Top agents leverage one successful transaction into multiple others. How do they do this? Referrals. It is the life blood of the real estate industry and thankfully, something you have complete control over. Thankfully, we work with thousands of agents who are able to generate lots of referrals. Here are some of the best practices we picked up.
Build a Business with Referrals
Did you just help a client find a great rental for them to call “home”? Great! Use this successful transaction as a reason to ask for referrals. Let your client know that you would love to help any of their friends, relatives, or acquaintances with their real estate search. This is how you turn one transaction into multiple.
Rentals are a referral multiplier. Here’s why:
- Rentals are quicker to close than home sales
- Rentals happen more frequently than home sales
- Rentals are often easier than home sales
- Rentals have at least two clients-a tenant and a landlord
Whether rentals is your main business line or just a part of your overall business plan, they are a referral powerhouse. Every rental tenant lead should be looked at as two leads. A tenant lead (usually more than one) and a landlord lead. What other transaction in real estate allows you to work with more than one party at a time?
Once you have successfully helped a renter find a place to call “home,” ask for a referral, invite them to your social media page, and continue to develop a relationship with them.
Leveraging a Successful Transaction
As briefly mentioned above, every tenant lead should be looked at as two leads: a tenant lead and a landlord lead.
You just helped a renter(s) find a place to call “home.” Congratulations! Use this opportunity to remind your clients that if they know anyone, perhaps a friend or relative looking for a rental or maybe buying/selling a home, you can help. Odds are they had a great experience with you, so don’t be shy about asking for referrals!
“So glad I could help you find a great rental! If you ever have any friends or family members who are thinking about moving and want to discuss their home search, send them my way. I would love to help!”
You just helped a landlord fill a vacancy and generate revenue for their business. Always introduce yourself and let them know you are an experienced real estate agent and can help them fill any other vacancies they may have.
“Do you have other vacant rentals? If you do and need help virtualizing the rental, marketing the rental or assisting with incoming lead qualification, I can absolutely help!”
Inviting Past Clients to Your Social Media Pages
Staying top-of-mind for a past client is the best way to ensure they send referral business your way. An active social media presence is a must in today’s real estate industry. Invite them to your Facebook Business or to follow you on Instagram. It will help keep you top-of-mind!
“Do you know someone looking to rent, buy or sell a home? Invite them to like my Facebook or text/call me at [insert phone number] and I’ll be happy to help!”
“If you’re a landlord or investor looking to fill a vacancy, contact me at [insert phone number]! We can have a virtual consultation and discuss all the great ways I can virtualize your rental to generate interest and applications.”
Continually Develop a Relationship
Whether you’re working with a renter or a landlord, developing a relationship will guarantee future business. A check-in could be as small as letting them know a new restaurant opened in their neighborhood, or as big as wishing them a “Happy Birthday!”
Use our Clients Tab to keep track of a renter client’s birthday and upcoming lease anniversary date. Or keep track of a landlord’s upcoming vacancies to ensure your reach out. Top agents leverage these milestones as an excuse to connect with a past client!