Referrals: The Heart of Your Business
BY
Bobbi Pronin
.
August 29, 2023
According to a Neilson study, 92% of consumers trust referrals from people they know and people are four times more likely to buy when they are referred by a friend.
That is reason enough for real estate professionals to keep their referral pipeline full, but to many agents neglect to ask for referrals for fear of being seen as ‘pushy.’
A million-dollar producer from Blue Ridge, GA. sends prospective clients links to his reviews at the start of every relationship. It’s a short step, he says, when a transaction closes to ask not only for a nice review but also for a few referrals.
A 24-year veteran agent from Boston buys ‘I love referrals’ stickers online and sticks them on every piece of mail she sends. She also sends a thank you note for every referral with a $5 or $10 gift card inside, and when the referral results in a closed transaction, she sends a more meaningful gift.
From real estate coaches and successful agents, here are four more ways to turn your client relationships into a steady stream of lucrative referrals:
- Provide exceptional service – Your biggest fans are the buyers and sellers you have helped to achieve their goals. When you know you have provided outstanding service, it’s easier to ask for referrals.
- Send a handwritten thank you card – It’s a great, old-fashioned and appreciated way to say, ‘thank you for trusting me with your business.’ Include a few business cards and a few words about how grateful you would be for referrals they send your way.
- Stay in touch – Add your clients to your list for your blogs, newsletters, social media, podcasts – and recognize birthdays, and other events with a handwritten card – perhaps with one of those ‘I love referrals’ stickers on them.
- Network with other agents – The more you network, the higher the chance other agents will think of you when they have a lead that is out of their area or that you are particularly suited for.
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Source: Neilson
This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice.
About Bobbi Pronin
Bobbi Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.
Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.
