2024 Strategy: Building Your Real Estate Referral Network

By Jacqueline Smith

Jacqueline Smith started in real estate in 2015 and sold 52 homes her first year in the business as a solo agent. After considering growing her own team, and exploring different team models, she decided to partner with Place in 2017. The partnership allowed her to fast track her growth, and provide better systems and models to her agent partners. Her and her team in Vancouver Washington now close over $165M in annual sales volume, while keeping the quality of the agent and client experience at the forefront.

As we step into 2024, the importance of a strong referral network in real estate remains undeniable. If you’re a real estate agent or aspiring to be one, mastering the art of generating referrals is crucial. Let me share three effective ways to build your referral network:

1. Leverage existing connections. Start with people who already know you. This includes your past clients and contacts from previous jobs, schools, or colleges. The key is to stay connected, make introductions, and consistently add value to this group.

2. Partner with local entrepreneurs. Real estate agents aren’t limited to referrals within home maintenance alone. Expand your network by partnering with diverse local entrepreneurs. Whether it’s a CPA, a hairdresser, or a boutique owner, these connections can be valuable sources of referrals. Think creatively about whom you can connect your clients with to provide additional value.

3. Engage in community involvement. Being actively involved in your community through volunteering and working with nonprofits is not only fulfilling but also a great way to meet new people and establish meaningful connections. Showing that you care about your community can significantly boost your referral network.

4. Bonus Tip - Network with other agents. Don’t overlook the potential of your agent network. Attending out-of-town training sessions and classes is an excellent opportunity to meet agents in feeder markets. Establishing connections with agents in different areas can lead to mutual referral exchanges and benefit your business significantly.

The essence of building a strong referral network lies in adding value to others. The law of reciprocity ensures that the goodwill and assistance you offer to others will often come back to you in positive ways. If you found these tips helpful or need assistance expanding your network, feel free to reach out. You can call me or send me an email. I’m always here to help and serve.