Need your ideas for referrals!

By
Real Estate Sales Representative with Fieldstone Real Estate

For 2008, a noteworthy part of my business plan is focused on building both incoming and outgoing agent to agent referral business.  I think I have fallen into a good system - just this week, I have generated 12 new leads for various types of real estate transactions in areas other than my own.  By the end of today, I will have successfully placed 6 of those with competent, screened, agent candidates.  I am still looking for 3 more agents, and I did not convert the other 3 to placed referrals because they were looking for a "needle in a haystack" or the client found an agent through other means before I could assist them.

So, I am obviously looking to increase that conversion ratio by continuing to establish relationships with other agents... I imagine that will always be a work in progress.

Since this effort and program is new to me, I am very interested to hear from all of you - how many referrals do you exchange each year, and of them how many close?  How do you market for this business?  Share your secrets...and leave your email address with your post.  I plan to incorporate the ideas into a well written article/blog; and I'd like to send you a copy.  I also plan to post this question on other sites, so I am getting answers from a variety of places.

Thanks for your time!

Vicky in Virgina

www.VickyChrisner.com

 

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Rainer
336,320
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

We give out quite a bit that never turn into anything and we receive some that we cant ever get going. I would say the overall percentage of closed is 15%.

Jul 18, 2008 12:13 AM #1
Rainer
24,868
Veronica DeCarolis
Weidel Realtors - Flemington, NJ

Sounds like you should be sharing your ideas of how you generate all those referrals.  12 in one week sounds good to me.  Veronica

Jul 18, 2008 12:20 AM #2
Rainmaker
368,313
Dean Moss
Dean's Team - Keller Williams Realty Partners Chicago IL - Chicago, IL
Dean's Team Chicago IL Real Estate Team

Vicky -

Great post!

The way I send referrals is a bit more involved.  My best resource is the CRS Directory (you don't need to be a CRS yourself) - CRS.com.

I generally look for agents with medium years of experience - not the old-timers who got licensed back in 1966 (although there is nothing wrong with these sage folks), nor the newbies.  But I focus on those with specific experience in the area I am looking for.

CRS membership assures experience, as well as persistence, patience, and discipline in finishing the CRS program.

I never give out a referral unless I TALK WITH THE AGENT IN DETAIL FIRST, and get a good sense that he or she will take very good care of the person I am referring.  Some folks, you know, never return phone calls.  Others are WAY TOO BUSY to help your referral - and I wouldn't want to refer to these folks.

Other sources - good old Active Rain - in the city you are interested in.  Or, of course - the KW White Pages!  Have a Team Leader make a referral to you.

However, very importantly - never refer out until YOU fell comfortable the agent is responsive, and will treat your referral the way YOU YOURSELF would want to be treated.

Does this help?  I hope so!

DEAN & DEAN'S TEAM CHICAGO

Jul 18, 2008 12:21 AM #3
Rainmaker
1,087,556
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

It sure sounds like your on the right track! best of luck!

Jul 18, 2008 07:55 AM #4
Rainer
25,321
Jason Roebuck
Springfield, OR

Wow, thanks for letting me know that I am not the only one who is not completely sure how the whole referral system works...You rock.

Jul 18, 2008 08:05 AM #5
Rainer
22,306
Sondra McDonald
Beach & Luxury Realty Referral, Inc. - Daytona Beach, FL

Hi Vicki:

Most of the referrals I receive have been for previous clients, so they usually work out.  Referrals I've received from other Realtors have not been so good.  I guess they don't fully question the person they are referring and I do.  By the time I'm through, I pretty much know whether or not they are serious buyers.  I don't like to bother a seller just to get a look at the inside of their house, or to see their pretty swimming pool.  Often times I've had a Realtor send me a referral and then it turns out the person really wants a rental for "Bike Week".  Needless to say, I don't tell them I don't do that type referral I just help them fine a place to rent through my network of Property Managers.  Of course I don't see an immediate result except the person is happy to have a place to stay.  But, who knows, down the line that person just might remember I was nice enough to help them and come back to me when they want to buy.  Just treat others the way you'd like to be treated and it'll come back to you someway.

MAKE  SOMEONE SMILE TODAY!

Jul 19, 2008 05:10 AM #6
Anonymous
Not Yet Licensed

Hi Vicky,

You're doing FANTASTIC to generate twelve leads and place six referrals in one week!  That's more referrals than most of my clients have in a full year.  Are you sending out buyer referrals or seller referrals?

Jul 21, 2008 06:01 AM #7
Anonymous
Vicky Chrisner

Hello, "Not Yet Licensed" - mostly buyers, but somewhat of a mix.  Some of the leads are looking for agents with specific niches, so they are having trouble finding the right agent.  In most cases, I can cast a larger net, and interview more quickly because I know what to ask.  It's great knowing that you are actually bringing value to at least 2 people!

Jul 21, 2008 06:20 AM #8
Rainmaker
828,372
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Vicky, I am not sure how an independent brokerage ever gets any referrals.  I know my broker oftentimes sends out buyer referrals from people moving out of state, but not sure that she receives any at all.  I would look forward to a blog that helps us connect with other agents to develop a referral system.

Aug 14, 2008 11:00 AM #9
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