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Sign into your account65 Sources of Real Estate Referrals You May Have Overlooked
January 20 2017
Referrals are a crucial part of an agent's money-making engine. According to research, 35 percent of a Realtor's business comes from past client referrals, and even outbound referrals to other agents make up 12.5 percent of an agent's annual transactions.
A study from ReferralExchange and the Council of Residential Specialists reveals that referral leads have a higher close rate than average, too. About 50 percent of both inbound and outbound referrals result in a completed sale.
Clearly, referrals make up a significant amount of an agent's bottom line. So what can agents do to cultivate more referrals?
To start, it pays to know who to target and how. According to ReferralExchange, there are 65 major sources of referrals in eight different categories. You're probably working many of these sources already--but are working them all?
Our bet is that there's at least a few referral ideas here that you may have overlooked. Check out this comprehensive list of referral sources for inspiration on cultivating new business.
Group 1: Friends, Families, Acquaintances
Of all referral sources, this group includes your nearest and dearest. You can nurture the people in this group through more personal means, like holiday cards, social activities, sponsoring friends/family events, posting on social media, and more.
1. Friends
2. Relatives
3. Neighbors
4. Co-Workers
5. Spouse
6. Children
Group 2: Not-so-Chance Encounters
You never know where, or from whom, your next closed deal could come from. Just being out and about is an opportunity to cultivate new leads. To that end, try to come across as friendly and approachable--say hello to people in line at the grocery store, for example, or rely on clothing with you or your brokerage's logo on it to encourage conversation and curiosity in others. But be ready--practice some standard talking points so that your conversation flows freely and naturally, all while being beneficial to your business.
Here are some places and situations that can be conducive to finding potential referral sources:
7. Vacation
8. Business Travel
9. Shopping
10. General Activities/Errands
11. Garage and Estate Sales