Team up with others to strategically grow your business.
They say two heads are better than one, and running a successful real estate business is no exception. Joining forces with referral partners can work wonders and take your luxury real estate brand to the next level.
What is a Referral Partnership?
A referral partnership is simply a professional relationship in which you refer clients to the other person or business. In return, they do the same for you! It’s a win-win setup because not only do you provide each other with warm leads, but you also take some stress off of your clients’ shoulders by providing them with vetted recommendations.
Partnering up with people who also deal with homes and finances means that your services as a luxury real estate agent are likely to come up organically in conversation, at which point your partners can point leads in your direction. Great referral partners for realtors are financial planners, lawyers, professionals in home service like electricians, and even realtors who are based in different states.
For example, if a couple sees their financial advisor and shares that they’re saving up for a down payment on a home, the financial advisor partner can let them know that they recommend working with you when their savings are ready. It’s important that it goes both ways, too: when you work with clients and issues or questions around finances come up, you’ll send them your financial advisor partner’s way.
Many professionals looking to grow their business even take part in fully built-out referral networks, which consist of one expert from various different fields and can provide a healthy stream of leads because people in every facet of business and service are ready to drop your name!
While often overlooked, referral partnerships can play an important role in building a lucrative real estate brand and business. These are a few of the primary benefits of engaging referral partnerships as a part of your luxury real estate marketing strategy.
Receive Warm Leads
The main draw of this strategy is that it brings in leads who already have a reason to trust you, without much extra effort on your part. While enhancing your SEO and targeting your social media strategy to your ideal clients will go a long way to bringing you leads, these strategies still leave work to do on your end once someone contacts you. You still have to prove yourself in order to reel them into working with you. When people find you online or through your social media channels, you still face the next step of providing value and earning their trust.
On the other hand, when people come your way because someone they already work with recommended you, they’re much more likely to become your client without too much extra persuading. As long as they’re happy with your partner’s service, they have a built-in reason to expect a great experience with you, too.
This strategy doesn’t take up tons of extra time, either. You might consider setting reminders for yourself to make sure you’re upholding your side of the partnership and referring your partners regularly. Other than that, if the partnership is strong and your partners follow through, the effort required to gather consistent warm leads is quite low. The minimal effort and time required to implement this practice makes it a sustainable and smart marketing strategy.
Build Your Brand
Partnering with other high-quality professionals in your area also gives you the opportunity to build up your brand. When your name is associated with others who are well-known and respected in their field, your brand rises to that level as well.
You also establish yourself as a local expert when you’re knowledgeable about the service providers around you. When your current clients realize they can trust you to recommend a great solution to their problems, they’re even more likely to help get your name out there themselves and come back to you the next time they’re looking to buy or sell real estate.
Becoming a trusted name in real estate is all about knowing your business, knowing your area, and following through. Referral partnerships can help with all of these, in turn creating a brand that clients will happily seek out and return to.
Save on Marketing
When done thoroughly, referral partnerships and networks can bring in just as many leads as any other marketing campaign could. Fostering a relationship with a potential referral partner can end up yielding consistent clients down the line, and create a stream of leads that lasts for years to come. Best of all, most referral partnerships won’t cost you anything but time and the presence of mind to remember to recommend them!
Pairing your other marketing efforts with referral partnerships offers benefits for both ends of the partnership while potentially saving money for you both. Just as your brand becomes intertwined with your partners’ in many ways, so can your marketing results. If one of your partners runs a large marketing campaign around a product or service launch, you’re likely to see an influx in clients as a residual effect of their efforts, and vice versa! Your marketing dollars become more potent when you team up.
Add Value for Clients
At the heart of most real estate businesses is the desire to serve clients well — to make their lives easier by guiding them through processes that could otherwise be stressful or confusing. On top of the work you do as their real estate agent, you can also view your referral partnerships as another way to serve your clients and potential clients.
Referring a great resource to a client in need of a service can be a huge help! By doing your research and selecting your partners carefully, you take that work off of your clients’ shoulders and give them a great place to start. Moving to a new area, as many of your clients likely are, comes with overwhelming details and to-do lists that can feel endless. Having a list of vetted and trusted professionals who you trust to help your clients might be exactly what they needed to get settled comfortably in their new home!
Many agents are aware that creating referral partnerships is a great idea, but struggle to get started forming these partnerships.
To get started reaping the benefits of referral partnerships and networks, first take a look around: who do you already know? What financial planner do you currently work with? Which plumber and electrician do you count on? Start by taking stock of your circle of professionals and reach out to them about becoming referral partners.
After that, ask yourself what kinds of services you regularly receive questions about. What other help do your clients tell you they need? From those categories, spend a bit of time doing research on the leading professionals in your area. Ask people you trust, read reviews, and make a few phone calls to dive deeper. Narrow it down to a few per category, then start setting up meetings.
Use your meeting time to feel things out and determine whether you mesh well. Would the people who like working with you also like working with them? Are there similarities in your style and philosophy? Do they seem trustworthy?
If the fit feels right, propose your idea of becoming partners and come to an agreement about what that partnership will look like for you. For example, what will a referral look like? Simply passing on your card? Sending an email introduction between you and the potential client? Getting clear on these details upfront will help make sure both of you are delivering on your partnership as expected.
After that, send a referral their way as soon as you can! That way, they’ll see what’s really in it for them, confirm that you’re true to your word, and set your partnership in action.
No one runs a successful business all alone. Luxury real estate businesses are no exception! Team up with high-quality professionals in your area to see leads come in effortlessly and create a smooth experience for your clients.