Top real estate agent referral tips for 2021
What’s the best way to ask for a referral? Whom should you have in mind as a source of referrals? And how can you engage your referral network? Let’s look at the most important part of asking for a referral first. Then, we’ll show you a five-step process for asking for referrals successfully. Finally, we’ll talk about how a home warranty can help you get more referrals.
Referrals are all about building relationships
Your success as a real estate agent hinges on your ability to build meaningful relationships with your clients. There’s no better way to begin building a referral network than by building good relationships. Several studies prove that.
- McKinsey & Company says people rely on word of mouth to make 20%–50% of all purchasing decisions.
- HubSpot notes that 90% of people trust family and friends when making purchasing decisions rather than ads.
This means that for you to most effectively ask for a referral, you have to build trust with clients who may talk about you with friends and strangers.
There are a couple of important things you can do to successfully build relationships.
- Be impressive. People want to work with the best, so do whatever you can to exceed your clients’ expectations to begin building a strong relationship. Your prospects have countless options when choosing which real estate agent to work with. To convince them that you’re the one, you must impress your Buyers and Sellers.
- Empathize. No one wants to be “just another client.” Buyers and Sellers want someone who can make their dreams come true. When it comes to home ownership, that’s not just hyperbole! Although you may be a part of many sales over the course of a year, it’s rarely the same for Buyers and Sellers. For many of your clients, buying or selling a home is life changing. You must bring the same passion and empathy to every client you work with.
Make sure that you treat each person you build relationships with as an individual. Personalize your communications as much as possible. People will know if you’re using boilerplate ideas to build relationships with them, and they won’t like it. When in doubt, ask questions and listen.
5 steps to asking for a referral
Once you’re comfortable with your relationship-building skills, you can start a five-step process for asking for a referral. This process will help you engage your referral network.
- Exceed expectations with your talent and empathy. As discussed, you must first build a strong relationship before you ask for a referral.
- Keep clients engaged. You want potential referral sources to think about how helpful you are. You also want to remind them about why they worked with you in the first place. Use drip emails with home ownership tips, direct mail with offers from your local alliances, and social media videos to stay in touch with your clients.
- Reach out through different channels. Make sure you aren’t limiting your range. In addition to email, try interacting on social media like Facebook, LinkedIn, and Instagram. And you don’t always need to talk business! You might send a private, personal video to a client congratulating them on their home ownership anniversary. You can also extend your reach by posting seasonal videos or even referring another business to your followers.
- Ask for the referral, and make the referral process easy. You must directly ask your clients for referrals if you want them. No need to be coy about it. Make sure you have a way for your clients to easily make referrals. Whether it’s through a form on your website, an email introduction, or a personalized video request, don’t make your clients wonder what the best way to refer is. The easier it is, the more likely they are to do it.
- Thank. Always, always, always thank clients for any referrals they provide. Even if you make the process as easy as possible, it still requires effort on their part. Not thanking a client for a referral is an easily avoidable way to nullify all the work you’ve done.
How a home warranty encourages real estate agent referrals
The two keys to getting referrals are building relationships and providing continuing value. A home warranty from 2-10 Home Buyers Warranty (2-10 HBW) helps you do both.
For Buyers, a home warranty protects their budget when they need it most—right after the down payment. That shows that you care about their financial wellbeing after the sale. It also provides continued value by protecting them against unexpected and expensive systems and appliances breakdowns. That means a lot to Buyers, especially as they settle into their new home.
For Sellers, a home warranty protects their house while it’s on the market. A major breakdown can harm or even stop a sale in its tracks. With Seller coverage, your clients have one fewer thing to worry about as they make one of the most important decisions of their lives.
2-10 HBW offers comprehensive systems and appliances home warranties to help protect your clients from unexpected repair and replacement costs. Contact us to learn more.