How (and Why) You Should Maximize Your Income with Repeat and Referral Business instead of going broke buying leads…
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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In real estate, relationships matter more than any marketing campaign. Studies show 82% of real estate transactions come from referrals, repeat clients, or trusted recommendations (National Association of Realtors). Despite agents collectively spending between $4.2 billion and $16.2 billion annually on advertising and branding (AdAge), referral-based transactions generate four times more revenue than advertising and marketing combined.
Clients seek agents they trust. Whether through a past relationship, a referral, or proven expertise, personal connections consistently outweigh the impact of ads or digital campaigns. This document will outline actionable steps to build a thriving business fueled by relationships so you can spend less on marketing and more time with the clients who matter most.
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10 Steps to Build a Referral-Driven Real Estate Business
- Understand Why Referrals Dominate
- 82% of transactionscome from referrals or repeat clients (NAR).
- Clients trust recommendations from friends, family, and past experiences more than advertisements.
2. Earn and Maintain Client Loyalty
- 88% of buyersand 84% of sellers say they would work with their agent again or recommend them to others (NAR). How many of your past clients did you speak with last week? Would they recommend you, or are they unsure if you’re still in business?
- Deliver exceptional service to turn every transaction into a referral opportunity.
3. Know the Numbers
- Referral-based transactions accounted for $72.3 billionin U.S. real estate commissions in 2023, compared to $15.9 billion from advertising (NAR).
- Focusing on relationships yields higher revenue and lower costs.
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4. Use Social Media to Stay Top-of-Mind
- Platforms like Facebook, Instagram, and LinkedIn help reinforce your visibility and maintain relationships with past clients but should be viewed as something other than a lead-generation source by themselves.
- Use social media to share success stories, engage with followers, and remind clients of your value. Support your Real-life conversations and handwritten cards with details you learn from social media.
5. Invest in Relationships, Not Just Advertising
- While digital ads can support your brand, they accounted for only 18% of total commissionsin 2023 (NAR).
- Relationship-building delivers higher returns and longer-term benefits. At the end of this podcast, we’ll give you action steps to help you nurture those relationships.
6. Focus on Referral Efficiency
- Referral clients are more likely to close deals quickly and require less nurturing than cold leads (Real Trends).
- Spend time building trust and strengthening your network instead of chasing unqualified leads.
- Repeat and referral clients have fewer objections, more trust, and less stress than cold leads generated from paid sources.
7. Strengthen Your Online Reviews
- Encourage happy clients to leave reviews on Zillow, Google, or Realtor.com.
- Positive reviews enhance your credibility and reassure potential referrals.
8. Leverage Holiday Events to Connect
- Attend as many holiday events, meetups, and social gatherings as possible.
- Use these opportunities to reconnect with past clients and build new relationships. Say ‘yes’ more than you say ‘no’ and expand your Sphere of Influence.
9. Commit to Daily Database Outreach
- Speak with five people per dayfrom your database between now and the new year.
- Use the F-O-R-D script (Family, Occupation, Recreation, Dreams) to engage in meaningful conversations and build rapport. Learn how to master this script in Premier Coaching.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, ALL THE LEADS
Homework:
To truly capitalize on referral and repeat business, make these commitments:
- Between now and the new year, speak with 5 people from your database every day. Reach out to past clients, current prospects, and potential referral sources.
- Attend as many events as possible. Holiday parties, meetups, and community gatherings are prime opportunities to reconnect and meet new contacts.
- Use the F-O-R-D script to build meaningful conversations and identify opportunities to serve. Our Premier Coaching Program teaches this powerful tool in depth.
- Pop by in person to visit with your most recently closed clients.
Focusing on relationships will build a business that thrives on trust, loyalty, and long-term success. Start implementing these steps today and watch your referral pipeline grow exponentially. You’ll not only generate more leads, but they’ll also be lower-stress transactions, create future referral business, and net you more income!
