Real Estate Broker Referral

Why Should you Strive to Receive a Real Estate Broker Referral?

When a past customer gives you a real estate broker referral; or you get a real estate broker referral from working a business network, a real estate broker referral means business.  A real estate broker referral opens doors to new business. A real estate broker referral demonstrates a trust. 

When a Broker gets a real estate broker referral, it is a testimony to the firm.  Brokers agree, it’s nice to have a constant stream of real estate broker referrals, because a real estate broker referral closes 60% of the time.

Referrals are Free Business

Referrals are a great source of revenue.  They are free business; new customers without the overhead of advertising.  Referrals are so important that getting them should be an integral part of the business culture.  Especially in such a people oriented business as real estate. 

Your real estate brokerage and its agents are missing out on an important source of revenue if their not doing a good referral business.

Real estate transactions can build a solid referral base like no other business transaction. The complexity and the length of the interaction make building a bond possible between the parties. It’s a bond found in only a few professional relationships.  Because of the trust, developing a great referral base can become a natural extension of doing business.   

Encouraging a Referral Culture

To take full advantage of referrals and the business they can bring, you need to develop a culture of referrals in your brokerage.  Make it policy that each client be treated in such a way that they gladly share the experience with others. 

In reality, most brokerages do a fine job handling their customers and clients, but go a step further and develop a top shelf referral business.  Demonstrate complete commitment to each customer, if you do this, generating a referral from them is a simple process to follow.

Generating a Real Estate Broker Referral

First, wow them with your service.  Get in the habit of under promising and over delivering.  Once you get the habit, it’s only natural for your clients and customers to be impressed. They will want to help you when the time comes.

Know how to ask.  Develop some dialogue and keep it practiced.  Once you have it, work to figure out where it goes in the business process. 

Ask.  If you’ve done your job well, then you have earned the privilege of getting a referral. 

Develop a referral culture in your brokerage firm; you’ll reap great benefit.