Q & A: How Can I Build A Referral Network?
Referrals are an important part of the real estate business — your potential clients trust recommendations from people they know.
You likely already know that building a referral program is the best way to help automate the client acquisition process, but how do you go about getting more referrals?
From building an email list to working on your website, these are the fundamentals to getting more referrals.
1. Attend in-person networking events
Sometimes it can seem like everything happens online, but there’s still a whole world of in-person networking events that can help you and your business.
Just how useful can networking events be? Dominic Cardone is a broker with Keller Williams in Media, Pennsylvania, and he estimates that an impressive 40% of his referrals come from his participation in a business networking group called Business Networking International.
2. Ask your existing network for referrals
You can tap into your existing network, too. The key here is to establish mutual value, because you don’t want to be asking for favors without helping the other person out in return.
For example, you could team up with contractors that you know to create a referral partnership.
3. Tap into your past and present real estate clients
Your clients are an excellent referral source, but like the rest of your network they may not think to refer business your way.
Again, the key here is to ask for referrals. This can be as simple as including a call to action in your email newsletter stating, “If you loved working together, please let your friends and family know.”
4. Work on gathering more online reviews
Online reviews can also act as a sort of referral system, because people who read the positive reviews left by past clients are more likely to contact you. It’s a powerful form of social proof that resonates with people.
You can even offer incentives like gift cards or discounts on services (especially if you team up with another service provider to work together.)
Not sure how to get those coveted reviews? This quick and easy guide to getting more online reviews will help you out tremendously.
5. Train your entire team to get more referrals
If you work with other agents or you own a brokerage you all share in each other’s successes, which is why it’s so vital to make sure the entire team is on the same page.
Once you’ve explained your referral program, including any incentives that you’ll be offering to referrers and partners you’ll be working with, get some feedback from your team. You can tweak the program if needed, but don’t forget to set goals for referrals.
6. Track your referrals
Continuous contact is necessary if you want your network to remember to refer other people to you and your business.
That’s why if you want to build a robust referral network you also need to spend some time tracking and taking care of that network. This step is perhaps one of the most important, because it will ensure that your referral program works for years to come.