 AM #100
Rainmaker
2,281,696
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I did start my own networking group the first of the year and we are a group of people dedicated to growing each others businiesses, knowing that it will come back to us.

Jul 11, 2011 04:46 PM #101
Rainmaker
1,107,065
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

A perfect blog!

Jul 13, 2011 03:41 AM #102
Rainmaker
99,563
Karen Deis
ApartmentToolKit.com - Minneapolis, MN
When In-house training is not enough!

Hey Rebekah - great post and do you mind if I use some of your concepts for our "girlfriends" mastermind retreat in Scottsdale this year? 

Jul 18, 2011 07:02 AM #103
Rainer
21,042
Rosa Almond
Long & Foster Real Estate Inc. - Freeland, MD
E-PRO, SSC Short Sale Certified

HI Rebekah!!! This is brilliant!!! thanks a bunch!!!

 

Sep 09, 2011 04:52 PM #104
Rainer
11,160
Michael Morgan
Remax - Altamonte Springs, FL
Serving Seminole County FL

Rebekah, thanks so much for all of this great information. I am just start starting out in Real Estate, and I am trying to build my referal base. 

Sep 11, 2011 02:25 AM #105
Rainmaker
1,067,143
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

You know, Rebekah, I have many people I refer business to, but they have rarely referred back to me. Perhaps I have not put it in the right way that they think of referring business to me.

Sharon

Oct 15, 2011 03:16 PM #106
Rainer
135,426
Matt Robinson
Professional Investors Guild - Pensacola, FL
www.professionalinvestorsguild.com
Those are some great ideas! I've been getting quite a bit of organic referral business recently, and it's been so nice I've been inspired to try and create some more. I'll give some of these a try.
Jan 04, 2012 04:28 AM #107
Rainmaker
1,660,944
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Rebekah, I came across this post, and have done a lot of what you have written about over the 28 years being a Realtor. Thanks for sharing and reminding us all again.

Jan 10, 2012 03:43 PM #108
Rainer
14,370
Leticia Cortez
Su Familia Real Estate - Chicago, IL

Thank you for sharing!

Mar 06, 2012 01:58 AM #109
Rainer
16,328
Yvonne Schnee
Keller Williams Realty Moorestown - Lumberton, NJ

I have a couple of vendors that I work with on a regular basis because they do a fabulous job and are a joy to work with. Last week, I started to reach out to them by phone. Perhaps I should also schedule time to meet with them personally. Enjoy your posts!

Mar 22, 2012 03:28 AM #110
Rainmaker
272,967
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

Good post and a good strategy. Referrals aren't as hard as most people think. All you have to do is ask.

Sep 28, 2012 12:59 PM #111
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Rebekah Radice

Social Media Marketing, Coaching & Training
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