Importance Of Referrals For Real Estate Agents

  • By Editor
  • 1st March, 2019

Referrals always have a way of marketing in business. According to a survey, Referrals are as equally important in business as the other strategies are. It holds great importance that your potential customers refer your service to their family or friends or any random person who is looking out for a good estate agent. Specialists say that referrals are so essential that they can help any real estate agent keep their business running throughout the year. There are approximately 2 to 5 referrals every year for almost 40% of the real estate agents and 20% of them get 6 to 10 referrals, varying to different situations. Through the data provided, one can figure out that referrals are quite rare and any real estate agent should not leave any opportunity to grab it.

Every individual is well aware of the fact that referrals can expand their business. Referrals can certainly reach out to the crowd at a place when none of the marketing strategies are working. However, an agent should know all the tactics to elevate their numbers of referrals. Below are some Dos and Don’ts of referral marketing strategies.

Do’s:

  1. Do tell your customers to refer you to anyone in their knowledge who is in need of a real estate agent.
  2. Adopt certain techniques where you can talk about your business and give examples of some of your successful closures.
  3. Do a little research online to know about the organizations which are likely to relocate their employees. Be in contact with those human resource executives so that you will be made aware of some transferring employees. Make a good presentation to make them believe in your abilities and that you can provide all the facilities to their respective employees.
  4. Tell your existing customers to put a review online so that whomsoever is in need of a real estate client, they will get a fair idea about your work and service.
  5. Offer them some discount or commission if they give you some successful referrals.

Don’ts:

  1. Don’t keep pushing your customers for referrals without knowing their satisfaction.
  2. Don’t completely rely on them that just because they are satisfied with your service so they will do that in your favour. Make sure to remember them about the referrals.
  3. Don’t promise any false discount and commission which you will not be able to fulfill. A proper referral strategy can fetch you customers in a good amount. Referrals are of great importance in any line of work, but especially when it comes to the real estate line.

Following are some major points highlighting the importance of referrals for real estate agents.

  1. Positive referrals build an image of an agent which shows how credible and trustworthy he/she is.
  2. It plays a huge factor in saving a hole in your pocket, as it does not include any cost of marketing compared to other marketing strategies.
  3. Referred customers are more likely to pay the demanded amount as they have heard about you from a trusted source.