Brokers tell us that in real estate, word-of-mouth is an important element that plays into the success of your business and can be worth much more than a paid advertisement. To be successful, a program should be put in place to ensure current and potential clients are well-nurtured.
How do you receive referrals?
Collect referral data on agents and develop best practices based on the agent who received the most referrals. Also, consider the many channels in which you could receive referrals: web form, post card or survey.
How are you tracking referrals?
You might be aware that your company receives referral business, but just how much of it can be attributed to overall sales? Determining referral volume can help you set goals and identify strengths and weaknesses. Tracked referral data can also give much insight into best practices—which medium works best, program length, referee demographics and (if used) which incentives work best.
Do you employ a customer relationship management system (CRM)?
If your team uses a CRM, add a specific field to you customers’ account page that allows you to see where the account (referral) came from. Additionally, think about including a “Referrer Type” field to distinguish if they are buyer, seller, lender, ect.
Are you nurturing referrals?
Always be top-of-mind for clients. You never know when they’ll be asked for a real estate agent recommendation. Consider developing a yearly or quarterly email or postcard program for past clients.
Ideas for content:
- Seasonal (ex: Valentine’s Day)
- Celebrate the anniversary of their home purchase
- A simple, “Hello and hope all is well”
Also, if you have a budget for a referral program, offer an incentive. This helps justify your client’s time and effort spent referring you.