Referrals can be a big source of a real estate agent’s business and can be key to keeping your business flowing year-round.
About 40 percent of the real estate agents recently surveyed by the ReferralExchange and the Council of Residential Specialists say they receive about one to five referrals per year. Another 20 percent say they receive six to 10.
Inbound referrals tend to result in a closed transaction the most. The highest rate of success in closing a transaction is when a referral came from the agent’s own sphere of clients, according to the real estate professionals surveyed. The next best referrals came from referral sources like their brokerages and corporate referral sites.
More than 40 percent of survey respondents reported that more half the referrals they send out result in a closed sale. Another 20 percent estimated that they see a quarter to half of their outbound referrals close.
The main factors that determine whether a referral will close include the seriousness of the client about buying and selling; their connection to the person who referred them; and whether they trust the person or system who referred them.
“The greater the connection to the source, the more likely the referral is serious and will lead to a closed sale,” the study notes.
The majority of the inbound referrals real estate professionals say they receive come from their sphere (40 percent) and from other real estate professionals (37 percent). Nearly 90 percent of the referrals that come from a real estate professional’s sphere come from current and past clients; another 10 percent come from friends and family. An additional 22 percent of referrals come from various sources, such as corporate referral sites and the agent’s own brokerage.
“This data reiterates the value of vetting,” the study notes. “Whether referrals are qualified by the agent’s personal sphere or another trusted source — yes, even one on the internet — true referrals have legs. Relationships and human connections matter, certainly more than the slot machine that is Internet lead generation.”
Source: REALTOR® Magazine
It’s out! RE/MAX agents again claim the title of most productive among the national real estate brands. An analysis of the data contained in the 29th annual 2016 REAL Trends 500 survey shows that RE/MAX agents are more than twice as productive as the average of all other agents in the report. Productive agents, an unmatched global presence and the premier real estate brand. It all adds up to another banner year for RE/MAX agents and their clients!
Read the full article…
Are you undermining your success with unconscious behaviors that are actually hurting your attention and simultaneously diminishing the gray matter in your brain? If you’re ready to shift to peak performance mode, a few simple tweaks may be all you need.
Agents are always searching for the next magic bullet that will improve their businesses. While training, seminars and new technologies can definitely improve your business, few agents actually understand how the physical choices they make about their self-care influence their real estate success.
What are some simple steps you can take to make sure that your body is supporting you to achieve peak performance? Surprisingly, many of them are easier than you may think.
While there’s a lot of talk about “work-life-balance” in the real estate industry, Nobu Hata, NAR’s director of digital engagement, says market realities today mean that agents are working longer hours showing listings, handling multiple-offer situations, and spending time with their clients.
To make sure your time is being spent in the most productive and efficient way possible, read these tips…
Many will find that while breaking into real estate may be easy, getting established is tough. Landing those million-dollar listings means succeeding against all odds.
Only 2% of Realtors, a trademarked term used by the National Association of Realtors to which the majority of real-estate agents belong, earn more than $250,000 a year. The median annual income nationwide was $43,500 in 2012, up from $34,900 in 2011.
Read the article…
There’s always some new technology bandwagon to hop onto, with tech faddists telling you that if you don’t use this app or blog constantly, you’ll never grow your business. Well, that’s a lie — because nothing works better than you being you. Here are three of the most common tech marketing misconceptions that you should stop buying into right now.
In today’s online-driven world, developing a working social media strategy to build your online presence is vital. However, between sales calls, listing appointments and other daily duties, many real estate professionals feel stretched for time.
Add social media to the mix and the to-do list goes from manageable to overwhelming.
So how can you use social media in an effective and strategic way to boost your bottom line, gain visibility and position your personal brand as the local go-to professional?
Read 5 tips for boosting traffic, leads and visibility…