As they say, contacts are essential in business, and the real estate business is no different.
The profession of an agent heavily depends on the real estate referral network that each agent builds. This referral network, in fact, brings the majority of clients these agents help, and thus we could say that these referral networks indeed are the lifeblood of this profession.
Since we understood the uncertainty that goes between real estate agents about what’s the best way to market themselves and scale their businesses, we decided to write an article that will explain everything you need to know about building an effective real estate agent referrals network.
How exactly can you build your real estate referrals network, and how does it differentiate from other ways of marketing yourself?
Let’s get down to it!
Agent to agent referrals are the way to go
Let’s firstly start with the strategy. There are many strategies you can use to scale your real estate business. We wrote a separate article about this topic. Click here for more information. Out of all methods known to real estate agents, we believe that the agent to agent referrals are the most effective strategy to build your own real estate referral network. And for many reasons.
Let’s start with the financial part. Common referral companies charge their clients in the way of taking a percentage from the sale, and while it may not look like a big deal for many agents, over time, you’ll realize that you lost a lot of money to these companies while knowing you could have used different ways of generating leads and thus save your money.
Another advantage of agent to agent referrals is the fact that you’re not getting just any leads, but you’re getting highly qualified ones, which makes a significant difference since leads from fellow realtors are highly more effective than your average internet leads.
A plethora of agents are simply not so sure about this strategy since it may seem ineffective at first glance. Why would anyone want to refer a client to someone else?
There could be many reasons for this, but the most common ones usually are: The agent may be a seller’s listing agent and does not represent the buyer. The agent may be too busy to handle all clients. Hence he gives all of the additional work to other agents, or lastly, the client is relocating to another city, where, in this scenario, an agent will help them sell their home and refer a client to another agent in the city they’re moving in.
What we at Referrals.io do and how we can help you
Being aware of the fact that agent to agent referrals are the best way to build an effective real estate agent referrals network is one thing, but knowing how to even get to these referrals is another thing.
With that in mind, we decided to make things easier for real estate agents, and Referrals.io was born.
We are a software company providing a tool kit for referral agents in order to build their own partner referral agents network. As previously mentioned, agent to agent referrals are a very powerful strategy, and with the correct tools, you can too build your own profitable referrals network.
Our solution enables agents to build their own network and Exchange referrals. Think of us as LinkedIn but specifically made for real estate agents.
Why should you even consider using our services? Aren’t we just another referral company?
What differentiates us from other referral companies
We often get asked by people what makes us different from other real estate referral companies. Many real estate agents have previously been in a situation where they’ve been introduced to companies that promised them quality referrals, but the agents seemed to overlook how big a fee they will have to pay the referral company in the end.
After going through this experience, many of these agents tend to put off with referral companies in general.
Our most considerable differentiation from casual referral companies is that we are not a middleman. Meaning, although we charge a small subscription fee, less than cup of coffee cost, it is a tiny fixed one. Our company was born with mission to provide maximum value to referral agents.
Thus, we do not take any percentage from the actual sale, which results in you keeping more of your hard earned money while still connecting with high-quality real estate agents you can get in touch with and potentially do business with.
What’s the most common mistake many agents make?
We also wanted to point out a very common mistake we see many real estate agents make, which is joining various referral Facebook groups and looking for referrals there.
Although this may seem like a great idea at first glance, there are many disadvantages to this strategy. Example one being that Facebook groups are public and managed by admins you have no control on.
Any referral posted in those social groups is seen by all members of the group no matter where those members are located in the country.
Another complication of this strategy is that agents unable to find specialized agents that focus specifically on a particular type of real estate, such as commercial or residential real estate, or with any different kind of specialization to fit with client needs. This, in the end, decreases the probability of referral success.
After being introduced to agent to agent referrals as well as our services, we believe you’re now ready to scale your real estate business to another level by building an effective agent referrals network.
There are many strategies commonly used between real estate agents, but agent to agent referrals is by far the most powerful one, thanks to all the mentioned advantages.
If you’d like to know more about our company and how exactly we can help you build your real estate referral network, click here.