When was the last time you spoke to one of your ex-clients? Do you even remember them? If you don’t remember them, do you think they will remember you when someone in their network needs help buying, selling or renting their property? What you really want is for your clients to tell their family or friends that they have an agent who is “damn good” will not think twice about recommending you.
I’m sure that you may have heard the story of agents doing very little advertising, relying mainly only on referrals from existing clients and their network for business. Some don’t see the point of paying 10% to 30% of their gross commission to the agency and have set up their own agencies.
Getting most of your leads via referrals is the holy grail in the real estate profession for many reasons. Most importantly, getting repeat business and referrals from existing clients can be up to 6x cheaper than online advertising.
Getting such leads is also much more efficient since you will spend less time unearthing the tastes and preferences of new clients. This will save time and increase your likelihood of closing such deals compared to a fresh lead from elsewhere who might just be wasting your precious time.
Ultimately, if you find that you are getting more and more leads via referrals vis-a-vis other marketing methods, it is a clear validation of your service quality. On the other hand, if you find yourself spending more and more money on online advertising without any tangible traction, it could be worth taking a step back to assess if there is any particular reason why your referrals are not coming in.
If you are a district 9,10,11 specialist, you want to get to a stage where you have many listings from your existing clientele. Agents in your network servicing tenants and buyers should contact you first because they know that you have a lot of supply in those districts.
There are 3 simple steps that you could take to increase the likelihood of getting referrals from clients you have served before.
- Exceptional Transaction Experience: When you helped your client to buy/sell or rent/rent out his property, the experience should have been exceptionally memorable for the right reasons, ranging from fetching them a great price or saving them from a bad deal. If you read food reviews, people don’t recommend a restaurant if it was so-so. They typically only refer their friends to try a restaurant if they had a great experience there. It is the same for real estate transactions. Make them refer you because they want another person to have the same great experience that they had. Your clients will have no qualms about making you more successful because they think you deserve it. However, if the service was average or horrible, they won’t contact you again or may even complain about you.
- Ongoing Client Relationship Management: Do you have the contact details of all your clients in an easily accessible manner? Use Rejig to manage all your contacts from Day 1. Wish them on special occasions. Add them to your Facebook account to keep them updated on your career. Get them to opt into marketing updates from you.
- Paid Referrals: Establish a referral programme for clients who refer new leads to you. Offer them a referral fee for each lead that ends up engaging your service.
Rejig makes it easier to manage your client contacts, engage your clients and increase your referrals.
Sign up for our pilot here!