We all know the best way to exist and sustain yourself in the real estate industry is by receiving a steady flow of referrals. Usually a lead from a valued referral source is going to be much better than any cold call lead. You approach the referral lead with more confidence and self-assurance than you do a cold call. It’s just human nature.
Being a commercial real estate broker, I realized that it is an absolute necessity to align myself with solid strategic partners who will bring value to my clients. Since my clients are generally businesses owners or top level executives I have created a team of business to business service providers that range from insurance, pay roll, human resources, IT, telephone and data support, logistics etc. The benefit is that my strategic partners and I can all service the same client and bring enormous value to the client without stepping on each others toes.
For example, I have amazing insurance partner, Patrion Insurance, a full service brokerage that provides all lines of personal and commercial insurance. From home, auto, life health, all forms of business, group health and commercial property insurances They do it all, so if one of my clients, or even a friend or family member ask me about insurance or I get the hint of an insurance need, I automatically refer them to my strategic partner, Patrion Insurance. When they have a client or know of someone who has a commercial real estate need, they send the referral my way. It’s a win-win!
Needless to say they always make me look great to my clients, which puts me a step above my competition. Because who else out of my competition is out there caring enough to bring in a team of valued partners to assess my clients business so that my client can be better set up for success.
Here’s the secret to keep your strategic partners happy so that they work for you… You can’t be selfish. You have to be continually conscience of your strategic partners and send them referrals even if there’s not a deal or payday in it for you.
This benefits you in two ways: 1) the obvious is that your strategic partner sees that you sent them a referral when it wasn’t a transaction you had a financial interest in, so they are more motivated to work hard for you and send referrals your way. 2) the person you referred now realizes that you took the time and energy to really care about their situation. That now makes you a valued resource to them, and their eagerness and willingness to spread the word about you will increase 100 fold.
So think about what kind of strategic partners would be best to connect with, who would bring value to your clients. Remember that your strategic partners have a list of clients that you don’t, who they can send your marketing material out to, or email blast on a regular basis. They will maximize your exposure more than you could ever do and for a fraction of the cost. These are the relationship that will grow your business. And remember it’s a two way street.
