How to Maximize Referrals
in a Purchase Market
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Maximize Your Referrals
Repeat customers are the lifeblood of real estate
professionals. But we also need to increase our sphere of influence in
order to grow our business. Developing strong relationships with your
clients will help you on both fronts, by promoting client loyalty and by
providing value in order to spur referrals form those same loyal customers.
According to the National Association of REALTORS, about 20 percent of all
business their members receive is through repeat customers. If 20 percent
of your clients are recommending you to their friends, families, and
coworkers, you will grow a strong and healthy business. If they aren't
referring you — well, let's make sure they are!
You're Also Selling You
You're not just helping clients find new homes and
properties — you're also selling yourself as an expert in the field, a
trusted advisor who is guiding your clients to making great decisions. You
should have a service or area of expertise that sets you apart from the
competition. Do you know the ranking and test scores of every school in the
area? Do you specialize in investment properties? You need to make sure
your strengths are put to the forefront in any conversation and on all your
marketing.
Speaking of Marketing…
If you're handing out informative materials at every meeting
and open house, gathering email addresses to add to your database so you
can send out newsletters and greetings, and following up on every contact
you make, your reputation as a go-getter will precede you and your name
recognition should increase dramatically. Every flyer you create should
have your photo and contact information on it; ditto with your business
cards, open house brochures, and any other material you hand out to
contacts. Create a social media presence, keep it separate from your
personal accounts, and be sure to update regularly — weekly if not daily.
Be Consistent
If Client A recommends you to Client B, but Client B doesn't
get the same level of service, you can bet you won't be getting another
recommendation. Every client is a potential avenue to more business, no
matter how big or small their purchase may be — and even if they don't
purchase at all right now, circumstances could change. Make sure you're the
one they want to call when they're ready to move forward.
Build Your Database
A box full of business cards isn't going to help you reach
current and potential clients quickly, easily and effectively. An
electronic database makes it simple for you to send out newsletters and
targeted marketing for purchases such as moveups or second homes, and to
keep in touch regularly with your contacts. Update your database constantly
and be sure you follow up on bounce backs or returned mail with a phone
call to confirm contact information.
Every time you contact your database, you're reminding them of the
excellent service you provide, and making it easy for clients to get in
touch with you for their real estate needs or to pass your information on
to others who are looking for a new home.
You're Asking for It
Probably the most important bit of advice is to ask for a referral! Ask
both clients and business partners — they may not even be thinking that far
ahead, so it's up to you to plant the idea in their minds. And make sure
you've earned the right to ask by providing excellent and consistent
service.
By following these guidelines your referral business should climb along
with your customers' satisfaction with your service. Remember, earn the
referral, and ask for the referral, and there's no reason you shouldn't get
the referral.
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This Newsletter
is for informational purposes only. The information contained herein may not
be applicable to every situation or jurisdiction, and we urge you to consult
your professional advisor prior to acting on information contained herein.
The content, accuracy and opinions expressed herein are not verified or
endorsed by the sponsor hereof.
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