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Referrals Pay -Off In Your Real Estate Career
In the real estate business, referrals are your best friend and one of the most important sources of new business, leads and customers. Receiving referrals also means others are thinking of you as a go-to when asked, “Do you know someone who can help me sell my home?” Additionally, referrals are a sign that your reputation is credible in the industry and that your personal brand is becoming known. It’s best to keep it this way, because once trust is broken and a reputation tarnished, it is no easy task to earn them back.
Bring On the Referrals
In many sales environments, cold calling is an integral part of doing business. However, within the real estate sales world, salespeople and brokers more often than not refer rather than cold call. Because real estate professionals are willing to go the extra mile to provide value to clients, they draw word-of-mouth referrals simply because they offer a valued service.
Referrals, however, should be given without reciprocity. While sometimes it is beneficial to mutually refer to one another, by sending a client over to your colleague (or vice versa), you should expect nothing in return. This way, positive relationships are built without clouding them up with referral fees and wondering when you’ll receive a referral from the relationship.
Building Base
After completing your Allied Real Estate Schools training and have received your real estate license, it is time to build your referral base. However, you should take into account several things when doing so.
Look to Vendors – The buyers and sellers you take on will almost always need some kind of home improvement. This means you’ll be in touch with service providers on a daily basis and need to know which ones are there for you and which ones are not. The service providers you refer to are like an extension of your reputation and brand, so it is wise to have the best available to keep things on the up and up. To gather a stable of reliable vendors, let them know you will think of them when a client needs a repair or other home improvement, and ask your colleagues who they use for such services.
Check Expectations at the Door – Be generous with your referrals because those you refer will remember. Plus, referring business to someone you trust to do a great job is almost as good as providing the valuable service yourself. Having no expectations but all the generosity to refer puts you in a good light, and your clients will be grateful that you cared enough to send someone to get the work done well and on time.
Quality Business Starts With Quality Referrals – Many successful real estate businesses have the foundation of a wide referral network. Being able to refer someone for every little thing involved in buying a new home helps you to become a one-stop shop and a respected real estate professional in your community.
A Win-Win for Your Real Estate Career!
In today’s world, it’s really who you know that can benefit your career. And it’s no different with referrals. Take the time to cultivate relationships and create a mutually-beneficial two-way street. Once you refer homeowners to people who can reliably meet their service needs, these vendors will also refer business to you – and the happy homeowners will too! It’s a win-win for your real estate career.
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