Maintaining your referral business
By: Stephen Roesler
Speak with most real estate professionals and they’ll likely confirm that 85% of their business comes from referrals. Real estate is a historically local business that lives and dies by relationships. With that fact established, it’s important to understand how a market saturated by internet savvy clients can be used to the benefit of agents.
First, step into the shoes of a consumer. Let’s assume you’re looking for a new restaurant that specializes in Spanish Cuisine. You haven’t had a respectable paella since you studied abroad and your significant other has been casually mentioning how you no longer go on spontaneous dates. Given that you want the relationship to continue, you need to come up with a plan. Where do you go for a recommendation?
If you’re like most socially minded people in 2011, you probably ask your closest friends and your favorite search engine. Although the search engine will undoubtedly give you suggestions, you may doubt the credibility of the restaurant. That’s where your friends come in. You need a peer recommendation. Socialnomics states that, 90% of customers trust peer reviews, where only 14% trust advertisements. More than likely, you’ll choose the Spanish restaurant that receives multiple satisfactory reviews, like any rational consumer.
For the most part, your clients act in an almost identical fashion when choosing a Realtor. Now, however, the game has shifted given the accessibility of online peer reviews. One of the most dominating forces is Yelp. Gone are the days of restaurants getting away with poor service – diligent Yelper’s will be sure to offer their opinions. As a Realtor, Yelp remains a highly approachable, necessary venue that must not be forgotten. If your testimonials are something you hold close to your heart and often tout in your marketing materials, be sure that these testimonials are accessible online. Here’s what to do:
1. Set up a Yelp account
2. Add your picture, basic information and business information
3. Ask old clients to review you on Yelp
4. At the end of every smooth transaction, ask for a review
5. Remain an active Yelper by reviewing businesses you frequent
In a relatively short period of time, you can build a list of your most loyal clients in an online space accessible to the public. That way, next time a past client refers you business, you can point them to your Yelp page. After all, 90% of customers trust peer reviews.
