Mistakes to Avoid While Asking for Real Estate Referrals: Real estate referrals are an effective way through which real estate agents retain and grow their business. Apart from providing quality service and building trust, top real estate agents also leverage new clients in their network, hence expanding their business. However, How to ask for real estate referrals can be challenging. New real estate agents particularly make mistakes when doing so. Avoiding these mistakes should be your top priority if you want to succeed in getting more referrals and growing your business.
Following are some mistakes to avoid while asking for real estate referrals:
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Mistakes to Avoid While Asking for Real Estate Referrals
Not Having a Referral Strategy
This is one of the most common mistakes real estate agents make. Referrals are a key part of your business as a real estate agent so they shouldn’t be left to chance. Not having a referral strategy can leave you undisciplined about the ‘why and how’ of gathering referrals. So, it is recommended that you have a referral strategy in place and remember to ask for referrals on a regular basis. Tracking and monitoring the progress of your efforts is also recommended. You won’t know how to change your approach and become better if you don’t know what your success rate is.
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Not Being Specific
You should know what kind of referral you are asking as a real estate agent and be specific about it. For example, if you are seeking out companies, mention that. If you are looking for individuals with a high net worth, say so. Telling your client about your target audience is the most important part. By being specific, you will be able to pursue referrals who will yield the desired results.
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Not Knowing When to Ask
This is another real estate referral mistake you should avoid. If you haven’t established rapport and trust over time with clients, don’t ask for referrals. You should first focus on providing a great experience and establishing trust. It can take some time doing so but it is essential that you wait until you have gained your clients’ trust before broaching the subject. Once you know that your clients have confidence in your abilities, only then ask for referrals.
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Asking All Clients for a Referral
Don’t just ask every single one of your clients for a referral. You should only ask clients you have a strong relationship with. Also, keep in mind that a referral is only valuable if it’s a quality one. So, focus on the potential business the client could give you. If you ask a client that can only grant you a small percentage of their investment, then the effort won’t be worth it. You want to ask clients with high net worth colleagues and friends for referrals. It also makes sense because wealthier people often only hire someone through referrals.
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Avoiding common mistakes and using a careful approach to asking for real estate referrals can go a long way. In fact, it is one of the key aspects of becoming a top real estate agent and getting a steady stream of leads.