75% of real estate revenue is driven by word of mouth and referral, which means that referral marketing for Realtors absolutely must be a foundational part of your marketing mix. For most Realtors this is a no-brainer, but it’s critical to have a formal referral program in place.
A formal referral program means that you have a system in place to track, manage, and develop your client relationships — including asking for referrals and thanking clients who take the time to introduce you to their friends, family members, and colleagues. As you know, it’s a big compliment and great for business.
Setting Up Referral Marketing for Realtors
Some of the steps you’ll take include:
- Setting up a spreadsheet or investing in software to track your clients.
- Creating a checklist of the actions you’ll take to get the referrals.
- Publicizing your reviews.
- Thanking clients with gifts or cards for their reviews and referrals.
While each Realtor is different, a formal referral program is actually where digital marketing can start to shine. Digital marketing adds the platforms and technologies that expand the reach of your referral program and let you celebrate wins like 5-star reviews.
Here are some examples:
Reviews. Make sure that you are asking clients for reviews. Over 80% of today’s consumers check review sites, so this step is critical. Don’t forget the following:
- Google+ Reviews
- Realtor-specific review sites
Typically, you’ll need to be proactive in making the request, and then follow up. People are busy. Don’t take it personally!
Staying Top of Mind. Sending out regular newsletters and emails timed with the anniversary of the sale of a home, to name just two examples, will help you stay top of mind with your existing client base. Posts on social media can also mean that you show up on a client’s screen at just the right time.
Posting Accomplishments. Social media is a great way to share your real estate accomplishments and to add to your referral marketing to Realtors strategy. For example, having a “Just Sold” template that showcases your sales is a great way to share your successes on social media. The visuals are eye-catching and will grab the attention of potential real estate clients. You can even ask a client to share the post when you make a sale for them.
Monthly Updates. Creating a monthly sales update for your real estate blog is an excellent way to increase your search engine optimization, which will help your website get found in search engine results. It’s also an easy way to highlight your successes and gives your clients and colleagues something to share when making referrals. In this monthly sales update you can include sales from both buyers and sellers and also other types of real estate successes you’ve had each month.
Digital Marketing for Top Producing Realtors
Using digital marketing to create a robust referral system is just the tip of the iceberg when it comes to digital marketing for Realtors. Take advantage of the insider tips by booking a free digital marketing strategy session.