Referrals aren’t handed out lightly; here’s how brokers earn them and keep qualified leads flowing
For real estate brokers that work in the investment space, the biggest key to unlocking sustained success is capitalizing on the business that can be generated by tapping into their network and helping as many investors as possible.
A broker has the ability to accelerate their business by developing strategies and tailoring their services to an investors’ needs. From there, referral partnerships, direct content marketing, and speaking to clients in person on a regular basis can establish a network that always provides quality leads. Executing a few different services at a high level is the blueprint to success and all a broker needs to experience longevity and make a positive impact throughout the industry.
Referrals foster rapid growth
One of the most efficient ways a broker can increase their presence and generate more quality leads for their pipeline is by utilizing their existing client base to earn referrals. It is important to note that this does not happen easily or automatically. A broker must focus and execute on the day-to-day tasks at hand before worrying about the other clients they could potentially work with in the future.
By tending to the clients already in place and securing successful transactions on a consistent basis, a broker puts themselves in the best position to earn those referrals. Investors can be a very tight knit community and there is a lot on the line in any given deal. That means that referrals are not handed out lightly due to reputation being at a premium and livelihood’s being at stake.
Locking in on documentation, communication and closings are the three most important aspects to get right to make a lasting impact on a client and has direct correlation to a broker earning referrals. Documentation and organization go hand-in-hand, so if a broker shows the initiative to request docs and knows what is needed when, then their client benefits from day one. Communication is key to every working relationship, so be sure to deliver updates promptly even if it isn’t what the client wants to hear. Also, be ready to relay alternative strategies to showcase the ability to pivot or adjust and still get the deal done. Lastly, closings are the final step to ensuring a broker puts themselves in the running to earn referrals. There’s also a big difference between closing a loan and closing one on schedule.
Always be sure to follow up with investor clients after a deal closes to gauge performance and areas of improvement. Only then can a broker be in a spot where asking for referrals is acceptable or if the client knows anyone that needs a similar service from a financing perspective. Delivering value throughout the transaction and ultimately closing a loan puts the broker in the advantageous position where asking for referrals is no longer overstepping, and a satisfied client should be happy to refer investors in their network.
Content creation cultivates leads
Another prevalent strategy that has come to the forefront of the industry regarding brokers generating qualified leads is content creation on various social media platforms. Now more than ever, potential clients are waiting to be marketed to online. A broker that can develop a strategy while having the confidence to put themselves out there on a consistent basis can accumulate leads at a rapid pace thanks to this ability to connect.
While making content seems like a simple enough task, it’s about creating targeted marketing to specific investor clients and providing value and trustworthiness through a screen. Keys to social media success include patience and consistency. One or two posts is not enough to establish that presence and attract the number of views that lead to quality investor leads.
Brokers need to identify where they can make the biggest impact and pour a lion’s share of their energy and budget into that or those specific platforms. While having visibility across multiple apps is important, understanding where a broker’s presence matters most is just as vital.
LinkedIn, Facebook, Instagram and TikTok having taken their place as the “Big Four” as it relates to creating content that can lead to generating revenue for a business. However, each platform has a distinct audience, so a broker needs to establish a baseline for who they’re looking to connect with, the type of content they consume most often, and how to initiate business conversations after securing views, comments, and follows.
Being an active participant on these platforms is the next layer aside from making content. Providing insight and sharing expertise through different communities and in the comment section can allow a broker to rise above competitors. Investors will gravitate towards those that are looking to help, answer tough questions and most importantly not always looking to lead with a sales pitch.
There is so much untapped potential on social media, and the juice is worth the squeeze for brokers that are looking to have more client conversations. After that, it’s about sifting through the investors in today’s market to find the qualified leads that will eventually lead to closings and commission.
Navigating networking events to find clients
The next phase of the blueprint for brokers to ensure their pipeline always has qualified leads is to attend networking events where the main attendees are potential investor clients. This in-person connectivity is the most pivotal area where brokers can make an impression and impact on investors in an effort to attain their business going forward.
Attending these events is only half the battle. It’s approaching them with a strategy and setting goals while at the event that leads to deeming a tradeshow a success. Being present at designated networking events apart from the tradeshow itself is important for brokers. Other areas for opportunity include setting meetings and hosting dinners for a few potential clients that can significantly impact business in a positive way. This process allows a broker to interview a client in these meetings and understand if their goals align.
Preparing questions ahead of time can help a broker be more confident in these settings and leads to clarity about exactly what they’re looking for. Experience, preferred deal type, areas of activity and even current deal scenarios should all be topics of conversation to gauge if a client is a good fit for the services a broker can provide as well as how much importance to place on trying to earn that client’s business.
These events are the most direct way to speak to potential clients so brokers should be bringing their A-game. Referrals happen over time, social media content can be edited, but a first impression in-person at a tradeshow can have immediate results for a broker’s business. There aren’t many other setting where an investor is motivated to find other professionals to work with and discuss past and current deals as well as goals and areas where they want to improve or expand upon within the industry. For these reasons, nothing can replace networking events in the industry, and a broker that fails to capitalize on these opportunities is leaving a lot of leads and potential earnings on the table.
Every interaction is an opportunity
Whether a broker is working through a deal with a current client, creating social media content, or attending a tradeshow brokers are steeped in opportunities to earn more qualified leads and bolster their pipeline.
There is a synergy that comes from performing all three of these strategies at once and when done correctly, a broker can distribute the right amount of energy into present dealings as well as future opportunities to earn a client’s business, and most importantly these will be clients worth working with. Qualified leads breed long-term success, but they don’t come without effort and execution. As a broker, taking advantage of everything at their disposal is the only way to maximize their potential in the real estate investment industry.
This article was provided by RCN Capital
