October 12, 2016
If you don't have specific referral partnerships with other professionals in your community, then you're missing out on some piping hot leads. As a realtor you're expected to be the person that is well connected and can make introductions for just about anything someone new to the neighborhood might need or is looking for. Getting strategic and thinking about all the needs your clients might have - ahead of time - and knowing who the right person to introduce them to, will be valuable to your clients and those professionals you end up recommending
If you set up partnerships, those introductions will turn into leads as well. If you need more proof before moving forward check out this study from Community 2 Business. 80% of people look for others referrals before making a purchasing decision. That's good news for you and your partners. You can both grow your businesses for each other. Here is my list of professions to have referral partners in for real estate.
If you're looking to go down the path of garnering more partnerships with local business people and professionals, these are our top 5 recommendations. A partnership with these professionals could go a long way in creating a healthy relationship that acts as a source for trusted and qualified leads from referrals.
If you're trying to find more people who are selling their homes, these people are definitely going to know who they are. Having one person you have a partnership with in each will make this a lucrative category for you.
Here are a couple categories of lawyers that will know people who are looking to move at key moments in people's lives.
If there is a large business in your area that often relocates employees to your community, having a partnership with the business that then exclusively utilizes your services for helping them find their new employees a home is a huge win. If you're in a university town, setting up a partnership with the university with access to work with all the faculty and staff they bring to the area could bring you many deals over the course of your deal.
Personal financial planners are going to have some prior knowledge when someone is looking to buy or sell a home. It's a major financial decision. Having a CPA that you exclusively refer people to is an asset for both of your businesses as you grow within a local community.
Wait ... what?! I know, I know. Why would you recommend other realtors in your area. The answer is you wouldn't. You'd recommend realtors in other areas. Every realtor should have a referral partnership with a realtor in all the major cities of the US. When you have people that are moving there, you've got someone to recommend to them (and potentially get referral fees) as well as when they know people moving to your area they have someone to recommend (piping hot lead). Here are a list of cities I recommend having a referral partner in at the very least:
Again if you want to go above and beyond I'd recommend going through all 5 states and having someone to refer for each capital city in those states.
Once you've established these relationships, it doesn't end there. You'll need to maintain communication with these people and make sure they are receiving something of value from you in return for sending you business. Make sure you make a plan to keep these relationships healthy if you don't have a contact management system that works for you currently.
The best referral partnerships are two sided and structured. You agree to send them referrals and they agree to send you referrals. You'll want to look for partners whose businesses target the same people you look to work with. If you only work with sellers for example, look for home service providers who know home owners and work with clients that have the type of houses you want to sell.
To get a partnership set up, do a quick Google search for a business and look at the online reviews. Call the businesses and schedule a lunch meeting with your potential partner. When you meet, present your plan to them and make sure you talk most about how this will benefit them. Once you've got the agreement in place, you need to deliver.
Since you created this partnership, make sure you send them a referral very soon after your first meeting so they can see the results that could come from your partnership. If you're really good you'll show up to your lunch meeting with a hot referral already in hand.