How to Build Your Referral Business

If the thought of cold calling gives you hives, then you are not alone. Cold calling is often the task that many real estate agents dread. But you can cut down on the need to cold call by building your referral business.

Building your referral business eliminates the need to make cold calls, and also eliminate the need to spend time initiating relationships, as your referrals already trust you more than a complete stranger.

The best way to build your referral business is to develop long-term relationships with past clients. Easy ways to accomplish this include:

  • Sending personal cards. Let your clients know that you are still thinking of them even after your business transaction has come to an end.
  • Giving personalized stationery or gifts. A note pad with your name and contact number will keep you fresh in the mind of past clients.
  • Mailing out comparative market analysis request letters to your past customers. This may prompt them to investigate the equity in their home and possibly purchase a larger one.
  • Let your past customers know when you list or sell a property. Once again, keeping your name and contact information fresh in your past customer’s minds will often result in a healthy number of referrals.

You can obtain new client relationships, through referrals, by:

  • Contacting customers who have bought or sold real estate in the past, but their real estate agent does not work for your company any longer, is an easy way to develop new relationships with past customers.
  • Develop an endorsement letter agreement with a local attorney, accountant or insurance agent. This means that they will endorse your services to their clients and you will do the same for them.
  • Ask your customers, right before closing, to write a short testimonial letter for you. You can then use this when marketing yourself to new clients.
  • Provide change of address cards for your clients who are moving. Simply offer to send change of address cards (with your name and contact information, of course) to their friends and family, announcing their new address.

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