Mastering the Art of Real Estate Referrals –PART 4

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Mastering the Art of Real Estate Referrals –PART 4

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Reward and follow-up with real estate referral sources

Show appreciation to your sources each time they send a referral your way—not just when the lead results in a commission. If you only acknowledge the referrals that turn into sales, you limit the number of referrals you receive—and you kill people’s motivation to put in the effort to send you leads. Mail referrers a handwritten thank you note or a small show of appreciation, such as a gift card (if and when your budget allows).

Without being negative or jeopardizing confidentiality, let sources know what is happening with the referral. If the referral does not work out, still thank your sources for their time.

Connect with real estate leads for the first time

So you have a great list of leads. Now what? First change your mindset. You are contacting people to offer them a valuable service—not to pester them. Additionally, have some confidence. If you go into the conversation acting apologetic or unsure of yourself, the leads may lose confidence in your abilities. So take a deep breath, relax, then call them up and do the following:

  • Use the name of your source to break the ice. When you make initial contact, likely by phone or email, saying something like “Billy B. suggested that I call you …” provides a reason for your call.
  • Request a face-to-face meeting. In-person contact is ideal, so ask a referral if you can treat him or her to a cup of coffee to talk things over.
  • Discover the referral’s expectations. Ask questions and listen carefully to learn what leads are looking for, the limitations and must-haves, and so on.
  • Convey your expertise, knowledge, and reliability. Answer their questions when you absolutely know the answer, and for any information you don’t know, tell them you will get back to them with answers. Never try to flub your way through a conversation or pretend you know something you don’t. If you provide the wrong information, you could damage your credibility.

Establish an ongoing relationship with your real estate leads

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Even if the lead is not interested in doing business right now, don’t abandon the relationship altogether. The person could turn into a client or another source of referrals down the road. Instead, keep the possibilities open by asking questions, such as:

  • May I contact you again in one/three/six months?
  • Would you be interested in receiving my newsletter, market statistics, and other updates?
  • Would you please give your contacts my information so I can help meet their real estate needs?

While it seems like a great deal of work, it’s not in vain. Real estate referrals become clients more often than leads generated from other promotional avenues. If you play your cards right, the chances of landing more business is high.

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