- September 7, 2023
- Reading time about 6 minutes
Making your real estate business grow in the competitive market can be difficult! The best thing is to rely on client referrals, which is considered one of the most effective, easiest and least expensive strategies to grow a business. More than 41% of brokers believe referrals from past clients are the top prospecting approach and they help brands with an average increase of 25% in profit margins.
A reliable Real Estate Online Auction Software is what you need to help your business drive real estate client referrals. Referrals are the best approach that enables brands to expand their networks and significantly boost commission. In this blog, we will learn about the main aspects that real estate businesses must focus on generate a higher number of referrals and meet revenue goals effortlessly.
What Makes Referrals a Great Way to Boost Your Real Estate Business Growth?
Many successful property brokers and agents claim that client referrals act as a game-changer in increasing their business profits. All you need to do is keep focus on your clients even after the purchase/sale of property and stay connected to help expand your network & boost your commission without much effort.
Here are some of the ways that suggest how you can focus on a few aspects to start generating referrals and meet your business revenue goals-
Offer an Exceptional Client Experience
As the business world is highly competitive with full of great experiences, you must ensure that your business takes the main focus on avoiding letdowns, inconveniences and poor services due to understaffing, supply chain issues and more. Make sure that you deliver exceptional experiences that are memorable and worthy of sharing with peers.
All you take is consistency to make your clients happy with a great experience and here are some aspects to help you provide the same-
Never Under-Promise and Over-Deliver
One thing that can disappoint your clients is when you fail to meet their expectations, which is why you must ensure to keep their expectations real and practical. As a broker or agent, it’s always a great idea to be pragmatic with clients but you can stay conservative with estimates sometimes even after knowing that you can do better.
Delivering better experiences than promised to your clients is always heart-warming for them, helping you build better relationships.
Offer the Expertise That Clients Expect
If your clients choose you over hundreds of other brokers, it means they trust you and your services. The best way to gain their confidence for the long term is to offer your expertise at every phase from sharing market insights to expanding the network through event invites. Always try to offer more value than the relationship demands.
Create a pipeline management process
Another reason for losing a client’s trust and a chance to win a referral is by dropping the ball at any point. That is why, you must make use of a thorough pipeline management process that ensures regular updates and follow-ups to fill in the gaps and build lasting relationships. Making use of the right CRE technology can help.
Connect with Happy Clients & Request Referrals
When your clients are happy with their purchase or sale of property, try to grab the benefit of winning referrals by requesting to share referrals with friends and family.
Here are some tips to request referrals effectively-
Focus on Delivering Value
Don’t ask for a referral too early, wait for the right time when you are sure that you have provided real and great value to them for a successful chance of referrals.
Always be Specific
Earning a referral for a prospect that doesn’t belong to your target audience group is of no use, which is why you must have a clear idea about who you are asking for a referral.
Ensure that you keep a check on your clients post-deal, build and maintain genuine rapport and make the move to put a request for referral. Always ensure that your referral request doesn’t come out all of a sudden.
Build a Reliable Referral Program
The next important thing to do is focus on delivering great experiences and there is no better way than developing a referral program. Listed below are some of the best ways to create a program-
Set a Clear Goal
Having a clear idea of what you want to achieve through the referral program is a must as it will help you in tracking and monitoring the program’s performance. For instance, your goal can be 10% more closures in a month or a 15% increase in annual profit through referrals.
Define Your Specific Needs
Take time to focus on what your clients want to do. For example- you may need them to book an introductory call or send an email with the new prospect they are referring.
Choose The Right Incentive Type
Ensure that offer your clients something valuable in return for the referrals as it will help motivate them to follow through. Whether you are offering a gift, voucher or cash, find out what suits your clients the best.
Promote the Program
Without the right promotion and marketing efforts, your referral program cannot reach your clients. Whether it’s face-to-face conversations, emails, or any other marketing materials, ensure that you pick the right channel to reach out to the right clients.
As we see, getting referrals in the real estate business is the best prospecting approach as compared to other means which need lots of time and effort to build connections with clients from scratch. The good thing about referrals is that they offer familiarity and help build a sense of trust, leading to higher loyalty from existing clients and new client base. For a competitive industry like real estate that is built entirely by working around relationships, getting referrals is a must to unlock new opportunities.
BidHom is a reliable Real Estate Bidding Platform that enables businesses around the world to build dedicated real estate solutions for exceptional customer experience and drive referrals seamlessly. Book a demo to learn how BidHom can help you boost your business growth and meet revenue goals with a higher referral rate.