When it comes to growing your real estate business, referrals may be an agent’s greatest tool. The National Association of REALTORS® (NAR) reported that 55% of younger millennials (21-31 years old) and 48% of older millennials (32-41 years old) relied on personal referrals to find the right real estate agent. Furthermore, 90% of buyers across all generations indicated they would use the same real estate agent in the future or recommend that agent to others.
Because ambitious REALTORS® understand the pivotal role that recommendations play in building a successful business, they constantly ask, how can I attract more referrals? It’s important to note that different methods may be effective depending on your niche and your target client demographic. While the only way to know what technique works best for you is by trial and error, here are some ideas to help you start revving up real estate referrals:
Client events. Consider hosting a movie screening for previous clients at a local theater or sponsoring a dinner with door prizes. Use email and social media to advertise your event and personalize your giveaways to boost brand recognition.
Online connection. It is nearly impossible to underestimate the power of a strong online presence. Use social media to post video tours of your listings and engage with prospective clients.
Client communication. Staying in touch with previous clients is one of the best ways to generate new referrals. Consider using a customer relationship management (CRM) tool to help you connect with your network and keep the door open for future business.
The closing table. Finalizing the sale of a dream home is a happy occasion for you and your client. The closing table is the ideal place to ask for a positive online review.
As a real estate agent, your net worth is directly tied to your network. That’s why it’s imperative to properly manage your social media pages and have a formula for attracting more followers. Here are some characteristics to keep in mind:
Calculated content. Regularly post accurate real estate content that is relevant to your location. Post once or twice a day on Facebook and Instagram and upload three to four videos a week on TikTok.
Helpful hashtags. #Hashtags are one of the easiest ways to foster engagement with your social media posts. Some common ones for agents include #RealEstate, #LuxuryHomes, #HomesForSale, #JustListed, and #ForSale.
Artistic advertisement. Facebook ads can offer a significant ROI for real estate agents. Set a daily ad budget and use it consistently. It’s also a good idea to start a Facebook group where clients and prospective buyers can interact and where you can target your sales tactics more efficiently.
Real estate agents can’t afford to be complacent when it comes to earning new and repeat business. Rev up your real estate referrals—and your commission—by engaging with your community both in person and online.
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