Must-Know Statistics For Real Estate Referrals!


“92% of respondents reported that a positive recommendation from a friend, family member, or someone they trust is the biggest influence on whether they buy a product or service.” — Paul M. Rand, VP Communications @ University of Chicago
Most Real Estate Agents complete nine out of every ten deals from their sphere of influence. This usually includes loved ones, friends, and past clients. The amount of business you can generate from referrals is essential and should not be overlooked nor neglected, and yet, many Real Estate professionals do.

In the modern business world, 74% of consumer say that word-of-mouth is a critical influence in what they decide to purchase. ONE offline word of mouth impression increases sales by at least FIVE TIMES MORE than a paid advertisement. Consumers rely on word-of-mouth 2x to 10x more than paid media.

Here are some Real Estate Referral Statistics you should take into consideration:

  1. The typical agent earns 42% of their business from repeat clients and referrals from past clients.
  2. 82% of all real estate transactions come from repeat and referral business.
  3. 21% of agents get more than 50% of their business from referrals from past clients.
  4. 25% of agents generate more than 50% of their business from repeat clients.
  5. 92% of consumers trust recommendations from friends and family above all other forms of advertising.
  6. 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family, and personal contacts.
  7. 65% of agents get no business from open houses.
  8. 88% of buyers and 84% of sellers would use their agent again or refer them to others.
While marketing funnels, advertising, and prospecting can generate you a lot of business, there is still no channel as powerful as referrals and repeat business. Reaching out to your past clients, and consistently touching base with everyone in your sphere of influence is an essential strategy that you need to have in place. It doesn’t have to be hour-long conversations or even face-to-face encounters, while those would work well too, you can use the many means of communication available to set a healthy game plan to nurture your network.
“People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.” — Mark Zuckerberg, Co-Founder @ Facebook
Once you have strategies in place, finding the time to put them into action is a whole other story. Having someone in your team who can put these plans in motion, consistently monitor them, and not just implement them but keep them moving, can help you win those referrals and keep business flowing in.

A MyOutDesk Marketing Virtual Assistant or Administrative Virtual Assistant can do that for you as you focus on growing your business and finding more people who will be able to bring in more referrals. Schedule your Double My Business Strategy Session today and learn more!

Original story: https://www.myoutdesk.com/realestatereferralstatistics/

Popular posts from this blog

3 Key Ways to Leverage Your Time Better With a Virtual Assistant

Image
Crazy busy - Can’t get it all done? If so, you’re not alone. A 2014 Agent Boost poll of Real Estate Agents indicated that one of the top challenges Agents are facing is proper time management. Some of the time management mistakes that Agents make are “failure to delegate tasks, busyness and not business and over-scheduling.” All of us now and then misuse our time but there are a few ways to help make the most of your time and increase your profitability:
Read more

Comparing Virtual Assistant Services

Image
If you own and operate a growing Real Estate business, you may have already considered hiring some help -- but how do you go about hiring the best virtual assistant service? A Virtual Assistant can help you take your business to new heights. However, the key is working with the right virtual assistants based on specific variables - and they're important, so be mindful of them! As a business owner, you likely have a never-ending to-do list. That is why delegation is so critical -- not just concerning your business and financial growth, but also in regards to your own personal well-being.
Read more

Tasks You Should Outsource to a Real Estate Virtual Assistant

Image
Successful real estate agents know that to progress their business they need to close transactions. Selling a property requires a great deal of communication and a great deal of paperwork. This means the average working day of a real estate agent can be hectic, with a to-do list that never seems to get any shorter. Delegating is crucial. You need to make sure you spend as much time as possible on the dollar productive tasks of your business and delegate the tasks that eat into your busy schedule. Below are some of the tasks you can outsource to a real estate virtual assistant and free yourself to focus on the revenue generating tasks of your business.
Read more