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Sign into your account[Best of 2017] 65 Sources of Real Estate Referrals You May Have Overlooked
December 21 2017
We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in January and is #7 in our countdown. See #8 here.
Referrals are a crucial part of an agent's money-making engine. According to research, 35 percent of a Realtor's business comes from past client referrals, and even outbound referrals to other agents make up 12.5 percent of an agent's annual transactions.
A study from ReferralExchange and the Council of Residential Specialists reveals that referral leads have a higher close rate than average, too. About 50 percent of both inbound and outbound referrals result in a completed sale.
Clearly, referrals make up a significant amount of an agent's bottom line. So what can agents do to cultivate more referrals?
To start, it pays to know who to target and how. According to ReferralExchange, there are 65 major sources of referrals in eight different categories. You're probably working many of these sources already--but are working them all?
Our bet is that there's at least a few referral ideas here that you may have overlooked. Check out this comprehensive list of referral sources for inspiration on cultivating new business.