How to Build a Powerful Real Estate Referral Network
Trust is an important factor in any business. In real estate, buyers and renters often hire brokers whom their friends and family endorse, trusted professionals who can do their job expertly and without fraud.
Real estate brokers, through referrals, can get more business. Building a real estate referral network is imperative for those who want to ensure success in the industry; however, while it is an effective way to get leads and clients, it is a challenge to build. Follow these tips to build a strong real estate referral network.
Join and actively participate in real estate groups
The famous African proverb, “If you want to go fast, go alone. If you want to go far, go with others,” spur on people to work together. Joining and being active in real estate groups will make you stand out, and when other members see your upright qualities and potential, they would be drawn to work with you. In the process of building your network, attend seminars, events, and forums where you can network and meet real estate professionals.
Use technology to stay connected
Technology has brought people closer than ever and it is only proper to put it to work. Regularly send e-mails or text messages, and create social media groups where everyone can post listings. In addition, when brokers and agents in your network reach out to you, you must reply promptly; it is to let them know that you prioritize them and value their time.
Keep the referrer informed
When you get a client through your referral network, constantly inform the referrer about the progress of the transaction. Such a practice would imply your professionalism and strengthen your integrity. Keep in mind that integrity and credibility are two factors that help get you referrals.
Be a giver to highlight your credibility. Providing referrals creates an opportunity for you to fortify your professional relationships with people in your network. As part of a network, helping your contacts adds value to you and the people you share your resources with. Take note that it is fundamental to verify the details you have about the clients and the properties in your database before you pass them on.
Be an industry expert
Real estate brokers and agents go to experts for advice. Establish yourself as an approachable professional who can provide reliable insights and facts about the industry. Moreover, during networking events and forums, you may humbly share your expertise. Setting yourself up as an industry expert would allow people to see your value, making them want to work with you.
Maintain a healthy relationship with clients
As a broker, you know how rigorous and stressful the journey of finding a property is. The real estate industry is a service-based business and the loyalty of clients goes a long way. Earn the trust of your clients and let them know that you are available to assist them even after the deal. Maintaining a good relationship with clients increases your chances of getting referrals from them.
Building your referral network is necessary. It may not be easy as you will meet and work with different people, but with admirable attitude and skills, you will succeed as a real estate broker.