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How To Gain More Referrals With Agent Networking
The real estate industry is known for its network of referrers and the connections it can provide. Here are five things you can do to gain more agent referrals, which means increased opportunities.Share the article
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.
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-based referral 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 Referral 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.
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.