How to Get Referrals as a Lender or Real Estate Agent
September 24, 2015
The best possible marketing strategy is probably the oldest. Word-of-mouth referrals draw more clients who are ready to commit than almost any other method. It’s an especially valuable marketing strategy for lenders and real estate agents, whose professions rely on trust and consumer confidence.
Despite its obvious advantages, it’s surprisingly underutilized. A reported 91% of customers are willing to give referrals, yet only 11% of businesses ask for them. Why the disparity? The fact of the matter is that garnering referrals from clients aren’t easy. It takes persistence, but also a knowledge of what makes customers tick. We’ll tell you how to do it.
1. Decide what kind of referral or review you want
Before you get ahead of yourself and start asking for referrals, first you’ve got to decide what kind of referral you want. There are three kinds of referrals to consider: word-of-mouth, online reviews, and client testimonials. In the lending and real estate business, word-of-mouth referrals are your best bet. When someone is looking for a mortgage loan officer, they’re not going to put their confidence in an online review from someone they don’t know. Try a combination, perhaps, but don’t underestimate the value of word-of-mouth referrals.
2. Choose the right time
Don’t ask for a referral too early in the transaction. Wait until you’ve established a rapport with your client and delivered on some of your promises. Then they’ll be willing, and perhaps even enthusiastic to recommend you to their friends and loved ones.
3. Be honest
Be upfront about it. Lenders and attorneys thrive on word-of-mouth referrals. Without being pushy, let the customer know how important referrals are to your success. Giving them a few business cards and asking them to pass them along to friends won’t cut it.
4. Focus on your end
If all you’re thinking about is getting a referral, you’re not doing the most important thing: making sure your customer is satisfied. Focus on them and only them. Once you’ve taken care of your end, you can request a referral.
5. Follow-up and support
One out of every four homebuyers experiences buyer’s remorse, which means 25% of homebuyers aren’t going to be going the extra mile to refer their lender or real estate agent. Those experiencing buyer’s remorse hasn’t necessarily made poor investments. Rather, they just haven’t received proper attention and support after the transaction is complete. Keeping your customers and borrowers feeling positive after the contracts are signed means getting more positive referrals.
At Nationwide Court Services, we offer a wide range of services to lenders, attorneys, and title agencies. We facilitate real estate closings, serve and retrieve documents, provide detailed property and title reports, and much more. Check out our homepage or read our previous blogs for more information.
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