Have you ever had a client tell you that they referred you to a friend and “they will call you,” and nothing ever came of it?
Do you know how much money you’re leaving on the table? 💰
Referrals are the best because, hopefully, these prospects already have a warm and fuzzy feeling about you after listening to their friend raving about how great you are.
So how come you never got the phone call?
It’s because you subscribe to the HAP (Hope and Pray) referral management system.
And while you were Hoping and Praying, that potential client got a referral from a different friend whose REALTOR® does not subscribe to the HAP-System. They took action, and they got the listing, plus a purchase of a new property and two more referrals, by the way.
There’s at least $50K down the proverbial toilet. 🚽 Flush!
You need to dump the HAP-System, and take charge of your own fate, by adopting some simple ‘Systems and Procedures.’
This is one of the key differences between a $500K/year agent and the agent who is constantly chasing after crappy leads.
(View the previous RAM here: How to End the Vicious “Lead-Chasing” Cycle Forever)
For example, do you have a System and Procedure to record and track prospects and referrals? I’m not talking about the back of a listing sheet you picked up off the floor. Do you have a proper follow-up system?
This doesn’t need to be complicated. For example, I myself use a simple spreadsheet that I refer to daily.
Here’s my Procedure when a client tells me they referred me to a friend and “they should be calling you.”
I ask them to introduce us over a group email or text. Almost without exception, when I suggest this in the right way, my referral source is happy to do it. After all, they want their friend or family member to contact me.
Once this is done, it’s in the bag. Why? Because I’ve got a System to ensure I follow up in the right way. I know how to ask for a meeting and still come across as non-threatening, helpful, and knowledgeable. (Nobody wants to deal with a high-pressure Salesy Slickster.)
If they don’t respond, I’ve got a System to follow up in a different way.
Honestly, this business is much easier if you learn to use simple Systems and Procedures consistently. When this happens, I do that. When that happens, I do this.
It really is that simple, and in this case, it ensures that I almost always get a face-to-face meeting with referrals and then convert them to paying (and happy) clients.
Here’s a bonus System:
When you do get in front of a referral, always give your entire presentation. Otherwise, you’ll be getting this message, way too often:
“Thanks so much for meeting with us. We appreciated everything you had to say, and it was a tough decision, but we’ve decided to go with a different agent. Thanks so much for your time!”
Ugh. That’s one of the worst messages you can get. 😔
Especially when the other agent turns out to be Agent Awful, whom you already know will do a lousy job.
It’s called a System because it’s something you do consistently, not just when you feel like it.
Systems and Procedures. Get some!
Otherwise, you’re just winging it every day, and I do not know a single highly successful agent who does that.
