The Importance of Asking for Referrals

By: Cityscape Real Estate

The Importance of Asking for Referrals

Tags: #Toronto #Condos #Agents

As a real estate agent, your ability to nurture sales is the difference between success and failure. Your digital marketing is on point, you run banner ads, sponsored Facebook posts, your Instagram account is active and current with your active listings and educational content, you've tried pay-per-click ads and have a personal website with landing pages and several email drip campaigns set up. Your digital marketing methods are increasing visitors to your e-commerce site and providing a modest boost in leads and revenue. But you're still asking yourself how you can continue to grow your consumer engagement and get noticeable results?

Put in your work and go over and above for all of your existing clients so that they are more likely to refer you to other people in their circle of influence. One great experience for a seller can lead to a handful of referrals within a year or two and referral work carries the lowest acquisition cost per new client.

Many agents are not asking for referrals and are missing endless opportunities for new leads based on the great work that they have already done for their current or past clients. Others feel like asking for a referral is too pushy or does not align with their brand of "customer first". While there certainly are both right and wrong ways to ask for referrals, if you focus on the right ways to do this you can help grow your sales exponentially.

Here are some of the best ways that you can and should be asking for referrals.

Ask for referrals at the right time
We all know that asking for referrals is an important part of gaining leads and generating more sales. But when is the right time to ask? And what is the best approach? Timing is a crucial consideration when asking for a referral and can make the difference between a number of referrals and being ignored.

You want to engage your client for a referral at the moment when they are feeling the most satisfied with your services. It is up to you to determine when this exact moment is but if you are able to pinpoint it you will be able to channel that satisfaction, engagement, and passion into a positive action that can benefit you.

For a home seller, the moment is often once you have closed the deal and the seller is excited about the sale and is ready to move on with the next step of their lives.

Similarly, for a home buyer, the best moment is often after closing or after the seller has accepted their bid for the home. This is the time that they are most excited and most likely to provide a referral if they have someone in their circle of influence that is in need of help or advice with buying or selling real estate.

Engage with your users on social media
Social media is a fantastic tool to have in your arsenal that can help you build your brand, share listings, build trust in the industry, and find new leads. It is also a good idea to be following your past clients and have them follow you in return. Occasionally posting a reminder on social media for your past, current, and potential clients to refer you to others is a proactive way to garner leads and improve sales.

Even the simple act of engaging with people on social media enough of a reminder to keep you top of mind if the opportunity for a referral comes up. Sometimes all a person needs is a reminder to get them to make the referral that they have been meaning to and social media is a great place to accomplish this. A tactfully worded email or phone call can also work.

Build relationships with industry colleagues
Attending face-to-face networking events such as the weekly seminars that we hold at Cityscape Real Estate are a must for all real estate agents. Building relationships with colleagues will build trust and put you in a position to help them and for them to help you in return. There are times when a colleague may have a listing that they can not take on and they will need to refer it to someone else.

Referrals are an important part of being a successful real estate agent. Know when to ask for them to improve your odds of success and positive interactions. Stay active on social media to build trust and to stay top of mind with your past clients and future prospects. Build relationships with your clients and colleagues, pay it forward and the referrals will come.