OK, now you have decided that you want to cash in on some of the extra cash available by building your referral business.
Lets talk first about what you need to do with a referral and what makes a successful referral. I don't want to mislead you. Although I say referral business is easy money, it does require some work and skill. Also you must remember that all of real estate is based on numbers.
You need a certain amount of leads to obtain a sale. You don't know if the sale will occur after one contact with one person or after many contacts with many people, but if you make enough contacts and appointments, you will succeed. it is the same way with referrals. Sometimes the first referral will pay off but usually you need to send a number of referrals so don't give up if the first referral does not result in a check.
Let me repeat -- don't give up if you don't make money on the first referral. Since it is easy to make referrals, you might as well make a lot of them. Here is my referral checklist:
- Listen -- you will hear people talking about real estate if you just listen and then you can ask questions innocently about them and their friends and family.
- Observe -- see if it has the possibility of being a genuine referral or if it is just a whim.
- Qualify -- this is a major step towards good referrals. The more information you provide the other agent, the better they can do their job. When, what, where, why and how much. When do they want to move. if the move is ten years from now, it might not be a good referral but if it is in a few months it is great. What kind of property - retirement, second home, investment, for family member, or other. Where do they want to move to or where is the property to sell? What is the property worth? How will they finance it? Can they really buy? Remember the more you know, the better the referral.
- Contact a great agent or referral agency. You want the best agent possible to handle the referral. Relocation companies are successful because they find great companies and agents. I do the same thing when I help you with a referral.
- Follow up -- keep in contact with your referral company or the agent. Get regular reports.
- Collect your check.
- Repeat. Over and over.
Use this checklist and enjoy your referral business. This month I plan on giving you more tips and help on referrals - so follow my blog and make more money.
Latin America -- Isn't it about time you learned more about the opportunities for YOU?
Viva Latin America
If you are looking to
Buy or Sell real
estate contact
Gary Coles
307-747-6210
garytcoles@aol.com
Do you have questions about real estate in Latin America? We are glad to provide assistance if you are considering a real estate purchase in Latin America
We LOVE Referrals
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