18 Feb 18 OVERLOOKED REFERRAL SOURCES FOR REALTORS
Whether you’re new in the business or a seasoned professional, knowing who to ask for referrals is critical. Although “word-of-mouth” will always be your best source of real estate leads, here are 18 other great & often overlooked referral sources for realtors that take time and energy, but can pay off big in the long run!
1. Title companies:
Referrals from title companies can be important to your business since they may bring you transactions even during a slow market. But to make sure your referral sources stay active, be sure to send them a quick follow-up note every now and then after a transaction closes or if it’s been a while since their last referral.
– For example, “Hi Joe. I was just thinking about you the other day and wondering how everything has been going for you since we closed that transaction back in May. If this note finds you well, I would like to give you a call sometime next week if that works for you.”
– You can also ask your title rep if they have any upcoming referrals that they will be sending out, so you can stay on top of things. This way, you can call or email them with a friendly reminder to send one your way!
2. Deals Closers
You know those deals that drag on for weeks or months and you’re finally like, “Ugh! Just end already!” We bet at least a few of those clients would refer you to their friends or family. Don’t assume that they won’t give referrals just because they’ve been difficult at times.
3. Other Agents
Referrals from agents from other geographical areas that you don’t service may be possible. Talk to your mentors and get in touch with agents from other offices that have been successful at bringing in referrals from outside their immediate area.
4. Commercial Brokers
Do you have a commercial real estate connection that you can tap into? If not, this relationship should be a top priority. There are many commercial brokers that service previously-owned businesses and office buildings who need help with residential buyers and sellers. Don’t miss your chance to take advantage of these relationships!
5. Mortgage Bankers and Mortgage Professionals
You know we live in a world where people rely on mortgages to finance their homes. Don’t ignore this huge resource! These mortgage professionals are a huge resource and liaison to your target demographic. People who are actively looking to buy a home!
6. Home Staging Professionals
A lot of real estate agents and business owners don’t utilize home staging connections to their advantage! Home stagers help those attempting to sell their homes by making them look more attractive. They can be an excellent referral source as they are in front of homeowners every day that may be getting ready to stage their home for sale.
7. Schools and Universities
If your area is populated with universities, give the school’s alumni association a call! If you went to college in New York City there would likely be tons of people willing to talk about real estate. Attend alumni functions, volunteer for events at the school and network!
8. People You Meet on Your Day-to-Day Routine
This one’s a no brainer, but it’s always worth mentioning: Sweeten up the cashier at your local grocery store, give out referrals to the people in line behind you at the drive-through ATM, and always remember the trainer at your gym or your manicurist at the salon you go to is probably a great source of referrals. Who knows, they may have friends moving to town soon! Try to meet as many people as possible!
9. Grateful Customers or Clients
This category is pretty self-explanatory. Whether they purchased or sold a property, people are usually grateful for the work you’ve done and will be more than happy to refer family, friends, coworkers… whoever! Make sure to stay in touch with them after the sale!
10. Volunteer Organizations
Non-profits, charities, sports leagues, churches… People love to give back and will appreciate your efforts to help out. Get involved in the community and volunteer for a cause you believe in! Not only will you be expanding your network, but you will be doing good for the community as well. A win-win!
11. The Barbershop or Beauty Salon
These businesses are great referral sources because their customers trust them. Instead of focusing on the sale, these professionals focus on building long-term relationships with their clients. Give barbers and hair stylists a call to see whether they’re willing to give you referrals! If they can’t or won’t help you out, ask for advice instead.
12. General Contractors and Home Improvement Professionals
People love to refer those who helped them with their home improvement projects. But before you call the contractor, find out whether they’re willing to introduce you as their referral source. You will likely be able to refer these professionals quite a bit of business as well, and it might be the start of a great referral relationship.
13. Your Recurring Customer Base
If you already have customers, ask them if they know anyone who might be interested in your services. Send them your newsletter or any other informational material you have so they can educate their friends and family members about the benefits of working with you.
People that volunteer at schools or other organizations are a great referral sourcer. In fact, it may be where your first lead came from as a new agent! People who know each other from the same organizations, make it easier to establish trust. Get involved in your community and these referral sources will come naturally!
15. Realtor Associations/Boards
People that are part of these organizations can be found on LinkedIn or Facebook, so they’re usually pretty easy to find. Simply search the Internet for “Realtor association near me” and contact anyone you’d like! Don’t forget to get involved with your local real estate board too.
16. Homeowners’ Associations
People in your community are either paying dues to their homeowners’ association or receiving notifications about meetings and other events. Become a part of your neighborhood association, offer value from your professional opinion and meet new neighbors – the referral will come naturally after!
17. Military Resources
People that have served in the military or have family in the service are used to relocation. Take advantage of these opportunities by getting your name and contact information in their hands!
18. Social Media
Social media is a great way to get your name and brand in front of potential referral sources. Join Facebook groups, Twitter chats, LinkedIn groups… There’s so many ways to catch someone’s attention. Just be sure to contribute value and stick around long enough for people to recognize you as an expert!
In conclusion, there is a lot of potential in terms of referrals if you’ve been in the industry for a while and have developed relationships with customers and colleagues throughout your community. It’s important to proactively reach out to these referral sources and nurture those relationships so that they eventually turn into real estate deals. What other overlooked referral sources for realtors can you think of?