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Generating Real Estate Leads

How to Create a Real Estate Referral System that Actually Works

Female real estate agent talking to a referral client on the phone

Referrals are perhaps the most powerful tool you have for building your real estate career. While you can market heavily online and locally, there is nothing more powerful and meaningful than having an

Referrals are perhaps the most powerful tool you have for building your real estate career. While you can market heavily online and locally, there is nothing more powerful and meaningful than having an existing client recommend you to their friends and family. Consumers trust other consumers in every business. The question is, how do you encourage your clients, then, to recommend your services to others? Be the Type of Person People Will Want to Recommend The first step in getting referrals is the most challenging. You have to go above and beyond, exceed expectations, and deliver more than what the client expects. That’s a lot to ask for, of course, but it is what helps people to remember you and want to tell the world about you and what you did for them. At the very heart of this, you should provide excellent service to your clients: ⦁    Respond to them as soon as possible. ⦁    Find solutions to their concerns. ⦁    Work outside of the normal business hours if they need you to. ⦁    If they are worried about the cost of a repair on a home, set up a quote for them. ⦁    Provide recommendations for service providers they may need within their budget. There are many simple things you can do to address the needs of your client. Most importantly, listen to them. See what their goals or concerns are and provide solutions. Ask for the Recommendation When a transaction is successful, it is always important for you to thank your customers. Yet, that is not enough. Take a few minutes and talk about how important they are to you. Ask that if they have friends or family planning to buy or sell that they take the time to recommend you. You can also ask for your satisfied clients to also share a review of your services online. While real estate agents may find this to be a bit awkward, most consumers are more than willing to do so when they are happy with the service they received. Send them an email with a link to streamline it. Don’t be shy :) - Link them to your Yelp or other review pages. Build Relationships in the Community Whether through the local Chamber of Commerce, city council, religious organizations, or professional associations, the more connections you make, the more opportunities you create for referrals. The key is to get to know people who work or live within your ideal area. When you got your real estate license, you knew the value of developing networks – it is a key component of learning to market your services. Now, work to build those relationships on an ongoing basis. You don’t necessarily have to donate money to create these opportunities or spend a lot of money on the process. Instead, focus on just getting to know people. Give people the opportunity to say to their friends, “I know a really good Realtor…” Provide Follow-Up Service When the home sells or the buyer moves into their home, your job is not done yet. While officially it may be, this is the perfect time to follow-up with the buyer or seller to get more insight and clarity. Perhaps a month later, send them a note. Provide a card with a few recommendations of local restaurants. You can even reach out to those restaurants and small businesses to request a coupon you can offer. You can also just send a bouquet of flowers. If you want to create more of a personal relationship, connect with your clients with a formal email or even a lunch appointment. Ask them what they thought of the process. What could you have done better? Learn more about what their expectations and needs are going forward. Provide a few business cards, so they can recommend you to their friends. Keep in Contact with Leads – Even Those That Don’t Buy Some of the best referrals come months – even a year – after a client has approached you about the prospect of buying or selling a home. This is a big decision for most people. As a result, they need to be able to think about and work out the details of the transaction before they commit to the process. Be sure to have your new inquiries provide an email so you can send them information about current market conditions, new opportunities that come up, or other services and offers that may help. Emails sent consistently and over a period of time, allow you to remain fresh in the minds of your would-be clients. When it is time for them to do their deal they are more likely to call you. Give People Something to Remember You By Another fantastic way to keep your image and name in front of people is by giving branded material away. Whether it is a water bottle they can use for years with your logo on it or a t-shirt, the goal is to keep your brand in front of them long term. Imagine the client that buys a home from you having a branded hoodie from you – perhaps you gave it to them as a thank you gift. They wear it often. They receive questions about it and can tell their friends and family all about your business as a result. This is a fantastic way to get your clients to keep talking about you long after they purchase a home. Ready to Get Started? When you become a Realtor, value every relationship you create. Whether it is in meeting friends of friends or connecting with clients that call your office, you need to build a connection. When you really do connect with these leads, you create long-lasting opportunities for them to remember you and the services you offer. People love to share good things about those they know. You want to be one of the people they talk about in a positive manner. If you are interested in learning more about a career in real estate and how to get a real estate license, call us at 888 768 5285. Love, Kartik
Generating Real Estate Leads

How a Real Estate Agent Can Turn Renters into Home Buyers

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First time homebuyers are a fulfilling market for the real estate agent. You're helping people move from spending money on rent that they'll never recoup to investing that same money into a property they

First time homebuyers are a fulfilling market for the real estate agent. You're helping people move from spending money on rent that they'll never recoup to investing that same money into a property they actually own. This is a huge leap for most people and, as their agent, you get to help them find a starter home, or even their dream house. All of this is empowering and inspirational. The problem is that many agents find it difficult to convert renters into buyers. People often rent because they don't feel financially stable enough to own a home. There may be a plethora of obstacles in their way, from salary to down payment to a lifestyle that means more mobility.  The reality is that many people can afford to buy and most would agree that buying would be beneficial for them financially. As their real estate agent, your goal is to educate potential buyers - But first you have to find them. What Demographics Are Included in the First Time Home Buying Market? There are different segments of first-time home buyers. Often real estate agents zone in on the ones who have already expressed interested in buying a home. This is an easier demographic to market to because they're already looking for your services. You don't need to educate them on why buying could be beneficial for them because they've already come to that conclusion. The second hidden demographic are renters who haven't considered buying yet. Renters are often thought of as folks who haven't yet saved enough money to buy. That's not the whole of this demographic, though. There are those who aren’t in a position to buy right away, for certain. But every demographic is accounted for here for various reasons. Some prefer the mobility that renting allows as they are able to move more frequently with less hassle. Some simply prefer the location and amenities available in rental space in their locations. First time home buyers may not be what you would think without researching, as well. For instance, single women make up a surprisingly high percentage of new homeowners. When you're considering how to reach first time homeowners, there are a number of channels you can use to capture them. You'll also find that your geographic location will give you more information to help you target your market.  For many homebuyers in California rents have been rising so quickly and consistently that home ownership becomes more and more appealing with every rental increase notice. Remember that your buyers don’t necessarily need 20 percent down like in the olden days. There are many programs that offer down payment options of 0-5% making homeownership possible for more people. How to Market to Renters to Help Convert Them to Home Buyers For the renters who have already decided that they want to purchase a home, the marketing campaigns should be tailored more for sales than education, though value based content can still be used here. These future buyers can be considered warm leads because they already have an interest in purchasing.  To reach renters who have not already committed to buying a property, real estate agents sometimes need to use more creative solutions in order to educate and convince this market. The good news is that many renters would prefer to be homeowners. They often believe they can't afford it but in many cases they simply need more education about the buying process.  Educate Prospective Buyers on the Affordability of Buying There are a number of ways to do this but the reality is that many would be buyers don't even research the idea of buying property because they mistakenly believe they can't afford it. Many of them can and should consider buying rather than renting. They also often believe that their monthly mortgage payment would be higher than their current rent, but that's often not the case, either. Here are some ways you can reach these renters with more information that can help them to see buying as a good alternative for them: Online Campaigns. You can use your social media channels and newsletters to help educate renters on the financial realities of buying. This can include statistics and personal stories showcasing the benefits to owning a home over renting. Value Packed Blog and YouTube Posts. Use your website blog to host informative pieces that can be helpful for renters looking to buy. This can include tips on saving for the down payment for a home and information on finding the right property to fit your budget and lifestyle. Articles in Local Publications. If renters aren't currently looking to buy a property, they may never visit your blog or pay attention to any of your campaigns. But articles in local publications have a broader reach. This might include town newsletters, local papers, and magazines. Personal Outreach. Hosting webinars and classes about home buying can be a great way to educate first time buyers.  You'll find that many would be buyers are simply misinformed about the process. Helping to educate them on the benefits of home ownership can be an excellent way to reach this fantastic market I wanted to write a blog about this because many of our real estate school students start out working with buyers and many of these are first time homebuyers. Having a solid plan of action to target and convert this market segment can prove profitable to the newer real estate agent. If you are interested in taking real estate classes call us at 888 768 5285 or visit us at www.adhischools.com Love, Kartik