Expanding your real estate business beyond your local market can unlock new opportunities, increase revenue, and establish your reputation on a broader scale. One of the most effective ways to achieve this is by building a strong referral network outside your local market.
This month on our podcast, co-hosts Tami Simms and Jack Miller sit down with Ed Eakin, Broker/Owner of the Eakin Group. Ed not only holds 12 designations and certifications but has also been active in leadership roles across several real estate associations. Together, they explore the best ways to create and maintain a successful out-of-market referral network.
From identifying target markets to leveraging networking events and communities, these experts provide valuable insights and strategies. Here are some of their key takeaways as well as some additional strategies to help you build a successful referral business.
Identify Target Markets
Before building a referral network, it’s essential to research and pinpoint key markets that align with your business goals. Understanding which locations, demographics, and feeder markets best complement your business is a crucial first step.
Consider high-demand relocation destinations or areas with similar clientele. Tools like Realtor.com’s Cross-Market Report can help analyze market activity and trends to identify promising areas for networking.
Connect with Out-of-Market Real Estate Professionals
Discover why networking with real estate agents and brokers in other markets is essential and how to build those connections:
- Joining National and Global Real Estate Organizations
- Associations like the National Association of Realtors (NAR), the Institute for Luxury Home Marketing, or Leading Real Estate Companies of the World provide excellent networking opportunities.
- Attending Conferences and Industry Events
- Events such as Inman Connect, real estate expos, and trade shows allow you to meet agents from different markets.
- Engaging in Online Communities
- Join Facebook groups, LinkedIn networks, real estate forums, and The Institute Network to interact with professionals outside your local area.
Establish Reciprocal Referral Agreements
Once you’ve connected with agents in other markets, discuss the possibility of a referral partnership. Establish clear agreements on referral fees, lead qualifications, and client handoffs to ensure a smooth process.
Leverage Social Media and Content Marketing
Showcasing your expertise online helps attract referral partners from different markets. Consider these strategies:
- Create Market-Specific Content
- Write blog posts or record videos about relocating to your area, investment opportunities, or market trends.
- Engage with Non-Local Real Estate Professionals
- Comment on their posts, share their content, and build relationships through meaningful interactions.
- Use LinkedIn Strategically
- Connect with agents from different markets and showcase your value through insightful posts and endorsements.
Build Relationships with Relocation and Corporate HR Departments
Companies often relocate employees to new areas, and partnering with relocation specialists or corporate HR teams can be a great referral source. Reach out to businesses that frequently transfer employees and offer your services as a trusted real estate resource.
Provide Exceptional Service to Earn More Referrals
Reputation is everything in the referral business. Ensure that every client you receive from a referral partner is treated with top-tier service. Keep the referring agent updated on progress and express gratitude for the connection to encourage future referrals.
In Conclusion
Building a referral network outside of your local market requires strategic networking, relationship-building, and consistent follow-up. By leveraging industry connections, social media, and excellent service, you can expand your reach and grow your real estate business beyond local boundaries.
Start today by reaching out to one new agent in a different market—you never know where your next big opportunity will come from!
We encourage you to listen to the full podcast to gain more insights:
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