All real estate teams and agents know that referrals are the backbone of their business.
A survey by OutboundEngine shows that:
- 86 percent of buyers/sellers would use their agent again and recommend their agent to others.
- 75 percent of an agent’s business comes from referrals and word of mouth.
Given the extreme importance of repeat and referral business for real estate teams and agents, one can expect that the real estate professionals are doing everything right to get the most out of this channel. Unfortunately, that’s not true. They either get it totally wrong or have something missing in their referral campaign.
Here are four tips for real estate teams and agents so they can get the most out of their referral programs.
1. Over deliver to your current clients.
Your current clients will be your past clients soon. If you do a good job, they will remember you well. But if you want to get referrals, doing a good job won’t be enough. You need to over-deliver and exceed expectations. They should be so impressed with your service that they go ahead and tell their friends and family about the great job you have done. This is the first and the most important step to maximizing your referrals. If your current clients are unhappy when they are leaving you, you won’t get any referrals no matter what you do afterwards.
2. Nurture past clients with drip campaigns.
You cannot expect all your past clients to remember you and your name no matter how happy they were with your service. People have a tendency to forget and when they forget about you, you lose the chance of getting a referral.
One easy and effective way to overcome this is to reach out your past clients on a regular basis.
However, calling them constantly and directly asking for business can be frustrating both for you and your client.
Instead of doing this, you can run drip campaigns (sending marketing information through email marketing) and nurture your past clients with valuable content.
You don’t need to hit their inbox every week, you can send relevant content to your past clients biweekly or once a month. This can be sending an educational blog post, video or a report through email.
You should send the right content to the right person at the right time. This will help you stay top of mind and strengthen trust with your past clients.
3. Provide an excellent post-sale support.
Impressing the client with your wonderful service during their buying or selling process is only half the battle. Providing support by following up with them and answering their questions is essential to building trust. This not only helps you maintain your good relationship with your client but also it helps them remember you.
Providing past clients with post-sale support is also a great reason to contact them on a regular basis without frustrating them. Help them first and solve their problems. The moment they are happy with your support is the best time to ask for referrals. It’s much more effective than cold-calling and asking for business without offering anything.
4. Stay on top of mind with online presence.
You need to be remembered and you need to stay top of mind if you want to maximize your referrals. How do you do that?
Having an online presence and interacting with your community and your past clients is the best way to help them remember. But, if you think having an online presence is all about creating social media accounts and posting regularly, you are wrong.
You need to:
Blog consistently and generate educational, valuable and relevant content. Don’t promote your business with lots of sales copy in your blogs. Provide value, this is the best way to promote your business.
Be active on social media channels where your current, past and potential customers are spending time. On these channels promote the valuable blog and video content you have created. You can occasionally use sales copy to directly promote your business. But don’t do it so often.
Need help with your repeat and referral program? Book a Complimentary Business Evaluation and one of our coaches will be happy to help you maximize your referrals.