Referrals are pivotal to all real estate businesses, big and small, because it springs from the trust your clients have in you—potential clients bank on this element of faith better than cold calls and promotional letters.
According to research by the National Association of Realtors, referrals remain the most preferred mode for making real estate deals. About 40% of home buyers brokered deals with real estate agents referred by friends, family, and acquaintances.
Potential clients prefer word-of-mouth from the people they know who have prior experience with a real estate agent to the whole process of finding an agent conducive to their needs and requirements.
And this is why running a real estate referral program is a sure-shot way to generate qualified leads and expand your sales funnel. Sounds easy and difficult, doesn’t it?
Read on to know about a few easy ways to run a real estate program that will help generate attractive leads.
Running An Effective Real Estate Referral Program Is Not Rocket Science
Referrals do not just drop in. For referrals to happen organically, you have to put in a decent amount of effort by staying in touch with your clients and encouraging them to put in a good word about you to their friends and social circle.
Here is how you run an efficient referrals program that reaps impressive results:
1.Serve the clients’ best interests
This is obvious because when you take steps to meet client requirements in every way and value their trust in doing business with you, it creates a good premise for future reference.
On the contrary, if things go awry, you lose the client and referrals from the client.
2.Expand your Sphere of Influence
A good referral may pop in from anyone you know, not necessarily your present or past clients or close circle of friends and relatives.
Acquaintances you are in contact with, like brokers, bankers, property inspectors, attorneys, etc., are also valuable sources of referrals. Since they are all involved in the business with you, they would gladly refer your services to their friends and clients.
The next step is to categorize the referrers based on their referring potential.
Rank 1 – your friends, relatives, and close circle.
Rank 2 – your acquaintances who would be glad to refer you to their clients but require reminders and additional interaction.
Rank 3 – People not directly connected to you but could make referrals based on their knowledge about you.
When you categorize your referrers, it becomes easier to prioritize the referrals coming your way.
4.Encourage referrals without sounding pushy – That’s the catch, isn’t it?
When you interact with clients or acquaintances, it is essential to make your request clear but not desperate. Have a friendly chat first and then discuss business so that they do not feel annoyed or disturbed.
Also, clients might not realize that there might be a real estate requirement for someone they know until they disclose it. In such cases, educate the clients about the events that trigger the need for investing in real estate like marriage, childbirth, job location change, etc. When clients understand the need for real estate investment, they could contribute better referrals.
5.Appreciate and reward referrers
Rewarding referrers for their effort is the best way to encourage more referrals. However, when you show appreciation only for referrers who provide qualified leads, you destroy the motivation of the other referrers who did their part to help you and restrict your scope for further referrals.
6. Chase authentic online reviews
Like other referral systems, online reviews are a type of indirect referral method since clients who read prior clients’ positive ratings are more likely to approach you. When they see it, they believe it.
And if you can link up with another service provider, you can provide gift cards or discounts on services (especially if you’re looking to gain reviews). This short and straightforward technique will help you immensely in getting more online reviews.
Sending a handwritten ‘thank you’ note or a nice gift makes the referrers feel valued and appreciated. However, the key to a successful real estate referral program is to keep them (referrals) coming. If gifts are not motivating enough, then what is?
But how to manage to keep track of gifts along with the growing pile of work and client hunting? Understandable. And this is why you need to know about Eva.
Eva is an AI-powered gifting assistant that analyses client preferences and does end-to-end gifting with a personal touch. It takes care of everything from curating the gifts to ensuring timely delivery without you having to lift a finger. Uh-mazing, but for real, you ask? Yes, and this is all you have to do.
- Specify a budget ($30 – $1000) and create a gift link.
- Then, send the gift link to the recipient’s email/phone.
Lay back and relax while Eva takes care of everything else seamlessly. As efficiently as Eva runs on auto-pilot, it also allows flexible control.
If you are familiar with the referrer, you can specify the budget and manually input preferences. Eva then displays the gifts that match the choices entered and lets you pick the most suitable gift.
On the flip side, in a situation where you would be required to send 50-100 referral gifts or more to a pool of referrers as an incentive, it would be tedious to manually input preferences.
With Eva, all you have to do is upload the email lists or connect Eva with your CRM. Eva then chats with the recipients, analyses their preferences, and sends the choicest gifts.
With an acceptance rate of 95%, you can rest assured that the recipients would be in for a lovely surprise from Eva.
How to Encourage Real Estate Referrals With Eva?
It is human nature to expect appreciation and gratitude.
Appreciation is nurturing and gives the push you need to perform better. When you appreciate referrers with personal gifts, they are pleased with the gesture and go prospecting with gusto!
With Eva, gifting is not just easy and delightful but also based on the recipients’ preferences. Can anything top that?
The highlight with Eva is that, since it is an automated gifting assistant, people feel comfortable discussing preferences, a feeling which they might not otherwise get with a person.
Brownie points, since Eva chats with the recipients like their friend who is planning to send out a personal gift. This personal touch in gifting is refreshing and enhances your goodwill, thereby facilitating better business opportunities. Your recipients will enjoy chatting with Eva knowing all the while you’re the reason behind it.
Sending out a handpicked gift, say a box of assorted chocolates and a handwritten ‘thank you’ note, as a closing gift or a referral gift, makes the recipients feel involved in your company’s success. When the recipients feel valued, they willingly contribute to your growth.
When you express gratitude with a gift, the whole scenario becomes joyful and better. Especially when it comes to sending out gifts to referrers with referrals that did not materialize, it expresses appreciation for their effort and motivates them to help you with better prospects in the future.
To run a successful real estate referral program means strategically focusing on the human resources who bring in the referrals. Motivated referrers are crucial in generating qualified leads because they would be willing to enjoy your success with you.
Take a trial with Eva now to experience hassle-free gifting!