Posted by: Gayle O’Malley, ReferralGENIE™
Updated: January 15, 2019
There are over 2 million real estate agents in the United States. New agents may find it cumbersome to understand how to get started. Although brokers and franchises have a number of tools available to new agents, it can be difficult to understand how to best make use of them.
There isn’t a silver bullet or industry secret to starting a successful real estate career (although there are five critical steps you should take). The principles of success are actually quite simple…it’s the execution that ultimately trips up most new agents. If you want to generate consistent business as a real estate agent, the best thing you can do is ask everyone you know for a referral.
Everyone you know likely has a friend, family member, or coworker who is moving in the next three to six months. Over 45% of millennials seeking a real estate agent ask friends and family members for recommendations.1 The next generation of homebuyer is very keen on using website reviews, testimonials, and star ratings to assist with buying decisions. The same can be said for selecting a real estate agent. In addition to the web, they’re turning to people they know and respect to provide input and reviews.
The 3 Referral Tips for New Agents
As a new real estate agent who doesn’t have any clients yet, you may be overwhelmed by the prospect of finding your first client. Here are three simple teferral tips that can help you ramp up your business:
- Ask friends and family first. Your friends and family know and trust you. They’re very willing to help you, and they want you to be successful. Let them know you’re licensed and are actively seeking buyers and sellers to build your book of business. Let them know you intend to work hard for your clients, and you will leave a great impression on anyone they refer to you. They’ll be glad to help!
- Keep asking! Over 70% of millennial home buyers are so happy with their agent that they would hire them again, or send them a referral of a friend or family member or someone that they know.2 That’s a lot of new client potential! Make sure you are the “top-of-mind” real estate agent they think of when they talk with your next potential client.
- Let them know you appreciate it. One great way to keep your friends and family referring your services is to write a “thank you” card. Send your best referral sources something special to let them know you sincerely appreciate their help in starting your business.
It’s not easy getting started in real estate. Many new agents can be overwhelmed at first by the constant networking efforts and hard work it takes to be successful. Try not to be. Remember, you completed real estate prelicensing education, earned your license, and demonstrated a commitment to your new career. Don’t become a statistic. The most critical step you can take toward building a successful real estate business is a simple, three-letter word: ASK.
Gayle O'Malley is with the ReferralGENIE™ Live Program at ReferralGENIE™. Gayle helps real estate agents all over the country grow their business through effective and powerful marketing, presented consistently throughout the home ownership lifecycle. Have questions? Visit the ReferralGENIE™ website for more information and a free trial of their referral generation service.