Here are my thoughts on the right way to build a strong referral network.
Several agents have reached out asking me to expand on an idea I shared recently about building a referral network. It’s not only important to surround yourself with trusted professionals, but it’s also important to lean into those local connectors to get referrals. As we grow our businesses, most of us gather a list of preferred vendors that we know, trust, and refer business to. These people should be referring business to you as well. It’s a great way to grow your business from the inside out. I’m diving deeper into how to set up such a network today.
One of our coaching strategies is to build an entire network of business owners that aren’t necessarily in the real estate world but can exchange referrals and support each other’s businesses. Referrals don’t require a lot of money, and the return is often double or triple the effort you invest. Think of your connectors like bird dogs that are constantly on the lookout for new clients to send your way.
“Teach them how to refer clients to you.”
Who should be in your referral network? Obviously, there are home contractors like landscapers, electricians, roofers, and plumbers. They send clients to you, and you send clients to them. I also encourage you to think outside the box. Reach out to restaurant owners, local shops, insurance brokers, teachers, firefighters, and even nurses. Think of anyone you know working in a field where they come in contact with lots of people. These people tend to make friends easily and are great referral partners.
The goal is to be top of mind when someone is thinking of selling a home. That’s why you should meet with your connectors on a regular basis. Take them to lunch, have a Zoom meeting, and keep in contact so that they think of you when they’re talking about real estate. It’s also important to ask what you can do for their business and how to refer them. Then teach them how to refer clients to you.
Most importantly, make sure you reward your connectors for referrals they send your way even if it doesn’t end in a transaction. Give them a small token of appreciation every time they give your name out so that they will keep sending you potential business.
If you’d like to learn some more of the finer details about building a great referral network, reach out today and schedule a free business-planning strategy session. Our coaches will help you create and implement a strategy that works best for you.
