Have You Been Properly Growing Your Referral Network?
In the real estate industry, a huge portion of your business relies upon referrals. While everyone understands the importance of referrals, not everyone understands the exponential impact it can have on your business’s growth.
It’s like the story of the chicken and the egg.
Which came first - the client or the referral?
Most real estate agents, when starting out, build their network and receive referrals from people who may not be a client yet. Once a referral sells or buys their home they become your client. Some might argue that they’re your client once you’ve started working with them, but until they’re happy and business has come to a close, nothing is guaranteed.
Leveraging your new and existing clients is like having an all-star sales team. The more clients you generate, the more people you have working for you that can recommend you and supply you with referrals.
Referrals are significantly better than your typical lead which comes in through advertising or any other lead generating means. When a referral comes in, it means that they’re in need of your service or have shown interest in pursuing an opportunity.
Referrals come to you when they’ve discussed or shown interest around needing your services to a current client of yours. They wouldn’t have been recommended to you unless they have questions or they’re in the market for a real estate agent.
Either way, this presents you with a huge opportunity to provide value to them, whether they work with you right away or not.
Rapport and Credibility
Referrals come to you from someone in your network. For someone to refer you business it means that they trust you and see you as someone credible. This means that when a referral comes to you, you already have a strong foundation of rapport and credibility that has been created by the person in your network.
When you’re approached by a new referral, it means that your referral source has “sold” you to them. They trust and believe in their source, so they come to you enthusiastically and with a greater sense of confidence in your service.
The biggest effect that referrals have are the exponential impact on your network and business growth. For every person who enters your network and is referred to you, they now become a new referral source.
When their referrals come to you and you offer them an exceptional level of service, they now become another referral source. This is the quickest and most effective way to grow your network. The impact that one referral can have on your business is exponential.
So, ask yourself this one question - "What can I do so all my future clients instantly refer me new business?"
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-Colby from RiseUp Group