As a real estate agent, you are more than familiar with the need for real estate referrals to grow your business and keep your pipeline full. Since referrals are typically low-cost to no-cost, referrals are a preferred choice of getting your name out there as an agent. You may also be familiar with real estate referral programs: these programs give real estate agents resources and tools to create and leverage connections in their community. The end goal is, of course, to turn those connections into home buyers and sellers.
Find out the many ways a real estate referral program can benefit your business.
How Does Traditional Lead Gen Compare to Referral Programs
If traditional lead generation techniques are working for you, then keep it up and good job! But traditional lead gen – like buying leads – are not the answer for everyone. These statistics show the gaps in the industry:
- 68% of businesses report struggling with lead generation.
- 79% of marketing leads never convert into sales.
- 63% of consumers requesting information will not purchase for at least 3 months.
If these statistics resonate with you, it might be time to consider a new way to get real estate referrals with a referral program. But before you do, ask yourself the following 3 questions.
3 Questions to Ask About Real Estate Referral Programs
- Do you like meeting new people?
A large sphere of influence is key as a real estate agent. Using a referral program can help you to meet people from your community that you might not have otherwise interacted with. But it also requires you to take initiative and put yourself out there. If that doesn’t sound like something you enjoy, a referral program might not be the right fit.
- Are you ready to invest in something new?
If the system you are already using works, carry on! But as with all new systems, a referral program will require a lot of time, energy, and sometimes finances upfront. If you are interested in trying something new, make sure you have the time to commit to the platform.
- Do you have an existing online platform?
An online presence is key for a real estate agent looking to gain referrals. Referral programs will help you pivot your social media platforms to show off more of the leaders and businesses in your community.
Using a Referral Program Benefits Everyone
Referral programs find their strength in their community approach to getting leads. When you go out and invest your time and energy in your community, it will return the favor.
4 Benefits of Using a Real Estate Referral Programs
If you haven’t worked with a real estate referral program before, here are four reasons why you should:
- Receive quality leads: Discovering a quality resource for getting real estate referrals and leads gives you a head start on sales and fills your funnel with potential clients.
- Exposure: Referral programs will often include agent profiles to be featured on their websites. These programs often encourage you to get out into your community to meet the people you want referrals from (and gives you the training and tools to do so).
- Get training and tools: Referral programs should provide you with the tools and consistent training needed to gain quality leads. Make sure you’re working with a program that has knowledgeable real estate coaches.
- Builds trust: Using a trusted third-party platform is a great way to build trust with potential clients. One of the best and most efficient ways to build this trust is for you to be introduced to the prospect by a mutually trusted party.
Learn How to Keep Your Pipeline Full With Community Connection
If you are interested in finding out more about using a hyper-local, referral-based platform, most companies will offer you a free walkthrough of their platform before signing up. Some of them even offer payment plans so you can assess how well it will work for you. Here’s a referral platform from Parkbench.