During my 20+ years of coaching some of the best agents in the nation, I have only met a small percentage of real estate professionals who had an action plan to build their agent referral network with agents in feeder markets.
Of course, we have all attended events and conferences, met great agents there and even exchanged business cards with each other. Unfortunately, that is often the extent of the new found relationship, and, sadly, opportunity is lost. This is why building agent referral network connections in feeder markets can be so beneficial.
The first step to building your own agent referral network is to identify all of the feeder markets people are leaving to move to your city or town. Next, research top agents in those feeder markets and contact them to introduce yourself.
Then flip it around. Where are your sellers moving to? Are you promoting to your database that whether they are moving across the street, across town, or across the country they should call you first? This is another good reason to call your clients quarterly. Find out what their next move is and help them get connected in their new location.
Once you identify the agents you want to build a referral relationship with, you will need to find interesting and valuable ways to stay in touch with them.
One agent I know did a great job of building his list, and then – on a weekly basis – sent network members a script, a sample of a marketing piece, or a business building idea. His thought was that this would keep him top of mind in a positive way. If he is helping them, they are more likely to repay the favor. He also made sure the subject line in the email was attention grabbing so they would open and read the email.
Another agent created her own nationwide referral networking group that met online where they shared ideas and got to know each other better. Members not only became good friends, but good referral partners as well.
As you build your referral relationships, be sure to share this information with your potential sellers, such as at a listing appointment, as another way you bring valuable connections to the table for them.
As you get to know your referral partners better, you may discover other ways to help each other get connected to valuable partnerships and opportunities for exposure.
If you want more guidance on how to grow your luxury real estate practice, you can learn more about the Institute’s training options here.