In order to weather the ups and downs of the real estate market, every real estate agent and broker needs a steady source of leads. Even in the slowest markets, people buy and sell real estate. You can't afford to wait until your leads dry up to look for a real estate referral service.
Most real estate agents and brokers receive leads through a variety of referral services. The most obvious source of real estate agent referrals is past clients. However, you can actively generate referrals from other sources. Working with a real estate referral service has many benefits:
- Low cost.
- Effective in all real estate markets.
- Reaches potential clients in other states and even other countries.
- Generates income even when you aren't personally involved in the transaction.
Real estate agent referral networks connect you with clients nationwideIf someone in another state is moving to your state and wants to buy a house, he'll be looking for an agent. He may ask the real estate agent who helped sell his current house for a referral. Participating in real estate referral services gives you access to this lead.
Hang your license with a franchise real estate office and rake in the referralsFranchise real estate offices maintain real estate agent referral programs. The offices agree to a referral fee for their agents. Once again, you can earn referral fees by sending clients to other franchisees or benefit from receiving leads from within the franchise network.
Utilize a lead generation service for referralsReal estate buyers and sellers often search the Internet for information on property values and the real estate market. By partnering with a well-known website, you set yourself up for a continuous stream of real estate agent referrals.
Get your name listed in all the right places to generate self-referralsIf you want to get the call when a buyer or seller is browsing directory listings for an agent in their area, then you need to be listed. Most services offer a basic listing for free, with expanded listings costing a small fee.
- Don't overlook the value of participating in local business networking events. You can often generate referrals from other business people in your community.
- Follow up on all real estate referrals in a timely manner. If you don't think you can help someone, refer them on to a real estate referral agent who can.
- A strong referral business means steady income from the referrals you've sent out and a steady source of leads from referrals you receive.