Relationships and referrals: Essentials of real estate business

Referral is a buzz word in real estate business. Referrals generate majority of the closed sales for realtors with clients coming from family and friends within a close network. The main challenge is to continue asking for more referrals and getting new customers by closing a good sale.

 

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Building a good referral source is the groundwork of any great networking scheme. And satisfied clients will more likely pass around leads to realtors and all that is needed to do is ask.

Below are some of the reasons why referrals and relationships are good for business:

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Referrals cost less and saves time. Asking for referrals is the cost-effective way of attaining prospects instead of standard marketing which will require some time and aggressiveness before payoff. No additional time is wasted especially when it comes to sales process because the leads may generate quick sale results.

Distressed properties are easy to market when realtors are recommended by a friend or a family member. Foreclosures, short sales, and other delinquent real estate properties have been increasing and dealing with the sellability of the said properties will require some sort of familiarity on the part of the realtor relative to the background of the seller. An introduction or referral from a close relationship can make this happen.

 

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And of course, referrals most of the time will highly likely become clients. The level of trust and confidence is important in closing a deal knowing that the people who can recommended the realtor to a friend or family can vouch or attest to the quality service and salesmanship the realtor.

Prospecting definitely works and generating new clients is one of the lessons that Bob Fitzgerald’s coaching firm teaches real estate agents. Visit this website to learn more about real estate prospecting.