After a hectic spring selling season, is your business cooling down with the arrival of the dog days of summer? Now’s a great time to heat things up again. Use these tips on building relationships through strategic partnerships to help keep your referral pipeline full well into the slower winter months to come.
Forming strategic partnerships
Want to build a thriving, successful business? You need a strong referral network. Tapping into the power of strategic partnerships to get more referrals is an easy way to get potential leads throughout the year.
Let’s take a look first at how to go about building a real estate referral network. Just as with your clients, it’s all about relationships.
Cultivate strategic partnerships with others in the industry just as you do your own sphere of influence within local chamber, economic development and other community groups. Consider expanding your SOI with new win-win relationships formed by seeking out mutually beneficial partnerships with:
- New-home Builders: New-build buyers often need the services of a real estate agent. By forming partnerships with local builders, you can become their go-to agent for buyer referrals, ensuring a steady stream of leads.
- Other Real Estate Agents: Don’t look at your peers as your competitors. Seek out relationships with agents who specialize in different areas or property types to expand your reach and access a wider pool of potential clients. Leverage each other’s expertise and experience. Consider co-hosting open houses, sharing market insights, or participating in referral programs.
- Investors: Establish connections with real estate investors looking for properties to buy or sell. Investors have their own network of contacts and may refer clients to you when they require professional assistance. You can help by understanding their needs and providing tailored services and access to potential investment opportunities via your client base.
- Home Buying Companies: Some agents look at iBuyers and other home buying companies as competition, too. But at Offerpad, we LOVE and welcome working with agents – in and outside of the markets we serve. That means more opportunity for you! In addition to networking and other business-boosting benefits, we provide agents with a flat, industry-high 3%* referral fee on every cash deal you complete for your home sellers. No hoops or tiers to jump through. Click here to learn about all the perks and how easy it is to work with Offerpad through our Agent Partnership Program.
We LOVE Working With Agents!
Earn an easy 3% referral fee when you complete a cash deal for your client with Offerpad.
Strategic partnerships like these may not only result in direct new client leads but other referrals you can use in your own marketing efforts. For instance, do you have a preferred vendor or business list you provide for clients? From referrals through these new partnerships, you can add even more referrals to your list, building even more trust with your clients.
The power of strategic partnerships
Building relationships with strategic partners offers more benefits than just potential leads.
Trust and credibility: Referrals come with built-in trust and credibility. When a client is referred to you by someone they know and trust, they are more likely to have confidence in your services, making the conversion process smoother.
Cost-effectiveness: Building a referral network can significantly reduce your marketing expenses. Referrals often require little to no investment in advertising or lead generation, making them a cost-effective way to grow your business.
Higher conversion rates: Referrals generally have higher conversion rates compared to other leads. Since they come pre-qualified and are more likely to be genuinely interested in your services, the chances of closing a deal increase significantly.
Long-term client relationships: Referrals often lead to long-term client relationships. Satisfied clients who refer you to others are more likely to become repeat customers themselves, fostering loyalty and stability in your business.
Are you a member here?
No doubt you are, but just a reminder. Membership in these professional organizations for real estate agents provides numerous benefits to help keep you on the cutting edge of industry news and opportunities to build even more relationships and your business.
National Association of REALTORS®: NAR is one of the largest professional organizations for real estate agents. Membership offers access to resources, educational opportunities, networking events and the REALTOR® designation, which enhances credibility and trustworthiness.
Local Realtor Associations: Local organizations provide valuable networking opportunities and allow you to stay informed about your area’s market trends and regulations. These associations often organize industry events, seminars and workshops, which can help you expand your network.
Real Estate Investment Associations: Interested in working with real estate investors? These associations bring together investors, agents and other industry professionals, providing a platform to network and learn about investment opportunities.
Women’s Council of Realtors: A personal recommendation of Offerpad’s Lead Director, Partnerships Debra E-Leon, the Women’s Council and other groups focused on strengthening connections among female agents can offer valuable networking opportunities and access to additional resources and industry knowledge.
This elite network’s long history of success in the real estate industry suggests that its members can benefit from increased participation, higher income levels, a robust referral system, business growth opportunities, professional development resources and an elevated reputation within the industry on a national level.
Debra E-Elon, Lead Director, Partnerships, Offerpad
National Association of Home Builders: NAHB has been partnering with NAR and agents for years. Check out this video to see how you can work with them to promote its Home Performance Counts program to clients.
By leveraging the power of referrals, you can tap into a broader client base, increase your conversion rates and foster long-term client relationships. So start building relationships with strategic partners and watch your real estate business thrive.
Need more suggestions on how to broaden your network? Connect with Debra E-Leon at Offerpad, a seasoned professional who has dedicated over 25 years to cultivating connections in the real estate industry. She’s a pro in the know!
* Referral Fee Qualifications: (1) The property cannot be listed on the MLS within 30 days from the time of submission, while under contract, or after COE; (2) The agent or current homeowner has not submitted a request to Offerpad on the property within the last 30 days; (3) The agent must present current interior and exterior pictures at the time of offer submittal (previous listing photos do not qualify); and (4) The agent must be identified in the offer request, continue to represent the seller, be available throughout the process, and the sale must successfully close. Agents with current sellers listed on the MLS may still request an offer, however they will not be eligible for a referral fee.