Referrals Can Either Build you or Break you
We all love referrals, no matter what profession we’re in.
They make us feel good—and not to mention—getting one means we’re doing a pretty good job. And it’s always nice to feel validated. Now give yourself a pat on the back.
They are often the best source of business, leads and customers too, according to this article from Inman.
Knowing that someone took the liberty to recommend you to one of their customers speaks volumes about your character. It brings instant credibility and trust to your business, brand, and most importantly, you. After all, it is your reputation—and your reputation is everything. Therefore, maintaining your reputation should always be in the back of your mind, because once trust is lost, it takes a very long time to earn back.
The author’s findings from interacting with over 500 Realtors at the recent NAR convention revealed that the overwhelming majority of real estate agents receive most of their business through referrals.
Realtors are a close-knit group and any good realtor knows they must refer without expecting anything back. If your goal is to gain something from the exchange, you WILL come off phony.
Maintaining good relationships is the key to success in any business. It just happens that the business of real estate is relationships because the market is far too competitive to rely on anything else.
Tips for Success
Don’t Forget About your Vendors
Buyers and sellers are always in the market of home improvement because whether it’s painting, staging or plumbing, there always seems to be something that needs to be fixed when buying or selling a home.
So, agents interact with service providers on a daily basis.
One good way to let your service providers know you’re there for them when they’re in the housing market or know someone who is is by referring them to a realtor you know and trust.
Don’t Expect Anything Back
People in the business world remember the last time you were generous so it goes a long way. Referring business to someone because you know he will do a great job for your client is the best thing you can do to provide value to your client. It reflects well on you, and your client will appreciate the fact that you are sending them to someone you know will get the job done.
Being Generous is ALWAYS a Good Business Strategy
Entire businesses are built around the fact that they have a far-reaching empire of a network. As a Realtor, people will hire you, because you know someone for about every imaginable situation. This also lends credibility to you as a Realtor, but, more importantly, as someone who is respected in the community.