Wouldn’t it be great if you didn’t have to market your services? Just serve and help clients all day – it’s why you chose real estate in the first place, right? To help people. But if you’re like most Realtors, you’re likely working your butt off just to get those clients.
So what’s the answer? Referrals – from your current and past clients, family, friends and acquaintances. Imagine what your business would look like if everyone you knew gave you just one good buying or selling referral. Yeah, savor that feeling for a minute.
Run the numbers. Your average client who sticks with you is worth $25,000 if they move three times (first average commission is $5,000; they move in five years, that’s another $10,000 for the buy and sell. Same with the third move, another $10,000.) Then if the client refers two people, suddenly you’re talking $75,000. And that’s without marketing, so add in that savings. Remember this: when you take exceptional care of your clients, they’ll do your marketing for free.
Referrals are where the money is and here are five tips you can start using today to get more:
1. Make your service downright unforgettable. Past clients can’t refer you if they don’t remember you. Help them remember you by giving them memorable service. Take time to brainstorm ways to increase your service. Remember that referrals are earned, not paid for.
2. Cross promote and partner with other businesses. Think about all the local businesses in your city and then ask this question: What can I do to help those local businesses while promoting my business? Think coupons for your clients and leaving your business cards in their stores.
3. Think A.B.A. – Always Be Asking. If you don’t ask, you don’t get referrals. Add a P.S. to your email signature. Something like this: “P.S. If you know anyone thinking of buying or selling real estate, please tell them about ABC Real Estate and hit the reply button and tell us how we can help them!” Also, put some serious thought into your closing gifts. I’ve given Cutco Knives with my name engraved on the blades. Every time they use the knives, they think of me. Give gifts that have a shelf life.
4. Get involved in your community. People are more likely to refer to someone they believe is a good person – someone that gives back to the community. And remember, it’s not your signs all over town that make you a community icon; it’s what you do for your community. Volunteer at retirement centers, help rebuild and paint local parks, serve food at the local soup kitchen, take part in fundraisers and be seen at block parties and street picnics.
5. Show your gratitude when you do get referrals. Thank your referrers for their help, and keep them updated on how the new relationship is going. The referral system is built on strong relationships and shared value.
Share what’s on your mind. How much time are you spending to get referrals? Can you improve your referral numbers for 2020? If not, why not? What’s preventing you from getting more referrals? What successes or failures have you had with asking for referrals in the past?