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Real Estate News and Advice |
December 2, 2009 |
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How to Get Agent Referrals
by Blanche Evans
If you want to imitate the success of the big ticket writers in the real estate industry, start working on your referral network. The top sellers of the country continuously get involved in workshops, trainer programs such as Allen Hainge's CyberStars(tm), symposiums, and are consistently present at large Realtor blow-outs like the NAR convention. Why? They want to meet people, particularly people who are successful in other parts of the country. But these success stories don't just stop with in-person salutations - they make and build associations on the Internet as well. They are building a referral network. How do they do it? It takes time and nurturing, but the results are well worth it. Here's what top agents do to get the most referrals: They get their businesses in order. Agents who are ready to receive referrals are organized, have a business plan and are working the plan. They know who they are and where they want to go. They know what kind of business they want to go after and are working to strengthen their market niche. They watch their reputations and make sure they are someone to whom others willingly entrust their clients. They become who they want to be. Just as you would never want to remain a rookie, you can't rest on your laurels either. The human was built to walk or run, but not to coast. Make sure that you aren't content just to get your license renewed and take your castor oil of continuing education every y ear. Expand your knowledge and your mastery of your industry by acquiring designations that will translate into more qualified sales. If you love luxury homes, take your business that direction. If you love historic homes, become the most knowledgeable, qualified person in your field. They join organizations to associate with agents that they want to do get to know. When an agent takes the time and trouble to acquire a designation like CRS, and then has an opportunity to make a referral, the chances are high that s/he will pass his/her valued client to someone of at least equal rank - another CRS member. Look at the NAR affiliates and see is there is an organization that you would like to join. Other organizations who are outside the NAR umbrella but work closely with Realtors can also be beneficial. The Employee Relocation Council is a tremendous organization and a great source of referrals for relocation speci alists. Are you a buyers' agent? Join the National Association of Exclusive Buyers' Agents (NAEBA. ) They go to conventions and seminars specifically to meet other people from other areas of the country and to learn. Eleanor Mowery-Sheets, Coldwell Banker's top producing agent system-wide routinely attends NAR conventions, symposiums and other industry events. She often lends her rhetorical skills to agent panels and discussion groups, all while running an $80 million plus annual business. Sheets is often quoted as saying how important building a solid referral base is to her business. They stay in touch. What's the point of putting someone's card in your pocket and never giving that person a call? When you take a card, make sure you follow up with an email, a phone call or a note. Contact them again periodically and let them know what you are doing and how your market is so they can inform their clients. Build a rapport. They stay on top of local business trends. A top agent reads the news and knows what the news means to the local real estate industry. They will know what companies are relocating personnel to town and will be in touch with agents from referring areas. They read news about other agents and contact those agents. When someone is awarded a high honor, a top agent will often call, introduce themselves and congratulate that person. They take advantage of their broker association, yet are willing to work outside of it. You may belong to the biggest franchise in the world, but when you have a client to refer, you want someone you can trust - whether s/he wears the same colored jacket as you or not. They honor referral fees. You can make a marketing plan just out of referral fees. Canadian broker Carolyne Lederer offers all agents with whom she does business a "lifetime" referral fee. If the client moves and moves again, as long as s/he is working with Lederer, this savvy broker will pay the referring agent a referral fee - for life. They follow up. If you passed a client to someone, wouldn't you want to know what happened. A good referral agent will put your fears to rest. S/he will email you or call you with thanks and an update on how the client is doing. But what if you are just getting started? You can't become a superstar overnight...What options are there for the new agent? Start by getting yourself listed as a referral on MiracleMall.com. This is a free service for agents and brokers. The database allows you to search the world over for Internet savvy agents & brokers willing to pay you to send them referrals and vice versa. Published: January 8, 1999 Use of this article without permission is a violation of federal copyright laws.
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