The Simple 3-Step Formula For Doubling (or Even Tripling) Your Referrals

A few of you are suffering from what I call referral resistance. What's referral resistance mean? It means you've got a pretty good size database of people, a sphere of influence, and it's not performing well.

In other words, you're not getting a lot of referrals. Your sphere of influence isn't sending you buyers and sellers.

Why?

It's because the people in your sphere don't quite trust you enough. They don't quite see you as the expert that you know you are. And because of that, there's resistance to sending you referrals.

So how can you overcome referral resistance?

I'm gonna give you three quick techniques to help you with that:

1. You have to be the experts in their minds, not yours.

How do you do it? You need to be giving them information regularly about the real estate market. Now, this is super easy to do because you are given information all the time. One of the places you are given information from is your local MLS system. So in your local MLS, they're gonna send out some data usually to all the members every month. They're gonna here's what's happening. Here's the new pending sales, the new transactions, the new listings, the closings, the things that are happening in the market. They're usually gonna give you a percentage of what's happening there. Take that information, repackage it, rebrand it, put that out as video content. Put that out as email content. And start pushing that back out to your spheres of influence.

Show them that you are the expert in the market.

I'm gonna give you an example in my market. I just did this this morning. We were talking about what's happening.

We've had a 29.7% increase in pending sales. We've had a 26.3% in new listings. Home prices are up 13% in our marketplace. Closings are up 8.3%.

That's all I need to say. Those four stats. If you know of anybody to think about buying or selling, let them know you'd love to help. If you have any questions about the market, always come to me first. That would be my ten second video I could put out once a month and position myself as the expert.

2. Show success

It's okay to show off your success. People in your database don't know that you're helping buyers and sellers and closing deals, right? And even if you're not doing a lot of that, when you do any of it, make sure they know about it. This isn't bragging. This is you getting them to know that you're a successful agent that can be trusted with their referral.

So when you have a sale, you have a pending, you have a listing. We often think about doing a just listed, just sold, just pended in a neighborhood around the activity. Instead, why don't you pivot and send that same information to everybody in your sphere? Yes, it's gonna cost you a few more dollars. But let's assume you had a hundred person sphere. And I spent a hundred dollars sending a mailing to everybody and said, just got a new listing. Then I did it again. Just got a pending. Then I did it again. Just got a sold. That's three activities for one thing that happened, right? What a powerful thing.

Those people are gonna say, whoa, Jim is super busy right now. He's crushing it.

Now, if you can't afford to do that all the time, I get it. But it could be the same thing with an email. Same thing with social media posts. And what if you did all three? Now people are really seeing you and engaging with you.

3. Be consistent

Don't just do this once. Do something out in the marketplace every single day that shows you're somebody that can be trusted with a referral.

Let me tell you one thing that you should be consistent with is capturing testimonials. And then not just saying, Ooh, I got a testimonial. But taking that testimonial and repurposing it.

Put it out on social media. Include it in your marketing. Include it in your emails. That is something that will also show off success and encourage people that they can trust you with their referral. And watch your referral resistance will come down. Referrals will start coming over. And your business will transform if you apply these three simple steps.

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