I'm so excited today to have my wife Stevi here. She's going to be talking to you all about referrals. Specifically, we're going to be talking about increasing your business through referrals in two different avenues. One is agent to agent, the other one is sphere. And so we just want to give you some ideas around on how you can increase your business because we know that having other avenues of business in today's market is very important. It's great to get those calls when you get referred, but are you enhancing those channels and doing everything you can? So she's going to give you some great tips. So Stevi, thanks for being on the podcast today.
• Statistics show 63% of sellers and 38% of buyers found their real estate agent through a referral from friends or family, indicating the power of referrals.
• Building a referral-based business has a higher return (3 referrals to 2 closings) compared to other marketing and advertising methods.
• For agent-to-agent referrals:
- Know your market's feeder areas and migration patterns
- Diversify social media content to engage potential referral partners
- Get involved in real estate organizations and events
- Attend industry conferences and masterminds
- Nurture your referral partner database like top clients
• For sphere of influence referrals:
- Have upfront conversations about expecting referrals
- Host client events and allow attendees to bring guests
- Include referral reminders in your engagement plans
- Offer workshops/classes and partner with other professionals
- Incentivize referrals with gifts, recognition, and rewards
• Set goals for incoming and outgoing referrals each year and review them regularly.
• Implement at least one new referral generation idea within 20 days while it's fresh.
Season 8 Episode #1. "Navigating the NAR Settlement: Strategies for Transparent Buyer and Seller Conversations."
Season 7 Episode #10. "The Swap Until You Drop Wealth Strategy: Mastering 1031 Exchanges with Tax Nerd Russell Marsan"
Season 7 Episode #9. "The Power of Contingent Offers: Insider Strategies from Top Agents"
Season 7 Episode #7. "Realtor Social Media Mastery: How Patrick Uses Facebook and Instagram to Build His Brand and Get Referrals"
Season 7 Episode #6. "The Open House Master: How Christopher Rigby Turns Open Houses into Client Goldmines Through Unparalleled Preparation and Professionalism"
Season 7 Episode #5 The Sustainable Real Estate Agent: How to Shift from Transactional to Referral-Based for Long-Term Business Success
Season 7 Episode #4 "Get Comfortable with Being Uncomfortable: The Proven Benefits of Embracing Daily Challenges"
Season 7 Episode #3 Becoming a Client Whisperer: Lessons on Service from a Generational Agent
Season 7 Episode #2. "RISE and Shine: Boosting Your Real Estate Business with Consistent Professionalism"
Season 7 Episode #1. Unstoppable: The Keys to Consistently Winning 40+ Weeks and Achieving Your Goals
Season 6 Episode #9. Preparing for Your Real Estate End Game: Succession Planning Strategies to Future-Proof Your Business
Season 6 Episode #8 "iPhone and Android Tricks to Work Smarter: Sean Werner Shares Tips for Real Estate and Mortgage Pros"
Season 6 Episode #7 "Supporting Families in Need: The Windermere Foundation Comedy Night Fundraiser"
Season 6 episode #6. Relationships Over Transactions: A People-First Approach to launch your career in Real Estate.
Season 6 Episode #5 28 Years Building New Homes: Dana Adams on Working with Builders and Developers.
Season 6 Episode #4 Thriving in Turbulent Times: How Real Estate Trusted Advisors Outperform the Market.
Season 6 Episode #3. Authenticity Sells Homes: How Real Estate Agents are Using Social Media to Attract Their Ideal Clients.
Season 6 Episode #2. Building a Real Estate Business on Referrals and Relationships with Jeanette Eide.
Season 6 Episode #1 Leveraging AI to Enhance Real Estate Marketing: Insights from Industry Experts. Todd Steinberg and Sandy Dodge.
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