Are You Getting Paid for Your Outgoing Referrals?

Written by Posted On Friday, 21 May 2021 00:00

In today’s world of dealing with unproductive Internet leads, it is time to cultivate the tried and true methods of yesteryear, the referral. A referral is often a warm lead from a trusted source. But have you ever sent a referral to another broker, and then never heard from that broker again? Join the club. 

What is your conversion rate on getting or giving referrals?  With over 2500 referrals given each day in the US between agents, you may want to focus on building a stream of income from this underserved resource. But when you are actively giving or receiving referrals, keeping track of status might be a challenge.  

The communication of status and updates might be consistent or ,all too often, you never hear what the status is. Did the client have a good experience? Did the referral result in a sale?  With the success or failure of the transaction, would you ever refer to that agent again?

Statistics tell us that people are moving to many different areas, and when they are referred to a professional by another professional, confidence levels raise to a more comfortable level.

However once referred, the referring agent is often not compensated with future referrals.  Losing the contact, or infrequency of prospects wanting to buy or sell in a given area, can block getting a steady stream of future referrals going forward.

Want more referrals?  Here are a few tips to increase the flow of referral income to your bottom line:

1. Have a referral marketing plan in place to intentionally solicit and offer referral reciprocity.  Include in your current marketing messages an offer of specific relocation resources to target groups of prospects that may be in a position to give you referrals.  Tailor your messaging to engage other real estate professionals in neighboring states that you are a resource for anyone coming to your destination area. Follow up with your sphere of influence and update them on migration trends for second home destinations.  Poll your past clients with a non-solicitive checkup/check-in and remind them that you can leverage your services all over the country through your network to help their friends and family. 

2. If you are located in an area with close proximity to other states,  consider contacting top producing agents and companies of your offer to help their agents and their prospects that might be coming your way. Be consistent with updating this group with recent changes in your area that may be a new asset to those considering moving to your area.

3. Check out a new referral platform that organizes the referral process.  Created by a practicing agent from Nevada, Todd Miller saw the need for a more systematized process for giving and getting referrals. He and his partner, Oana Sterlacci, developed ReferralCloud.co.  (Note: Not .com- www.ReferralCloud.co)

This system acts as a referral coordinator for any real estate agent client referral and rewards those agents using the platform to more referrals acquired from inbound resources.

They addressed the fragmentation of the referral process by streamlining the online platform that shares real clients, not just a “lead”.  With no monthly fee, ReferralCloud.io includes other strategic partners for referrals like lenders, to promote their services. With their position as a directory, agents who want to increase referral business may want to consider a platform that supports the referral process.

For more information about ReferralCloud.co,visit their website and click here for our video interview with this dynamic team.

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Terri Murphy

Terri Murphy, Communication engagement specialist, author, speaker, consultant, and Master Coach with Workman Success.  She is the author of 5 books, TedTalk speaker and co-radio host on KWAMtheVoice.com. Contact: TerriMurphy.com or Email: Terri@TerriMurphy.com

https://terrimurphy.com

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