Real estate is a referral business. As in any field, a few bad apples can ruin the image of the entire industry. Hence, it can be difficult for real estate agents to attract attention if they are not recommended first.
Believe it or not, there is a simple solution to this problem: building a reputation.
When a real estate agent does good business, they create a portfolio of recommendations that speak for them. But in real estate, doing good business is easier said than done.
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Receive recommendations from your customers
Everyone who does business wants the greatest return on investment with the least amount of work and as quickly as possible, but you need to balance this with the client’s need to feel well looked after.
When people feel they are in good hands, they are more likely to send their friends and family away. So how can a real estate agent create the best experience for their clients and get those property recommendations?
Even if the name of the game is to captivate customers and close deals, the real estate agent has to be honest and sincere. You should be open about the different options a customer can have. Of course, the customer may find himself in a situation where it is not possible to get the house on the market, but this will not be the case for all customers. Rather than not listing the house, agents should show how working with them is the better option.
It could be a brief closing time, or going through the laundry list of items a home inspector goes through at a traditional sale, or maybe a list of rentals in their area to make the transition easier. It’s more about customer service.
In such cases, the broker may not complete that particular sale but may have opened the door for some property recommendations. If they are honest, open, polite, and respectful, the broker may even receive referrals from someone who has chosen to refinance rather than sell.
Listening to customers and answering their questions can alleviate their worries and create an area of comfort that promotes a smooth sale.
The broker has gone through this process before, but this will be the first time for many of their clients to be involved in such a transaction.
There are many statewide tools like Cole Realty Resource – or local solutions like Real Estate IQ in Texas – that the broker can do some research before even meeting the seller. The broker will know how long the customer has owned the apartment, if they are facing a lien and what their income is, which can inform the broker how to approach the sale. A family selling a loved home presents different challenges than a landlord who is just trying to unload a property. Using these tools provides a way to get in touch with homeowners and draw a picture of those owners that you can use to negotiate more efficiently.
If the agent takes into account the climate of the situation and keeps the lines of communication open, he can reach out to his clients and make sure they feel that their voice is being heard.
Be on purpose
If a broker thinks that a transaction is going particularly well, they should document this. You should keep an eye on the schedules and the money the customer is making. You should ask your customers if they can share a statement with prospective customers accompanying these numbers.
After a sale, the agent should send a thank you to their client. If customers have fond memories of their broker, the more likely they will put the agent’s name on the line in due course.
Brokers can ask to take photos of happy customers. Real estate agents often take photos of their buyers in front of their new homes and post them on Facebook. Why not snap a photo with clients holding their graduation check envelope?
From time to time the broker may send out a quick note (via email, mailer, or even a Facebook status) reminding previous customers that referrals are the name of the game.
Real estate agents should be honest, attentive, and deliberate in all of their transactions. This perspective will help keep them on track to possibly be the name people think of when their friends ask for property recommendations.
And these recommendations could help them grow their business and differentiate them from their competitors.
Receive recommendations from across your community
When brokers start real estate investments, they may have $ 200 or $ 20,000 to spend on marketing. However, their social network is more valuable. I don’t mean tons of “friends” on Facebook, although that can help. This is more about having a network that can become an army of channels that lead to leads.
It’s not about being “that guy” at a party and begging for deals, but rather it builds on people knowing what you are doing. If you’re not active in many circles or don’t have a large network, here are various resources to help you expand your sphere of influence.
Connect with the Chamber of Commerce
Connecting with other business leaders and owners can be a gold mine to build a referral network. Having other business owners exposed to thousands of customers and connections is a tentacle in the community.
Typically, a Chamber of Commerce hosts business lunches, and some allow only one or two people from a particular company in each chapter. Realtors can call their local chamber and see if there is room for a real estate agent or a specific niche.
Take part in community activities
Bowling on Wednesday night is just for football, isn’t it? Time and time again, it has been shown that it is easier to work with people who have common interests, and they will likely be more than happy to recommend people they know. Agents shouldn’t be afraid to bring up their work; It will be easier for her friends to remember her.
Real estate has been a popular topic for quite some time. Agents should be happy to talk about it, but don’t hit a dead horse. Agents should keep friends as friends (not just viewing them as “main Joe” and “recommendation Rachel”) and stay natural in conversations.
If the agent has kids playing a sport, sitting in the stands or coaching is a great bonding time. Little Susie and Timmy are perhaps the best accidental networkers you know!
Talk to bartenders
Bartenders, baristas and hairstylists are the types whose customers make little confessions (or tell their life stories!). When they’re established and have regular customers, they know the gossip or hardships on their customers’ minds. Even for agents who don’t go to a bar or salon, it doesn’t mean this idea isn’t a primary source for them. What kind of service staff do you see regularly who are constantly in public?
Whether or not the agent has an expensive and elaborate marketing plan, word of mouth networking is a wonderful (and usually almost free) place to start. Even after years of starting, it’s the type of business most entrepreneurs crave. Be consistent, be confident, and smile. Your network is your net worth, so invest in yours.
Hold a seminar
People are always looking for ways to learn more about how to become a homeowner or start their own real estate business. An easy way to reach these potential customers is to host a seminar on a selected topic. Think of it as good will to provide tips and information about real estate and hopefully the attendees will become future clients. It’s also a great way to partner with other real estate companies like lenders, home inspectors, and contractors. The more value and information the seminar can offer, the better your chances of attracting potential customers.
Receive referrals from referring agents
Part of finding a property starts with finding the right real estate agent. And for those who don’t want to spend time searching, a real estate agent can help. The buyer may be from another state or new to the area and may not know anyone. In these cases, a referral agent would be a lifeline and make buying a home easier.
Real estate agents have real estate licenses and are familiar with the legal requirements that are required to buy a property. They connect homebuyers with licensed real estate agents and take a lot of the guesswork and stress out of the process. The referral agent will recommend real estate agents and will use reasonable care to review the referrals. In the same way, the referral broker also reviews homebuyers and provides real estate agents with high quality referrals.
If the agent can find the right property and close the buyer’s deal, the agent receives a finder’s fee that is part of the agent’s commission. The buyer does not pay them directly. Depending on the situation, it can be helpful to call in a real estate agent to make buying a home easier.