Keep the referrals coming

Referrals are vital for top producers to keep the leads coming in and maintain their status. Once an agent’s reputation as a top producer has been established, other agents will feel comfortable referring business.

The National Association of Realtors’ 2016 Profile of Home Buyers and Sellers reported that 42 percent of buyers went with an agent who was referred to them by a friend, family member or neighbor. Among sellers, 64 percent found their agent through a referral or used an agent they had worked with in the past. Eighty-five percent of sellers reported that they would recommend their agent, while 88 percent of buyers would either use their agent again or would recommend their agent to others.

Sachs Wong uses signs and mailers to extend her branding efforts in her neighborhood. She also emphasizes the importance of going to brokers’ events to network with other professionals for referrals, and the necessity of being prepared at open houses.

Leonard’s team focuses on staying in touch with their past clients through events to generate referrals. “This month we rented a theater and we’re doing a movie day for our clients and their kids,” she says. “We do a ladies’ night where we have manicures and pedicures and wine tasting. We do client parties with things like bocce, bowling and all kinds of games and food.”

Montro uses his website, FrankMontro.com, and Zillow to generate business online. He also does joint marketing with loan officers to generate referrals. “If you have a business and you’re doing business with somebody, it should be reciprocal,” he says.

While reaching top producer status is a major milestone in an agent’s career, it also comes with high expectations, according to Sachs Wong.

“People think that you have all of the knowledge about everything, and the one thing that is an unknown is that market at that exact moment and what is happening,” Sachs Wong says. She acknowledges that no matter how skilled or knowledgeable an agent is, one can never predict how the market will move, or local factors that could undermine one’s pricing strategy.

“Top producer status” will look different to every agent, association, and prospective client. The value it bestows—financial, social or otherwise—will ultimately be found in the eye of the beholder.

EXPERT SOURCES

Sarah Leonard
Associate, RE/MAX Suburban
847.985.7050
sarahleonard@remax.net

Frank Montro
Realtor, Keller Williams
708.307.0777
frank@frankmontrohomes.com

Emily Sachs-Wong
Broker, @properties
312.286.0800
esw@atproperties.com