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February 17, 2023

How to Develop a Solid Real Estate Referral Business Through Networking

Networking remains one of the best ways to meet other real estate agents and generate both friendships and solid referral relationships.

Getting a referral from happy customers is a great compliment to your service, while referrals from other agents allow you to make valuable connections with homeowners you might not . Your integrity as an agent is what will really pay off here – a key pillar of success!

Attitude Matters 

Getting referrals from other agents isn’t always as easy. Competition is fierce, and sometimes agents are fearful of letting go of business that could be theirs. However, there are a multitude of reasons to step back and refer a client.  Whether they are moving out of state or another agent is better able to serve them because they have a speciality, or even if there is a disconnect between you and a client, sometimes “letting go” is the best thing for everyone.

Rather than approaching the real estate market like the real estate version of Survivor with its motto “Outwit, Outplay, Outlast,” view it as a network of connections and partnerships with homeowners at the center. After all, these are the people you are here to serve, and having the attitude of collaboration within the industry can go a long way and serves homeowners best. 

Introduce Yourself to Other Agents power agent directory referral ela

Establishing relationships with people in the industry will help you gain trust and credibility among potential customers and get access to insider information that can help you close deals faster.   

To establish those relationships, you need to promote yourself to other agents just like you promote yourself to buyers and sellers. Start by compiling a list of agents and sending them a letter to introduce yourself. You can talk about the farm area you serve and any niche markets that you may specialize in. You can even talk about your special interests and hobbies and invite them to connect with you on LinkedIn or other social media platforms.   

Attend Networking Events with Other Agents  

Networking face-to-face with other agents is also essential if you want your referral business to thrive. This will allow you to build relationships with other agents in your area who may refer clients to you and give you access to industry events or seminars where you can meet potential buyers/sellers face-to-face, allowing you the chance to connect and build rapport with them.   

Connecting with agents outside of your area will create a go-to list when you have clients moving to another state or when they have clients moving into yours. This “give and take” works both ways!  

Networking should also extend beyond just other agents; reach out to local lenders, title companies, home inspectors, appraisers—anyone who works in the real estate industry can be a valuable source of referrals. Expanding your network to include services like electricians, Heating and Air conditioning services, plumbers, stagers, home improvement professionals, etc., can be a tremendous benefit to refer clients to each other. 

Related reading: Elite Agent – Why Networking Can Be the Key To Success in Real Estate 

Develop A Referral Marketing Plan for Agents and Industry Vendors 

Just like you want to promote yourself to potential clients, you need a marketing plan of action to promote yourself to other agents and real estate industry vendors. Utilizing social media and email campaigns specific to your network can be a great way to share industry and market information, open house news, highlight your skills, and share local news and event announcements.   

Having good relationships with these members of the industry will also build up your network, so when your clients need someone, you can refer them to one of your partners in your network. This can be especially true for homeowners who are making repairs or need general maintenance done on their homes. You can have a page on your website with links to the various companies around town that you recommend so your clients have a resource page they can use as needed and have the reassurance of your recommendation.   

Get Involved in Local Public Events  

Being involved with (or even sponsoring) local events is a great way to meet potential clients. It also provides an opportunity for networking with other professionals in the industry who are also getting involved.   

Whether it’s volunteering at a charity event or sponsoring a local sports team, taking part in activities that are important to the community will help people remember you. It’s also an excellent way to demonstrate the kind of person you are outside of work—which may be just as important as being successful at what you do professionally. 

Related reading: American Home Shield – How Community Service Can Help Real Estate Professionals 

Send Out Referral Cards  

You can also send out referral cards that provide incentives for agents or industry vendors who refer other people to your business. You can even keep some on hand when you attend events so that as you meet other agents, you can give them that card. This could include discounts on services or a gift. Make sure these cards are branded with your company logo so they stand out from all the other mailings agents receive each day!    

Create an Awesome Biography 

Anywhere on your website or social media platforms, there is an “About Me” section (and they are plentiful), and you want to have something that really pops. We had a training session with Christie Murdoch, a professional real estate writer, and she showed us how to write a bio section (not to mention property descriptions) that really sizzles! Include an invitation to connect with other agents. 

Related reading: 5 Tips for Writing An Intriguing Real Estate Bio That Gets Read 

Plug Into the POWER Program® Directory and Facebook Group for More Referrals 

“I get MORE calls from Power Agents® who find me on Darryl’s directory, than I do from any other directory. I love it! It’s a GREAT place to connect with like-minded professionals.” – George Rosario

If you are a POWER Agent®, head straight to the POWER Agent® Directory in the Classroom and fill that out with as much information as you can. We see several referrals between agents across North America happening every month!   

We also have a closed Facebook group for our POWER Program members, where referrals between agents happen frequently. Those who are active in the group and sharing ideas and encouraging others, along with participating in discussions, have built a solid group of agents they like to refer to when their clients are moving out of state. They know these agents have a similar approach to serving clients that they do, and their clients will be well cared for.    

Calling All Real Estate Agents!   

Are you ready to start taking things to the Next Level®? We have the tips, tricks, and tools you need to find success…no matter what kind of market we’re in!   

POWER AGENTS®, you can check out the Farming, Self-Promotion, and Mailings tab in the Classroom to help you with both your time and self-management needs! Whether you need inspiration, motivation, or validation – we have it!   

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