Mastering the Art of Real Estate Referrals –PART 2

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Mastering the Art of Real Estate Referrals –PART 2

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Expand your pool of referrers

No doubt friends and family can be allies in recommending your services to others. However, also consider these three sources of real estate referrals:

  • Satisfied current and past clients. Chances are, they are already talking about you when they discuss selling or buying a property, and they have a first-hand account of how effective you are at your job.
  • Business associates. You’re in constant contact with so many professionals, including mortgage brokers, bankers, appraisers, inspectors, attorneys, title officers, property inspectors, and so on. Once you can vouch for their work, refer them and ask them to return the favor. Just be sure that you know your broker’s policies regarding conflict of interest or referral fee prohibitions first.
  • Social, personal, and professional contacts. Create a comprehensive list of all additional personal and professional contacts you come across in your daily life. Your child’s teacher, a personal accountant, your doctor, and so on can all support the growth of your real estate business. You just have to ask.

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Establish a ranking system for referrers

Some referrers are just more important because they generate leads that result in sales. You want to make sure you are putting in the effort to foster those relationships, so create and maintain a referral list. Then, as you organize your real estate referral sources, identify their priority level like this:

  • Level 1 Sources. Past and present clients who will likely send real estate referrals to you because you have a good rapport; relatives, friends, and other contacts who send you leads regularly; and associates in influential social/professional positions.
  • Level 2 Sources. People who will probably send referrals to you, but require additional work such as repeat requests or additional interaction. Additionally, these sources may also place certain limitations on their referrals to you.
  • Level 3 Sources. People who may send you new business because they have heard about you, but you do not know when or how they will do so.

Note: You should have twice as many real estate referrals from Level 1 as you do from Level 2, and twice as many from Level 2 as you do from Level 3. more

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