5 common opportunities with referral leads

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Real Estate

Real estate is a relationship-based business. So, it is no surprise that many agents count on referrals for new client leads. Keller INK published the 3L Blueprints: Leads, Listings and Leverage, which offers a collection of snapshots on the topics that matter to the agents of our industry. Here is a peek inside the book and a look at five common opportunities with referrals.

Five Common Opportunities with Referrals:

Opportunity 1: Contribute value constantly.

In all interactions with current and potential clients, an agent who brings value and comes from a place of contribution will experience a side benefit of creating a group of people who respond favorably to them. For instance, one source of value is to keep referral sources up to date on every step of the home-buying or selling process of the referral. If an agent puts the client’s needs before their own, asking for and getting referrals from clients is going to be a natural aspect of the sales process.

Opportunity 2: Build a pool of cheerleaders.

A small group of 20–30 people can become a significant source of business once the agent connects and focuses on building relationships with them. It is important that the agent be purposeful about the inner circle they focus on and aim to bring constant value to the relationship. Once the agent has established a position in a client’s mind, they may return in kind with referrals to grow the business once prompted.

Opportunity 3: Ask for a referral.

The easiest time to ask for referrals is when a client has either just bought a home or sold a listing with the agent because they are excited about the business transaction. Beyond this standard post
transaction referral, agents benefit from having frequent one-on-one conversations with members of their sphere to ask for referrals and then following up periodically with these same contacts to remind them about the previously promised referrals.

Opportunity 4: Identify top referral sources and treat them differently.

By identifying the top 50 referral sources in an agent’s database and cementing relationships with them, the agent can radically transform their business. To do so, an agent needs to treat these connections like VIPs, whether it be with special client events, face-to-face meetings, phone calls or meals. The most important aspect of an agent’s interaction with these sources is to show appreciation and thankfulness for the referrals received: because these referral sources have taken the time to advocate for the agent’s business, proper gratitude must be shown.

Opportunity 5: Become a local version of Angie’s List.

Utilizing a comprehensive vendor list can allow agents to stay top of mind with past clients and increase an agent’s chances of earning referral business. Likewise, thinking of their database as an active source for satisfying the requests of their clients can also help bring future business.