Grow your real estate business with Referral Marketing

By
Services for Real Estate Pros with Morris Real Estate Marketing Group

grow your real estate business with referral marketingAccording to a 2014 report from the National Association of Realtors, the typical REALTOR® earned 21% of their business from repeat clients and customers, and 21% through referrals from past clients and customers.

That’s almost half of their business generated through referrals and repeat clients. This is why it is so important to take advantage of referral marketing

Start by narrowing your marketing focus from a mass audience to a highly targeted one – your past clients – you will immediately realize a number of benefits. Here is why you should grow your real estate business with Referral Marketing:

1. Higher productivity

The more targeted your marketing audience is, the less people you  need to communicate with, and the less time you will have to spend communicating with them. Having a narrow database of highly qualified contacts is a much better use of your time than having a larger database of low-quality contacts, most of which probably will not generate business growth.

2. Better qualified leads

There is no need to waste time marketing to leads that are highly unlikely to turn into clients. With referral marketing, you are focusing on those who already know you, have turned to you for business, and have had positive experiences with you. These are the individuals who are most likely to refer you to others who are ready to buy or sell.

3. Fewer issues regarding commission

You probably haggle over commission on the regular, right? With referrals from past clients, this is far less of an issue. Because they come recommended, they will be more interested in working with you. They will believe you will do a great job for them and therefore care less about negotiating commission.

4. Fewer issues regarding working hours

Again, when an individual knows the value you can bring to them, they will be more likely to work with you and be flexible regarding your schedule. This makes your life easier because you do not have to worry about pleasing clients through hectic working hours that work for them, but not you.

Real Life Example

A Referral Marketing System customer Dave Roach, of Keller Williams Golden Triangle Realty Inc., had this to say about his experience generating referrals for business growth:

“I have been using The Referral Marketing System for almost 10 years, and it has generated 17 or more referrals per year. I strongly believe this is the best system to get more referral and repeat business.”

Takeaway Point: Real estate agents, by optimizing and targeting your marketing to your past clients you will increase your productivity, generate better qualified leads, reduce requests to lower your commission, and enjoy better working hours. Referral and Repeat marketing to past clients and trusted contacts, is the best way to secure more referrals, leads, and sales.

Contact us today and get the first month free of The Referral Marketing System: http://www.morrismarketinggroup.com/the-referral-marketing-system/special-offer/ 

close

Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Will Nesbitt 11/30/2015 03:42 AM
  2. Bob Crane 11/30/2015 12:59 PM
  3. Joyce Marsh 12/07/2015 11:07 AM
Topic:
Real Estate Sales and Marketing
Tags:
realtor
realtors
referralmarketingsystem
referralmarketing
realestate

Spam prevention
Show All Comments
Rainmaker
1,321,432
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Great tips!  Thanks for sharing Lina.  What percentage of your business would you say would be a good target for the results of referral marketing versus finding outside clients to add into your sphere of referrers?

Nov 30, 2015 04:45 AM #1
Rainer
41,230
Morris Real Estate Marketing Group
Morris Real Estate Marketing Group - Toronto, ON
Marketing for realtors made easy!

Hi Ryan, glad you enjoyed the post.

The typical Referral Marketing System client tends to average around 80% plus in repeat and referral business. 

Nov 30, 2015 05:42 AM #2
Ambassador
4,893,617
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I agree and I do find that most of my best clients come from referrals from clients and colleagues.

 

Nov 30, 2015 12:59 PM #3
Ambassador
4,308,044
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Lina Poka, MBA well, Toronto is lucky - Brian Buffini's event 'Success Tour' is in Toronto on 2nd and 3rd December, 2016.

Anyone who likes referrals, must attend that event! ( I will not be able to make it....)

And yes, referrals is the best ROI for ANY business, let alone real estate.

Nov 30, 2015 01:06 PM #4
Rainmaker
3,612,607
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lina... some 75% of my business comes from repeat and referral clients. It's been the major focus of my strategy for two decades. I personally feel, based on what I've observed, is that most agents are lucky to get 20% of their business frm repeat and referral sources.

Nov 30, 2015 08:31 PM #5
Rainmaker
4,479,830
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lina, years ago I put my database into different groups with the referring clients as my A group, and stay in close contact with them!   They keep my pipeline FULL.

Dec 03, 2015 10:18 PM #6
Rainmaker
1,676,510
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

The markets are racing toward a continued record all-time close.  I hope your sales do equally as well reaching new heights for the year.

Dec 14, 2016 10:10 PM #7
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
41,230

Morris Real Estate Marketing Group

Marketing for realtors made easy!
Ask me a question
*
*
*
*