Real estate agents are constantly inundated with new marketing ideas to grow their client list. With so many options available – from print, to portals, to social media – agents are left to question what the best strategy really is. Despite all of the new marketing and advertising channels, an agent’s sphere of influence is still the best source for high quality leads. So if you’re wanting to grow your client list but not sure where to start, here’s our list of 10 stats that prove why you should be marketing to your sphere of influence to drive repeat business and referrals.
- Recommendations from friends and family are the most trusted form of advertising.
- Clients are 4X more likely to close when referred by a family member or friend.
- When choosing a real estate agent, the most important characteristics cited are honesty and trustworthiness.
- 42% of home buyers found their real estate agent from a referral by a friend or family member. 12% had used the agent previously.
- 86% of home sellers say they’d recommend their real estate agent or use their agent again.
- 88% of home buyers say that they’d recommend their real estate agent and use their agent again.
- 21% of an agent’s business comes from repeat clients.
- For real estate agents working more than 16 years, repeat clients account for 40% of their business and referrals account for 21% of their business.
- In a study of real estate executives, 100% of those interviewed agreed that an agent’s sphere of influence has reasonable or exceptional value as a lead source.
- An agent’s sphere of influence has been found to be the most valued lead source.
So if you’re considering a new real estate marketing initiative, focus first on your existing client base. Stay in touch, keep top of mind and ask for referrals!