When you receive a referral from a past client, of course you say, “Thank you.” But is that enough?
According to real estate sales experts, the number one reason why people fail to recommend a Agent more than once is that they feel their first referral was not fully appreciated.
You need to make sure that everyone who recommends you or sends you a referral understands that you value loyalty.
And the best way to value your client’s loyalty is through a Referral Appreciation Program. A referral appreciation program is a vital component to an effective real estate marketing plan.
While the name may sound intimidating, this kind of program is actually very easy to set up and run. In fact, you may already be doing some of the recommended steps when someone recommends you.
A Referral Appreciation Program is simply a way to structure those activities so that people who send you a referral once – will do so again and again and again.
There are three steps to a referral appreciation program:
Step 1: When someone refers a prospective client to you, send them a card with a personal handwritten note: “Thank you for having the confidence in me to recommend my services. I truly appreciate your support!”
Step 2: Keep your referral source informed. If you don’t they might assume you’ve ignored their referral (and, as a result, will never recommend you again.) Tell them what’s happening in the transaction with the person they recommend. But, make sure you respect the privacy of your new client too!
Step 3: Once the transaction is complete, send the referral source an appropriate gift. This can range from a gift card or movie pass to a dinner at an upscale restaurant or even a weekend spa getaway. However, never give cash. And make sure your gift complies with any local laws regarding referral programs.
Make sure you record the referrers name in the referee’s contact’s profile in your real estate CRM. This way, you can easily track who your referrals are coming from and how many you’re getting from each person in your sphere of influence (SOI).
A Referral Appreciation Program will do more than simply say “Thank you.” It is a crucial element to any real estate marketing plan. It will motivate some of your referral sources to go out of their way to recommend you by encouraging friends, family and even acquaintances to use your services.
Want to see how well you’re currently doing at getting referrals? If so, take our referral worthiness quiz.
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Do you follow a referral process when someone refers you?
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