However, after all this consideration, when a broker manages to provide a satisfactory sale to a buyer, then the broker will be given a wider and perhaps more excited referral to other prospective homebuyers. This would enlarge your referral network, and increase your file of potential contacts for referrals.
The high price of your product will also signify that even if only a fraction of your referrals equate to real sales, the income and commission from these sales can already be considered. Growing in the business and learning will teach a broker the methods he can cultivate and screen referrals to further pick up sales and growth.
Consequently, we should understand what most successful realtors and brokers have knowledge of -- that Real Estate is a relationship business. Despite the current external or economic conditions, the best method towards generating some ready revenue is through constructing a real estate business and by developing relationships that can encourage referrals.
Many strategies or techniques exist for building a strong referral-based sales business. But when you look more closely, all these ask that you keep regularly in touch with your network, preferably once every month.
It would be of use to sketch out different methods of keeping in touch with your network every month. The different methods of keeping in touch are: personal visits, telephone calls, handwritten notes or short letters, occasional newsletters, news and updates through email, client thank-you cocktails or parties, sending postcards, sending birthday or special greeting cards, organizing events for house-warming, promotions or contests.
The best practice is to attempt combinations of these contacting techniques, to tailor-fit your personality as well as the background of the specific contact.
Along with staying in touch, you will need to be careful of the following features of your referral business:
-Sorting out contact files according to priority
-Creating and keeping up a network management system
-Studying the best method for asking for referrals
-Not making use of standard all-purpose solutions
-Setting your goals and developing a budget
-Memorizing figures and numbers
-Organizing your time
-Hiring an assistant
-Hiring a business coach
The real estate business is also a business which relies strongly on customer care: so make sure that all your referrals are well looked after once you get them and try to expand your business by finding more leads. Good luck!