How To Grow Your Referral Real Estate Business- EP 160

2022-10-17

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going duke it out over this question, "Are you leaving money on the table by not having an agent referral strategy?" Jenn and Monica discuss local, across town, out of state, etc. As a productive agent, there is some business that you shouldn't be doing. How do you decide and narrow? The more you strategize about what you want, the more of that you’re going to get; Tune in and learn how. Episode Highlights: We have always referred out our buyers whether they are local or moving somewhere and that is easy to do, sa...

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going duke it out over this question, "Are you leaving money on the table by not having an agent referral strategy?" Jenn and Monica discuss local, across town, out of state, etc. As a productive agent, there is some business that you shouldn't be doing. How do you decide and narrow? The more you strategize about what you want, the more of that you’re going to get; Tune in and learn how.

Episode Highlights:

We have always referred out our buyers whether they are local or moving somewhere and that is easy to do, says Jenn
After four to six years as a productive agent, something hits you in the face and then you realize what is the business that I want to run. What lead source is the most profitable for me and when you begin to think about that, you realize that there are some businesses that you shouldn't be doing.
If you moved from a different location to your new home and you don't know anybody, you can have an agent referral strategy back at your old home for your spear center of influence and people you know there.
Leaving money on the table by not having a good agent referral strategy has not been something that Monica has ever done.
Many people have not written down their spheres of influences. Jenn talks about why it is important. You have to know who you are and what you are after and then find strategic partners for that, says Jenn.
We have Becca Ellis from Raleigh, NC for a tiebreaker and she is going to teach us how to use agent referrals as a strategy for getting business. She is on track to close around 30 million in volume in 2022 and a large part of this is due to agent referrals.
“Wake County was the number three fastest growing county in the US in 2021”, says Becca.
Having your picture on your business card is a good idea because it's kind of like going back to social media too.
Becca made a lot of friends within her company, and they do life together and they are way more likely to send her the referral than somebody else.
You can get information on where people are coming from and how many are leaving your city from the chamber of your country and intentionally reach out and find somebody in that location that does business like you, says Becca.

3 Key Points:

Buyers are more expensive than sellers, but this starts by knowing what your expenses are for a client, says Monica.
Meeting people in events, following them on social media and a follow up system in place to stay in contact with these people is Becca's criteria for building her referral business.
If you are from somewhere else, you can also do business in that other place if you have a referral partner there, says Jenn.

Resources Mentioned: