Growing your referral base has never been easier. Between social media and the ability to find almost anybody on line your reach is as large as it has ever been. How well you take advantage of these tools goes a long way in determining your investing success. Having a large referral base not only makes it easier to find deals but makes it easier to build your business to the public. The more people know you the more likely they will want to work with you down the road. It all starts with growing your referral base. Here are six easy ways to generate more referrals.
- Networking Meetings. When growing your referral base you should always think of growing it inside out. If you are strong within your local market you will have a solid referral base. One of the most important steps you can take is showing up at local networking meetings. Almost every town has a weekly or monthly networking meeting aimed at local professionals. Even if they are not specific to real estate you will find good plumbers, electricians, painters and more at these meetings. You may not get a positive response in your first few meetings but the more you attend the more people you will meet. After a few months you will start having more meaningful conversations and soon enough a deal or two will come your way.
- Real Estate Investment Clubs. In addition to networking meetings you should also get involved in local real estate investment clubs. As the name indicates these meetings are much more specific to the world of real estate. Even though they are typically held once a month the information and contacts are invaluable. Within these meetings you will find fellow investors, real estate agents, hard money lenders, mortgage brokers and more. These are the people that are directly involved in the business day in and day out. The contacts generated at these meeting alone may be enough to help change your business.
- Email/Newsletters. There are a lot more people interested in real estate than you can imagine. Every friend, family member and co-worker is a possible investing contact. Are your friends and family aware that you invest in real estate? If not, it is your job to get your name out there to as many people as possible. One way to do this is by staying in touch with your personal contacts through email every few weeks. Your email can contain information about a previous deal or an invitation to sit down to discuss how you can work together in the future. You can also send out a monthly newsletter about yourself or just the real estate business in general. The goal is to remain on the mind of your friends, family and contacts the next time they may have a real estate deal.
- Blog Posts/Social Media. In this day and age you have to be able to take advantage of social media. There is truly no better way to reach more people at once that by using Facebook, twitter, Instagram and all of the various social media outlets. Like anything else associated with marketing and lead generation consistency is key. It is not enough to post every few weeks or so. You need to contribute to as many different real estate websites as possible and splash these throughout your social media forums. The more active you are on these sites the more likely your posts will find someone who wants to work with you.
- Local Contacts. Networking meetings are one way to grow your local referral base but far from the only strategy. Another tried and true simple method of gaining exposure is by stopping by local professional offices. Between real estate agents and mortgage brokers alone there are several potential local contacts you should be tapping into. Drop off literature about a property you saw or benefit of working together. Ask about their business and keep your meeting to just a few minutes. The goal is not to get a deal on the spot but rather to increase your profile for some point down the road.
- Craigslist & Other Real Estate Listing Sites. Even though the popularity of Craigslist for real estate investors has faded in recent years is can still be an effective referral tool. There are several investors, wholesalers and real estate agents who use Craigslist every day. By taking a few minutes to respond to a post or even to make your own post you can meet people you otherwise would not have. The same strategy can be applied with Trulia, Postlets and any other real estate specific site you visit. It doesn’t take more than just a few minutes to respond to a post but the impact can be worth it.
Growing your referral base should be something that is on your mind throughout your day. Every bartender or patron you talk to could be a potential referral. Every time you pick up a pizza or get your car washed you could leave your business card on the wall. You can write an article for the local town publication or sponsor a local little league team. There are several things you can do that won’t change your daily routine much at all. A few strong referral base makes your business easier and much more efficient.
