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Real Estate Fight Club

6
Nov 2019

Episode 06: When is the Best Time to Ask Your Clients for a Referral?

November 6, 2019

In Episode 6 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over when to ask your clients for a referral. Learn Monica’s smart system for making commitments that will earn referrals and hear how Jenn leverages excitement. This episode will help you set your standards on when to ask for client referrals that will help you build your business.

 

Episode Highlights: 

  • When is the best time to ask your clients for a referral?
  • Monica thinks you should ask for a referral when you’re establishing your expectations for the relationship.
  • She makes three commitments in terms of service and asks clients to commit to referring business to her if she meets those commitments.
  • Check in with your clients throughout the process about the promises you made them.
  • You get their agreement to offer a referral upfront.
  • Jenn asks what to do if you know they’re upset during an update.
  • Monica suggests approaching problems directly.
  • Making things right can only improve your credibility.
  • Monica’s expectation is that her clients will send her referrals and she will do all she can to earn them.
  • Jenn feels that the best time to ask for referrals is when clients are excited.
  • Generally this is when they sign a listing agreement or a buyer’s agreement.
  • Jenn prefers talking to people she doesn’t know.
  • Her referral rate is 40%, but it could improve if she became more direct about asking for referrals and following up on that request.
  • Jenn also consistently asks for referrals at the end of the transaction.
  • She lets clients know that she needs them to replace themselves.
  • Checking in about referrals could become a part of every update call.
  • Monica reminds us that we are business owners that need to cultivate new business.
  • Ask your clients if they would feel comfortable recommending you if they heard someone talking about real estate.
  • In today’s poll, many agents responded that they ask for a referral somewhere in the middle of the process.
  • Lauren Taylor said "I ask at the superhero moment. There's always a moment when you are viewed as a superhero." That's what she goes in for the referral.
  • Monica reminds us that a real estate transaction involves a mutually beneficial relationship.
  • Deliver results and then ask for a referral.
  • Find language that matches your personality and don’t be afraid.

 

3 Key Points:

  1. One good time to ask for a referral is when you outline expectations with clients at the beginning of your relationship. 
  2. Another good time to ask for a referral is when you know the client is excited.
  3. Meet your clients’ expectations throughout the process and then don’t be afraid to ask for their referral. 

 

Resources Mentioned: