Marketing

5 Easy Ways to Get More Referrals

Every real estate agent knows that referrals are the best lead channel. But how may referrals are you getting? Check out these 5 easy steps for getting more referrals

Every real estate agent knows that referrals are the best lead channel. But how may referrals are you getting?

The truth is, if you want to start working by referral – then you need a strategy. A few simple habits can go a long way when it comes to increasing referrals from people you know.

Offer Incredible Service

First things first, if you want to increase your referral business you’ll need to be memorable. Think about your specialty, and how you’re unique. What takes your service from good to great?

Develop Regular Touch Points with Past Clients

After closing, make sure you’re staying top of mind with past clients. If you have a newsletter for potential buyers, you should have a newsletter for past clients. And make sure the content is relevant for them (ie – don’t just promote your listings). These touch points can include:

  • Social media content
  • Client appreciation events
  • Newsletters

Check In

There’s nothing like a personal phone call to check in with past clients. It shows you value their business, and that you’re a trusted source of real estate knowledge. If clients were planning on doing renos after moving in – this is an easy talking point. Other great ideas for check in calls are:

  • When mortgage rate changes
  • The anniversary of the sale
  • If new construction is planned in their area
  • Industry news that may affect them
  • Seasonal home maintenance tips

Ask

If you deliver excellent service, stay connected with past clients, and act as a trusted real estate expert – then asking for referrals won’t feel gimmicky. For example, you could say  – “I really enjoyed helping you find your first home, and if you know anyone who may be interested in entering the real estate market – I’d love to help them out.” A simple statement like this tells past clients the type of referrals you’re interested in, and makes it clear that you’re looking for referrals.

Say Thank You

Whether a referral turns into new business or not – always say thank you and show your gratitude. And better yet – if the person has their own business, send a referral back their way!

The Secret to Real Estate Advertising

Real Estate AdvertisingAs a real estate agent, it can feel like there’s a plethora of marketing & advertising channels available. Mail outs, Google Adwords, Zillow, Yellowpages.com, Facebook, billboards…. the possibilities are endless.

The only problem? As consumers are hit with more and more ads – it becomes easier to ignore them. The media landscape has become so crowded, that getting your voice heard above the noise is increasingly difficult. Not to mention, managing advertisements across so many different platforms can be a headache for any agent.

There’s no magic bullet advertising solution that guarantees success. No Facebook ad, Zillow profile or billboard can catapult your business. While they’re all great tools to have in your arsenal – in real estate we grow our business through relationships. And our connections with past clients and professional contacts is how we grow our client list  in a sustainable, scalable way.

So, what’s an agent to do?

Stay Connected with Past Clients

For agents in business 16 plus years, 41% of their business comes from repeat clients while another 20% comes from referrals. Moral of the story? By staying in touch with past clients, you can save money on advertising and create a self-replicating sales funnel. 

Add Value After Closing

Staying in touch isn’t enough though. As a REALTOR – your expertise includes the entire real estate cycle and not just getting to the closing table. Add value after closing by sharing home maintenance tips, market updates or by recommending your list of trades professionals to help clients with their home.

Strengthen Relationships with Professional Contacts

Your professional network – like lawyers, mortgage brokers, home stagers & trades professionals are all so important for showing clients your position in the market and showcasing your reputation.

Engage in Referral Reciprocity

With a strong professional network, these individuals are strategic partners for growing your business. By referring clients to lawyers, mortgage specialists, contractors and other contacts, you’ll benefit from referral reciprocity and have them send referrals.

 

At the end of the day, research has proven that the most trusted form of advertising is recommendations from people you know. So by focusing on your sphere of influence, you can feel confident that your advertising time & money is well spent. 

How I’m Becoming My Area’s Go-To Real Estate Agent

Melanie Galea - Learn how she's becoming the Go-To Agent for her area!As a REALTOR®, Melanie Galea understands the importance of being a connector to grow her business. “When people move to town, they’re always asking me ‘Who should I call to do my landscaping?’ or ‘Who’s the best handyman?’ ”

This kind of local expertise and willingness to help a neighbor is key for connecting with potential clients. It’s about being a resource first, then when it comes time for someone to buy or sell – they remember Melanie’s name as the real estate agent they want to do business with.

So just how has Melanie become the go-to agent for her area??

She’s created a local business directory so people in the area can find everything they need, then she shares her curated list with the community via her smartphone app – Discover Fort McMurray, Powered by Melanie Galea.

The app is free to download from the Apple & Google Play stores and acts as a guide for everything in the community – whether you’re looking for a painter for your home, the best coffee shop, or something fun to do on the weekend.

It’s a simple way for Melanie to show her expertise, be a valued resource, stay top of mind, and gently let people know she’s a real estate agent without being pushy. Then when someone’s ready to buy or sell – they remember her name as the go-to real estate agent in town.

Better still, “the response from the businesses has been amazing” says Melanie. Melanie has built out a directory of over 100 businesses, and the majority that are able to are also offering a discount to people using the app.

But it’s not a one-way street.

The relationships formed with these local businesses and service providers is crucial for increasing referrals and her sphere of influence. By promoting local businesses to clients, these businesses are now ready and willing to send referrals Melanie’s way.

“I really love my app… My clients absolutely love it…. And it’s super easy.”

To learn more, visit  www.clientlinkt.com.

Capturing Your Real Estate Niche

Capturing Your Real Estate NicheFor any real estate agent, a clearly defined niche strengthens your market position, creates efficiencies and establishes you as an expert. Whether you specialize in a property type, client demographic, or neighborhood – adopting a niche strategy has obvious benefits. So how do you go about discovering, defining & developing your niche?

1.Study Your Past Clients

In order to adopt a niche strategy, first look at your past clients. What patterns do you see? Study client profiles, property types, neighborhoods & home prices. Are most of your clients buying heritage properties? Or maybe there’s lots of millennials shopping in urban areas, or retirees selling their family home to downsize?

2.Decide if It’s for You

After looking at your past clients and the trends that emerge, which were the most lucrative? Examine your commission, expenses and time spent to secure and close each deal. If you have more than one niche that appears, which did you enjoy working with more? And most importantly – will this be a lucrative niche moving forward? Research future market trends and see what opportunities there are. Are the demographics of your city changing? How does this affect your niche strategy? A lot of this info can be found through your local real estate association and municipal government.

3.Define Your Niche

After analyzing your past clients and deciding what niche is for you, it’s time to define it. You should be able to succinctly describe your niche in one sentence. It should give direction to your marketing & prospecting, and let potential clients know exactly who you work with. For example, “I help young couples and families find their first home” or “I specialize downtown condos for an urban lifestyle.”

4.Get Prepared

If you’re going to adopt a niche strategy – you’ll need to be an expert. Brush up your skills by registering for a course, reading up on emerging trends and practicing your scripts. Honing in on a geographic area? Study up on past sales and visit open houses in the area to see what’s selling, what key features the area boasts, and how properties are marketed. Looking to work with retirees downsizing? What about becoming a NAR Senior Real Estate Specialist®?

5.Execute

How will you capture your niche? Even with all the planning & studying, execution is where you’ll sink or swim. Focus your efforts on your niche: target your website to these home buyers or sellers, network with service providers and local businesses that also work with this demographic; talk to your sphere of influence about the type of clients you work with and properties you sell so they know what referrals to send your way; and regularly re-evaluate your efforts to see what’s successful and where improvements can be made.

Net Promoter Score, Your Clients & You

Net Promoter Score
Any real estate agent knows their business is based on referrals. Success is built on relationships – and our ability to make lasting ones is what creates a steady stream of referrals from past clients, business partners and our network of professional contacts.

But how do you actually measure the power of your sphere of influence?

One of the most recognized metrics is the Net Promoter Score developed by Satmetrix and published in Harvard Business Review  in 2004. Simply put – a company’s Net Promoter score sets out to measure how likely its clients are to refer them, and uses this score to determine future success. While customer feedback surveys can be lengthy and cumbersome, the Net Promoter Score only asks one question:

How likely are you to recommend me to your friends & colleagues?

Simple, easy to understand, and extremely powerful. Clients are asked to answer the question using a 0 -10 rating scale, with 10 being extremely likely to recommend and 0 being not likely to recommend. Everyone answering between 0-6 is classified as a Detractor, 7-8s are Passives, and 9-10s are Promoters.

Detractors are people that are unhappy with your business. Not only will they be unlikely to return or send you referrals, but they can also harm your reputation by writing bad reviews on Zillow or Yelp.

While Passives are happy with the service you provide – they’re unlikely to promote you or send you referrals. They’d be willing to switch to one of your competitors, and while satisfied with you as a real estate agent – they aren’t overly loyal and they aren’t helping your business grow.

And finally – your Promoters. These are clients that rate you as a 9 or 10. They’re repeat clients, they tell others about how great you are, and they actively send referrals your way.

Net Promoter Score Your Net Promoter score is the percentage of your clients that are Promoters minus the percentage of Detractors. So the number could range from -100 if all of your clients were Detractors to +100 if all of your clients answered 9 or 10.

What’s key here is that to grow your business – you need Promoters.

Imagine you have 2 clients: John & Jane. You helped John find his first home. He thought you did a great job, and loved that you found him the perfect bachelor pad with a great yard for entertaining. Then there’s Jane – a recent retiree looking to downsize. You help sell her family home at a price that gives her lots of flexibility for retirement.  

John posts an album of his new home on Facebook – tagging you as his REALTOR® and thanking you for doing such an awesome job. Turns out he has a lot of friends who are also looking to buy their first home, and he refers them your way.  While Jane felt you did a good job – she’s moving cities and quickly gets caught up in packing and finding her new home. She doesn’t bother leaving you an online review or sending any referrals – she knows there’s lots of great agents out there. 

Moral of the story? John is a Promoter – he’s championing your business and helping you grow by sending referrals your way. While Jane was happy with your work as her seller’s agent, her value as a client was singular whereas John’s value snowballed with each referral he sent. 
Whether or not you calculate your Net Promoter Score, it’s an important concept for understanding the power of referrals and how you create create your own self-perpetuating sales funnel. How do you ensure clients become your Promoters??

How to Become a Local Real Estate Expert

How to Become a Local Real Estate Expert

Whether a client is moving across town or across the country, they’re going to need trusted advice about their new area. Everything from neighborhood profiles, school districts, the best local restaurants, recreation centers and commute times – they all factor into the home search process and settling in after finding the perfect property. This means that for real estate agents, becoming a local expert can differentiate you from the competition, increase leads and add new client value. So just how do you become a local expert??? Here’s our 5 steps.

1. Do Your Research

Before you can be recognized as a local expert – you’ll to have to do your research. Study up on neighborhood demographics and market reports to know the ins and outs of why people love the area, and what homeowners can expect from their property investment. Most of this info is available from your real estate association and municipal government. Local politicians, city planners, other real estate agents and people currently living in the area are all great resources too.

2. Be Involved

Getting involved in the community is key for becoming the area’s go-to agent. Join community associations, volunteer at charity events, attend festivals and shop local. Being an active community member helps you learn more about the neighborhood and make connections. Don’t forget to introduce yourself as a Realtor!

3. Get Connected

Align yourself with other professionals and great businesses in your local area. This network can keep you connected with what’s going on, add new value for your clients and drive more leads. If you’re still building your network, consider joining a business networking group. Already have strong local connections? Use these contacts to refer clients back and forth, or start a client affinity program to provide your clients discounts and specials from your contacts. 

4. Share Your List

Connect clients with the best home service professionals and local businesses by sharing a list of recommendations. After moving, clients always need the names of painters, plumbers, landscapers or even the best pizza joint. This is such a simple way to add more client value and help clients even after you close.

5. Keep Clients Up to Date

Do you send client newsletters, have a blog or actively post on social media? Make sure to include info about your neighborhood. Keep clients informed with market updates, community events or when new construction is planned. This is an easy way to show your knowledge, add value even after you close and establish yourself as a local expert. 

 

With ClientLinkt by QuickLinkt real estate agents & offices can share their list of trusted home service providers and local businesses with clients via their own custom-branded mobile app – helping them to increase client value, stay top of mind & drive referrals. 

How to Ask for Referrals

The Best Way to Ask for ReferralsAs a real estate agent, our success is driven by our ability to create the most value for clients in their buying or selling journey. We spend countless hours ensuring that our clients are happy – and when we’ve done our job we pat ourselves on the back and wait for the referrals to flow in.

 

But despite the thank yous – unsolicited referrals don’t just happen. While it’s been found that the vast majority of clients are willing to make a referral, less than 30% will actually follow through.

 

So how do we ask for referrals without feeling pushy? Here’s our top 3 ways.

 

1.Use a Client Survey

Does your office send satisfaction surveys to past clients? If so, this is a great opportunity to ask for referrals from happy clients. Include a question at the end of your survey for clients to provide the name & contact info for anyone they know looking to buy or sell – it’s a simple way to ask for a referral when your client is already reflecting on the service you provide.

2. Ask During a Follow Up Call

Follow up calls to clients after they buy or sell is a great way of showing you’re truly interested in helping them, and not just collecting your commission. After checking in with how they’re doing, be specific when you ask. Outline the type of client you like working with and be genuine with why you’re asking for the referral. For example, you could say

“I’m really glad we were able to work together to find your new home. I always enjoy helping first-time buyers explore their real estate options, and I was wondering if you know anyone in a similar position looking to buy their first home?”

3. Be a Resource

Whenever you ask for a referral, you should always be providing value at the same time. Being a resource to clients after you close is a perfect way to ask for  a referral and stay top of mind. Share with clients a list of recommended home service providers to help them with their home, offer negotiated discounts from local businesses, or share updates on local events in their new community.

 

When it comes to referrals, always remember that a referral is the ultimate compliment from your clients. Provide clients with great service, provide value after you close, and then watch the referrals come your way!

With ClientLinkt by QuickLinkt real estate agents & offices can share their list of trusted home service providers and local businesses with clients via their own custom-branded mobile app – helping them to increase client value, stay top of mind & drive referrals. 

REALTORS® – How Do You Add Client Value?

what to do when you feel stuck

People do business with people they know, like and trust.

 

In real estate, this phrase couldn’t be more true. Clients don’t choose a real estate agent based on the letters after your name or the awards on your desk – and they definitely won’t be referring their friends or family because of them either.

 

The truth is that real estate is about relationships. Our ability to connect with clients on a personal level and build meaningful, value-added relationships is how we grow our business and separate ourselves from the competition. In fact when the National Association of REALTORS® performs their survey of home buyer & seller trends, the most important characteristics when choosing an agent are if the agent is honest & trustworthy, whereas the agent’s brand and designations rank low on the list. So while those designations are great for building new skills, they won’t necessarily grow your client list.

 

So just why are relationships so important? Buying or selling a home is not only a huge financial commitment, but it also coincides with major life events- like getting married, deciding to have children or becoming empty nesters. Therefore, as a real estate agent we can’t just focus on the sale but instead how we can advance our relationships. As Brian Buffini contends, “Delivering a premium experience… means nurturing, building and preserving your relationship with your client.”

 

If we think about how real estate has changed over the past 20 years, it’s no wonder that relationships are becoming more and more central to the success of any agent. With the rise of technology – especially searching for properties and neighborhood information online – an agent can no longer simply supply listings to their clients. If our only service is providing info on homes for sale or posting a property online, we become a commodity.

 

Instead, if we emphasize building relationships we ensure we aren’t forgettable. This means a paradigm shift from being a real estate salesperson to being a real estate consultant. Salespeople complete transactions. Consultants educate clients about the buying & selling process, connect clients with a team of professionals ( like mortgage brokers, lawyers and home service providers), and stay connected with clients after closing. While this paradigm shift means spending more time with each client, it also means your business can grow exponentially. Each client becomes your ally, brand advocate & marketing team – they come to you with real estate questions, they remain loyal when they buy or sell in the future, and they refer you to their friends, family & colleagues. How do you build value-add relationships with your clients? 

 

With ClientLinkt by QuickLinkt, real estate agents can increase client value by sharing their team of trusted home service providers & local businesses via their own custom-branded mobile app. This allows agents to provide more client value, stay connected post-close and strengthen their client relationships. Learn more about ClientLinkt here or contact sales@quicklinkt.com  for more details.

 

3 Steps to Generating Positive Word of Mouth

attracting an audience

Whether we like it or not, as a real estate agent our brand is no longer what we say it is – it’s what our clients are saying about us…. online. Long gone are the days when we could purchase billboards & newspaper ads and feel confident that we were putting our best foot forward. This means that if we don’t take a proactive role in building & managing our online reputation, we can be left in the dust.

 

While managing your online reputation may seem daunting, it’s the same thing real estate agents have been doing for years – generating positive word of mouth and building their referral business. So, if you’re not sure about how to manage your online reputation – here’s our top tips.

 

1.Have a Presence

90% of home buyers search online to find a real estate agent & search for properties. If you don’t have a strong online presence, you’re therefore missing out on 90% of your potential clients. Ensure that you have a profile on major directory sites – including those that are specific to real estate (like Zillow or Trulia) and those that aren’t industry specific (like Yelp, Google Places & Yahoo!).

2. Monitor What’s Being Said

Understanding what’s been said about you online can have a big impact on your sales funnel. Not only do online reviews and comments influence potential clients, but they also offer valuable opportunities for improvement. Set-up a Google Alert for your name & regularly monitor online review sites to see what’s being said.

3. Respond & Be Active

You wouldn’t go to a networking event, community fundraiser or open house and stand in the corner with your head down – so don’t do it online.  Post regularly, answer questions, engage with your audience and respond to online reviews. Help first – sell second!

 

Client Retention – Where’s the Gap?

building client loyalty

There’s no worse feeling than realizing your client found a new real estate agent. You helped them buy their first home – in the best neighborhood & under budget. You even sent an awesome closing gift. Now 3 years later, they’ve listed with a different agent. You’ve been dumped.

 

While we’d like to hope that our clients will remain loyal, data shows that the real estate industry has a problem with client retention. Despite the fact that nearly 90% of home buyers and sellers say that they like their agent and would use them again, only 10% do. We work so hard to help our clients buy or sell, but we drop the ball post close.

 

So why is it so difficult to retain clients? It turns out that most agents lack a strategy for staying in touch & top of mind with past clients. In a recent study, it was found that 15% of agents participate in no form of post-close marketing. And of those who do – it mainly consists of haphazard activities such as bumping into clients in the grocery store or sending a few random check-in emails. So with no strategy to stay connected with past clients and provide value after the sale, it’s no wonder agents have difficulty with client retention.

 

Now, think about the efforts you go through to find new leads. You’ll update our website, hire photographers to take awesome listing photos, buy ads on Zillow or Realtor.com, blog, use lead capture on our website, plan open houses,  advertise on billboards… the list goes on. The fact is, there tends to be huge discrepancy between the effort we use to attract new clients and the effort to retain past clients. What if we diverted even 5% of our prospecting time to post-close marketing? Would it increase repeat business? Lead to  more referrals? Decrease client acquisition costs?

 

The research says yes. According to the White House Center for Consumer Affairs, it’s 6-7 times more expensive to acquire a new client than it is to keep a current one. What strategies do you use to stay connected with past clients?