Mar 27 2024 28 mins 1
I'm so excited today to have my wife Stevi here. She's going to be talking to you all about referrals. Specifically, we're going to be talking about increasing your business through referrals in two different avenues. One is agent to agent, the other one is sphere. And so we just want to give you some ideas around on how you can increase your business because we know that having other avenues of business in today's market is very important. It's great to get those calls when you get referred, but are you enhancing those channels and doing everything you can? So she's going to give you some great tips. So Stevi, thanks for being on the podcast today.
• Statistics show 63% of sellers and 38% of buyers found their real estate agent through a referral from friends or family, indicating the power of referrals.
• Building a referral-based business has a higher return (3 referrals to 2 closings) compared to other marketing and advertising methods.
• For agent-to-agent referrals:
- Know your market's feeder areas and migration patterns
- Diversify social media content to engage potential referral partners
- Get involved in real estate organizations and events
- Attend industry conferences and masterminds
- Nurture your referral partner database like top clients
• For sphere of influence referrals:
- Have upfront conversations about expecting referrals
- Host client events and allow attendees to bring guests
- Include referral reminders in your engagement plans
- Offer workshops/classes and partner with other professionals
- Incentivize referrals with gifts, recognition, and rewards
• Set goals for incoming and outgoing referrals each year and review them regularly.
• Implement at least one new referral generation idea within 20 days while it's fresh.
