Category Archives: Realtor Referrals

Are You Stopping the Flow of Your Referrals

How to Stop the Natural Flow of Referrals

Your Professionalism can cost you referrals.  Here the results of a study that caused me unease and that I disagreed with.   See what you think.

The study found two things:

  1.  “Consumers will not refer people or industries that have a poor reputation”.
  2. Consumers will make referrals to people whom they consider are of the same or lower economic position.

Regarding #1:  Consumers will not recommend people or industries that have poor reputation.   When is the last time you referred any business person that came off as the “used Car Salesman”?

Regarding #2:  If consumers won’t make a referral to a realtor that they consider at the same or equal socio economic status – what does that mean?

Simply, people make referrals to people that they see as doing better financially then they themselves.  

Note the word “consumers” in this.  Business owners will recommended outside of these parameters…  They don’t have the same hang-ups as consumers do…   – Generally…  

Meaning, we need to do something to cause someone not to refer us. So, what causes people to not recommend us?

  1. Show up late. When you are lake you break trust, and demote yourself in their eyes.  Never be late, it will cost you referrals.
  2. Let them walk all over you.  Allowing a client to take advantage of you will ultimately make working with them harder…  Have a set of ground rules and stick to them.   Tell your client up front how you work, what you are willing to do and not do. Having boundaries will enable you to promote yourself as a professional in the client’s eyes, and will prove you are worthy of a referral. 
  3. Allow them to talk you into a price reduction on your commission.    Every workman is worth his wage…  says the old prophet.   Still as true today as it was yesterday.    Most agents allow commission reductions, when not necessary, and many times Realtors® are the ones that bring that up…   Get that out upfront and deal with it.   You can start that one off with a quick “OK if I understand what you are telling me you want me to cut my commission.   You seem like the kind of client that would like me to work 100% for you.  If I’m going to cut my commission… what part of my services would you like me to cut as well? 
  4. Dress poorly…   this one is likely touchy with my folks, bit you will rarely catch me in no less that a suit and coat…  It makes people realize that I mean business.  
  5. Allow unordinary drama in the transaction.   74% of the average family’s net-worth is in their home. They should take the transaction seriously, and so should you.  But, all too often I hear stories about how a Realtor is actually causing the drama in the transaction, or inciting a riot on the behalf of their client to prove their worth…   Be the calming force of the transaction…  when adversity strikes the flow of the closing. 
  6. Adversity, is natural being the calming force will build your reputation.
  7. No one likes to be hounded. A gentle reminder is so much more effective than hounding someone.   

People have a natural inclination to give you a referral, if they like you.  I know that, and so do you.  

Everyone likes to recommend someone. 

Contact Referrals Matters today to arrange a 15 minute discussion to discover a system that effectively generates Real Estate Referrals.   Ninety-eight percent (98%) of Realtor® and Lenders that see this program agree that this system will generate at least 1 Referral per year (more by completing the action steps), per client per year, and sign up… 

We cannot get your clients set up on Your Referral Program until you call us.. Call Now (817)723-7223.

 

 

Calling all 60%’s! Are you following the laws of marketing? For Referrals?

Market yourself or perish!  According to NAR (in Texas), 88% of buyers will use the same realtor again, but only 14% do! Here’s why!

Many  Real Estate professionals are great at marketing, but many times, they forget that someone else is marketing  them, and unintentionally not really for them. 

What does that mean?  What do the laws of marketing have to do with Realtors® – and Real Estate Referrals?

  • ·         Simply put the laws of marketing say that you MUST market a person at least 8 times a year!
  • ·         Marketing a Brand only requires 4 touches a year.  
  • ·         Company based marketing markets the Company Brand.  
  • ·            You have to Market yourself for Referrals

Don’t believe me yet?  Look at the top line again!  Repeat if necessary.  Read on when you are ready for the solution. 

Marketing a brand only take 4 touches a year.  Marketing a person is more in depth and takes at least 8 touches a year…  When you look at a business card of someone that you don’t know your focus naturally moves toward the branding.   Always.  Everyone is looking for company LOGO, not the actual person.  Marketing machines have trained us to do this.  To market the person (Realtor®) you have to draw attention away from the company branding to the actual person.  

This is one of the reasons that Realtors® subconsciously know to put their picture on their card.  The focus is successfully drawn away from the branding, and toward the Realtor®.  

I’m not placing blame on the company, their job is to market the brand (Brokerage), and you want them to do just that.  But let’s be honest with ourselves the company is doing very well.  

  • According to NAR, the Mammoth Majority – 85% will definitely (69 %) probably (16%) use or refer their Realtor® again.  
  • 79% will use the same company again. -NAR 
  • Only 14% use the same agent.  -NAR

Another NAR stat reminds us that 88% of people cannot remember the name of their Realtor® after just 3 years in their home.   But they can remember the company.  

Unfortunately, too many realtors are ONLY using the company’s marketing systems. 

Highly Productive Realtors® actively generating referrals have at least 1 system that is:

  • Not Company Generated
  • Not Company Sponsored
  • Not Company Oriented. 

Here is why.  They know those systems, by themselves, come off as a solicitation for the company. 

If these systems worked, all Realtors® would be rich by now, but they are not.

Many companies have great systems in place specifically designed to generate Realtor referrals while solidifying the relationship between client and realtor.   Ours takes the best aspects of the greatest of these, and brings them in a way that they:

  • Have Continuity and Consistency, so they are effective.
  • Affordable, so the Realtor® will actually use them – talk to us – you will be surprised.
  • Hands free, so the Realtors® don’t have to think or act upon anything.

Contact Referrals Matters today to arrange a 15 minute discussion to discover a system that effectively generates Real Estate Referrals.   Ninety-eight percent (98%) of Realtor® and Lenders that see this program agree that this system will generate at least 1 Referral per year (more by completing the action steps), per client per year, and sign up… 

We cannot get your clients set up on Your Referral Program until you call us…
Call Now (817)723-7223.