One of the most un tapped opportunities in real estate is effectively working the massive income generation in agent to agent referrals. It is not enough to be managing one database but agents should be managing four separate databases. Sphere of influence ( P2P ), Business owners, service providers ( B2B ), Suspects and prospects (Leads) and the fourth being agent to agent database. This week I want to share how so many of my coaching clients are crushing the agent to agent database and generating six figure income streams annually from just this one opportunity. The benefits of mastering this opportunity are endless. People are relocating all the time, they are higher quality referral leads, easier personal client to deal with and you become the go to person for agent referrals in your market area if it is worked right! So let’s get started….
Step 1. Research where they are coming from?
Take some time to look at the data and see where they are coming from when it comes to your market area. Here are some resources that will help the research and identify the sources for your specific trading area: Be strategic with your targeting of referral agents and find where they are coming from first.
Real estate board sites
Step 2. Find the agents and offices where they are coming from to your market area and assemble your database.
FACT the last 16 years we know 60% on average each year come within 60 mile radius that did business with our brokerage. Hence targeting the offices and agents first within that region makes the most sense. Find the agents, offices, brands that don’t have a relationship in your area, find their contact information ( name, email, mailing address, mobile), assemble a database. Great resource to get some excellent inexpensive help with all this work is using a virtual assistant www.fiverr.com
Step 3. Place the database into a contact management system. The best CRM is the one you will use!!! Don’t over think this please.
Step 4. Create an introduction to your agent to agent referral program.
Intro Video email
Who I am….Introduction
Why I am contacting? Their area is a destination for people relocating to your area
What’s In it for them? -Platinum Agent Referral Program
My Business Philosophy - Their destination agent of choice, permission to stay in contact
25% Referral Fees
Step 5. Agent to agent referral program road trip vacation time annually.
Mini vacation as a business expense
Attend office meetings
Collect cards at the door for a raffle
Quick intro and market snapshot
Attend caravan if possible
Take managers lunch, coffee
Leave pop by (Deck of cards) “Don’t gamble with your referrals to ________, I will treat your clients like kings and queens”
Handwritten notes to all the cards I collected once I get home
Step 6. Add value to them and give to get. Wow and awe and be engaging with pull don’t push marketing content.
Real estate tips
Self help tips
Cost Saving tips
Something they would value and appreciate that would improve them personally or professionally
Minimum contact once a month
Step 7. Delivering the unexpected. Three times a year.
Office Pop By Gifts ( Contact their office admin to help you place them into their mail slots and throw a gift card in it for the admin person. )
Personal Handwritten Notes
Office visits annually
Not my newsletter, stats, market reports!!!
Step 8. Be seen and top of mind every year. Attend events where the referring agents are.
Top of mind…
Create Mastermind groups… share ideas
“Water boys of events..” hand out water bottles and your business card attached.
Step 9. Reward the behavior system. Do this every time!!!
Handwritten thank you card
Gift card amazon $20
Report on referral progress to the agent
Reward when referral completes 25%
Annual referrer grand prize contest ( video live draw )
Step 10. Build this and they will come!!!
A system for more revenue each and every year
Be the area go to person
So there you have the 10 step plan to crush it with agent to agent referrals in the coming year. I dare you to take this and implement and execute and create another amazing and fun income stream for you and your business.
Strength and courage,