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How To Gain More Agent Referrals with Networking

August 1, 2021
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Don’t Overlook This Valuable Referral Source When Building Your Real Estate Business

The real estate industry thrives on referral. As a full-time real estate agent, you know the power of networking. The reality is that networking efforts and referrals go hand in hand. 

Agent referrals offer leads in the form of past clients, friends, and other members of your personal and professional network that bring lucrative real estate business right to your doorstep. 

However, there is a segment of the realtor referral business that often gets overlooked: agent referrals. 

Agent referrals are a bit different than your typical customer referrals. Real estate referrals happen when a licensed real estate professional, a former customer, or a designated referral company recommends your realty services to a home buyer or seller. 

But how do agent referrals work and how can you use networking to find these opportunities? Let’s find out. 

How Do Agent Referrals Work? 

If you are just starting out or looking to find new business, a real estate agent referral will bring clients to you and grow your real estate business. 

There are many benefits to securing a real estate broker referral. 

  • High-Quality Leads
  • Training And Support Opportunities 
  • Automatic Client Trust 
  • Builds Your Professional Brand

An agent referrals system sometimes comes at a price. The referring agent will receive a referral fee based on your profits from the sale. Other times, it will be a mutually beneficial relationship where you refer each other to clients that have needs you cannot meet. 

Thanks to a referral network, you will see a higher ROI because you did not have to seek out the customer since they were referred to you. These are quality referrals that will help build your real estate career. 

So how do you build your agent referral network? Let’s take a look at five ways you can use networking to gain agent referrals. 

5 Ways To Build Your Agent Referrals Network 

An agent-based referral system will offer supplementary income and lucrative leads. To gain these valuable referrals, you’ll need to build an agent referral system through networking. 

You can find what your real estate business needs to grow: high-quality agent referrals by mastering your networking technique.

Take a look at five ways to build your agent referral network to improve your lead generation and conversion rate.

Leverage The Power Of Social Media Connections 

It’s no secret that social media is an excellent place for networking. It’s a fast and easy way to connect with other agents and gain agent referrals. 

LinkedIn is an excellent place to start networking with industry professionals. You can quickly build up your profile to highlight your achievements and strengths. 

You can also use Facebook, Instagram, and Snapchat to build a network of agents that convert into an agent referral system. 

Don’t forget to create a digital business card to share virtually. You can add more contact information to a virtual business card and even provide links to your social media accounts, as well as valuable resources to prove your credibility as a real estate agent. 

Attend Local Real Estate Events 

Real estate events offer an excellent way to network with other agents and brokers in your area. A local real estate company or real estate broker looking to set up their own referral network may host these events. 

Seek out happy hours and gatherings specifically for real estate professionals and work the room. Research local agents you want to connect with and keep an eye out for them at these events. Come prepared with virtual business cards and conversation starters. 

You may even attend community and charity events hosted by real estate organizations. If you are part of a brand, attend the big, yearly conferences that often offer dedicated networking events to lead to valuable referrals. 

Visit A Broker Open House

Real estate brokerage open houses may not be as popular and well attended as they once were, but this is a huge mistake. 

They are the perfect place to network with different agents from a variety of brokerages. These open houses also offer insight into market trends and existing inventory. 

Make an appearance at various open houses to start conversations with realtors in your area. You will find out valuable information and make lucrative connections. 

If a listing agent doesn’t work with buyers and you do, you may find an opportunity for a mutually beneficial referral system for buy-side and sell-side transactions. 

Host Your Own Agent Event 

Clients aren’t the only ones who can host prospecting parties. Host an agent-focused event where you provide refreshments and continuing education sessions to help agents build their real estate business. 

Consider inviting agents and brokers from the surrounding area that don’t practice in your market area. These relationships can be compelling as you refer each other to clients looking to buy or sell in the other’s market. 

You can also host your own agent networking event in partnership with a local business. Not only will you build relationships within the real estate industry, but you will be bringing in revenue for a local business owner who can also refer you to their customers. 

Follow Up Often And Stay In Touch 

Anyone familiar with networking knows the empowerment of the follow-up. Once you’ve established professional relationships with other agents and brokers, remember to follow up just like you would with your clients. 

Make them contacts within your CRM and schedule strategic touchpoints. Assign them to an email list to send out holiday emails, call to check in with them, and send handwritten notes letting them know you still value the relationship. 

Being professionally aggressive in your follow-up approach is almost like auditioning for the lead in a play. You want to show the potential referral what you bring to the table. 

Real estate professionals want to know that their clients will be taken care of by someone who cares when offering agent referrals. So show them that you won’t leave their client in the lurch and always follow up. 

Gain Agent Referrals Through Your Networking Efforts 

Agent referrals allow you access to high-quality leads and provide the opportunity for you to build your real estate business. 

The customers attached to these referrals are already prepared to buy or sell, meaning you are highly likely to convert. 

It may take some time, but networking is the best way to gain agent referrals. So put yourself out there, set goals for networking events, and always watch for opportunities to build your agent referral network. 

FAQs

What apps can I use to help save my supervisor time? 

The top apps to help you help corporate leaders save time are LinkedIn, Calendly, and Google Workspace. 

What is a typical agent referral fee? 

While referral fees vary based on the real estate transaction, a typical fee is 25% of the closing agent's take-home commission. 

How can I regain my confidence at in-person networking events? 

Get your swagger back for in-person networking events by updating your business cards, researching conversation starters, and developing a good introduction. 

Frequently Asked Questions

If you are hesitating, do not worry - we are here to explain everything you might want to know. Let us help!

  • A digital business card, also known as an electronic business card or virtual business card, is a way to share and save contact information in real-time quickly. Beyond contact information they can be customized with different designs and interactive elements

  • You may include your contact information, as well as links to your social networks and communication channels, personalized links and buttons, and video content. You may also edit the colors of your card and add an avatar and a cover.

  • KADO includes a free tier version where you will be able to create your digital business card top to bottom, including links to socials, buttons and video content! Only color designs are part of the paying tiers.

  • Every KADO digital business card has a QR code attached to it, which you can find on your app, under the exchange screen; or under the web app profile.

  • There are many digital business card providers out there, but KADO offers many benefits:

    • KADO allows to integrate videos and personalized buttons and links, even under the free tier
    • KADO offers many integrations, even native, such as HubSpot, Salesforce and Dynamics
    • We allow to fully design your digital business cards, adding all your preferred colors and company logo
    • KADO is ready for enterprises with complex organizational structures.
  • All data is encrypted and firewalled in AWS with no public IP address, and we offer role based, access control within your firm. Plus we are SOC2 ceritfied and GDPR compliant.

  • Yes, KADO is designed for enterprises with multiple offices and teams. Contacts, notes and other information are easily shared or restricted across the organization. Finally, KADO has a beautiful admin UI for managing all aspects of the account.

  • Currently, NFC cards are not publicly listed on the web, but you may request them on demand.

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