Building a REALTOR® Partner Network can not only expand your business reach, but also make a large contribution to your GCI bottom line. The majority of REALTORS® perceive Agent to Agent referral business as simply "bonus business". Few make it an integral part of their marketing strategy. But just like SOI (sphere of influence) referral business, top Referral Agents have a crafted a tasteful execution plan for both connecting and staying top of mind with fellow Agents across the country.
It's not enough to just meet up with Agents at industry events and conferences, swap business cards or like and follow each other on Facebook. A successful Partner referral network must be targeted, intentional and purposefully grown, then continuously touched, just like any other prospect in your database.
Think of 'Agent2Agent' referrals no differently to farming other prospects. Just like farming different niches, regions and neighborhoods, try to pair up with Agents that service a similar type of Buyer or Seller to your business. If your niche is primarily resort, second home and luxury real estate like mine, team up with others that do the same in other markets. Establish a relationship and a rapport before the referral. Earn an Agents' confidence and respect. If at all possible, "give before you get". To begin, focus on the logical areas you might send and receive referral business.
Here's a simple system to engage other Agents and earn their referral business. Done consistently, the referrals will come.
1. Make an introduction. Exchange business information. Ask them about their market and specialties, then tell them about yours.
2. Add Agents into your CRM and also encourage them to join a platform like Referral Soup, then invite them as a Partner in your personal Referral Network.
3. Send them a hand written thank you note and another business card. (because they almost certainly tossed or lost the one you gave them)
4. Friend and follow on Facebook and other Social platforms, like their posts from time to time and follow their business page. Tag them in a post.
5. Craft 24 prewritten emails (2 per month), just to touch base. DO NOT OVERWHELM OR SPAM. Nobody likes that.
6. If possible mark their birthday (you can often find it in their Facebook profile) as a reminder in CRM calendar and call to wish them a happy birthday.
7. Twice a year, make a courtesy call to check in. Make it about them, not about you.
8. If you receive a referral, send the Agent an immediate thank you card with a gift card. Doesn't have to cost a lot, it's the thought that counts.
9. Keep the Agent updated at least weekly. Referral Soup is a great way to keep everyone in the loop and a record of the referral transaction.
10. When the transaction closes, call them, thank them, pay them quickly, rinse and repeat.
The key here is to establish a trusted, working relationship. Align yourself with likeminded agents you are confident will provide the level of service and expertise you demand for your clients. Remember, by default you are not entitled to any Agents' business, and referrals work both ways, but the more you establish that relationship and trust in advance, the more likely you are to earn the referral and the repeat referrals.