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Developing Your Own Agent Referral Network
Home Computers & Technology Internet
By: Rick Hendershot Email Article
Word Count: 780 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

So you're a real estate agent and you want to take advantage of the lucrative commissions you can make by encouraging other agents to share referrals with you. To make a long story short, it's all about "networking" - both online and offline. But because with agent referrals you are dealing with agents in other cities, one of your most important tools for networking with other agents will be the internet.

In a nutshell, here are the three most important steps for developing a strategy for generating agent-to-agent referral activity.

1. Develop a referral network with agents in other cities. Use internet networking sites, email and telephone.

2. Work your network to raise your profile. Use internet networking sites, email and telephone.

3. Generate outbound referrals by promoting yourself as a "relocation expert" and send referrals to your network partners as often as possible. Use internet networking sites, email, telephone, and other forms of networking to connect with your clients and prospects.

To help you better understand the kind of networking process I'm talking about here it will be good to keep a couple of distinctions in mind. First, it is important to distinguish between inbound and outbound referrals. An inbound referral is one you get from another agent. That other agent sends you a client (usually moving to your city), and you handle their house purchase.

On the other hand, an outbound referral is one that you send to another agent. You have a client moving to another city, and you send your client to an agent in that other city who then handles the real estate transaction. The other agent gets the commission for handling the purchase. But you get a portion of that commission (usually about 25%) for sending the client their way.

As I have said, generating referrals is all about establishing contacts with other agents across the country. And that boils down to "networking" - the process of forging relationships with other agents, establishing trust, and encouraging back and forth business transactions.

When discussing "networking" it is also important to distinguish between "active" and "passive" networking. Active networking is what you are encouraged to do on social networks like Facebook and Twitter. To get results - to meet people, learn new things, gain new friends, etc. - you have to participate in the conversations other people initiate, and you have to initiate conversations yourself. This is what I call "active networking".

Or in the offline world (the "real" world) active networking is what goes on when you become a participating member of a social club or service organization, church, home and school, community group, or get involved in volunteering for various community projects.

Passive networking, on the other hand, is just joining Facebook, LinkedIn, Active Rain, etc. and not participating. The passive networker doesn't spend any time actually "networking" - doesn't share information with other members, or engage them in online conversations, ask questions, or make comments.

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Rick Hendershot is the founder and president of AgentMapIt, a real estate agent referral directory. Gold memberships in AgentMapIt include AgentMapIt Feedback - a feedback system for agent showings.

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