Wednesday, October 19, 2011

Creating a referral strategy

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Creating a referral strategy
WASHINGTON – Oct. 18, 2011 – Real estate agents who want to generate business from referrals need to establish and deploy a strategy. Rather than depending on mailings with calendars, football schedules and the like, agents should spend more time making phone calls or personal visits and request referrals.

Most people make referrals based on trust and friendship, so agents should share their goals and vision to emphasize their passion and enthusiasm. Of course, clients are also more willing to suggest referrals if an agent gave them top-notch service in the past.

Although some agents want their businesses to be 100 percent referral-based, that approach to business is too narrow and exclusive to be successful. Agents will receive a lot of referrals when the market is hot; but when the number of potential buyers and sellers shrinks, referral volume dries up.

Agents who concentrate only on generating referrals usually have more buyer leads than seller leads, which is why top-producing agents seek a more balanced approach and depend on other lead sources as well.

Source: Realty Times (10/14/11) Zeller, Dirk

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