The real estate industry is highly competitive. With so many agents in the market, you have to work even harder to reach out. An effective way to retain and grow your real estate business is via referrals. Studies show that 75% of an agent’s business comes from referrals and word-of-mouth, which means that 20% of your previous buyers and investors are responsible for 75% of your business. With your growth potential relying heavily on referrals, you should focus on things you can do to increase and amplify them.
Here are 5 powerful ways to get more real estate referrals:
- Provide useful content to your buyers and investors
Once you have worked with a buyer or an investor, you should maintain your relationship with them by sending them useful content. It can be anything from homeowner tips to events in their new area. Doing this can help to continue building trust with your buyers and increase the chance of getting future referrals.
- Build relationships with industry leaders
The real estate business has many areas, including the industry experts and leaders. Building strong relationships with these parties can get you a list of trusted recommendations and make the property process a lot smoother. By cross-promoting each other’s services, you can also increase your referrals tenfold.
- Request buyer referrals for your website
Another way to amplify the reach of your buyer referrals is to collect them for your website. Create a system to collect positive feedback, and show it on different pages of your website to generate social proof. Collecting videos and photos for your website referrals will let you tell a story about your buyers. This will influence your potential buyers even more!
- Attend a networking event or trade show
Attending real estate events will give you the opportunity to network and build your referrals. These are the best places to mingle with potential buyers and investors, your peers and other industry leaders, hence, increasing your real estate referrals over time.
- Distribute branded materials to make referrals easy on your buyers
Create business cards and other branded materials to distribute to your buyers. This will help to bridge the gap between referrals and new buyers, and allow them to pass along your information to a friend or family member. Make sure your branded materials also align well with your website and social media pages to draw quick connections for your referrals.
Real estate referrals are a great way to grow your real estate business. Taking the time to amplify different areas of your marketing, communication and branding efforts will help you build stronger relationships with your buyers, investors and industry leaders. The stronger relationships you build, the greater your chance will be of receiving a referral.
