People never find business success alone, especially in real estate. Knowing the right people and being able to use a close network to help your clients is vital.
How do you know who you need to know? Professionals in a variety of fields help your clients finalize a deal. Whether it’s a mortgage banker or a home inspector, having people you can refer clients to time after time gives you many benefits.
The Benefits of a Close Referral Network
Why bother to have a go-to mortgage professional or inspector? Why not just let the client find their own?
First of all, you’ll save a lot of time. Home buyers, especially first-timers, don’t even know where to start when looking for professionals. When you give them a referral, even if they don’t use it, it will give them a starting point.
Secondly, you can help your clients find someone who is qualified. It’s easy to be fast-talked into a bad deal when you’re already overwhelmed with buying a home. It’s also easy to end up with someone who does a poor job and causes the deal to fall through.
Finally, it helps you build good relationships with other professionals. You can build a lot of goodwill by sending consistent clients to someone, and perhaps when they need a Realtor® or know someone who does they will think of you.
The Five People You Should Have on Your Side
So who does every Realtor® need to know? Most of these are common sense when you think about it, but the truth is that most real estate agents don’t take the time. Build a relationship with these five folks and you’ll be able to streamline the buying process for your clients.
This is the most obvious, and many real estate agents do have a mortgage professional they refer clients to. This can help clients gain pre-approval and be an option for them when closing a deal. Find someone who is good at working with the types of clients you tend to have, and closes a lot of deals.
Having a Realtor® who knows a well-qualified home inspector is a great benefit for buyers. Home inspections are nerve-wracking and home buyers are always nervous something will be missed and they will be left with a lemon. Having a self-assured, detail-oriented inspector you can recommend will help your buyers be confident in their purchase and in you.
Having home insurance is a key factor in closing any real estate deal. Many customers will have an existing insurance company to use, but you can also refer them to a skilled independent agent you know as well. Comparing prices never hurts, and if a buyer is completely lost your referral can give them a starting point.
An Escrow Officer
Knowing someone who has closed a lot of escrows and has seen a variety of scenarios will be invaluable to your real estate business. Using an inexperienced or unskilled escrow officer can completely scuttle a deal, which costs you and your clients money. Find out who is excellent at escrow in your area and make sure they are a part of your team.
A General Contractor
Many buyers approach a home wanting to make changes and updates. Other find specific things that need repaired or changed once they move in. Even after a deal is closed you may get questions about who to call for specific repairs. Having a general contractor you know that has a great reputation and performs high-quality work will make you look great to your clients.
Who Do YOU Know?
In real estate, as in many other kinds of business, it’s not always about what you know. It’s just as much about who you know. With these five professionals as part of your referral network, you’ll save time and hassle in almost every buying deal. It’s worth the time and effort to build these relationships, so start today!
Are you ready to ramp up your spring and summer marketing efforts? We’ve got a variety of ways to reach out to new buyers, including buyers postcards, Every Door Direct Mail (EDDM), and more. Contact us for help today!