Reconsider Referral-Only When Planning for the Future

A 100% referral rate is a testament of client happiness. But even a 30% referral rate is proof of client satisfaction.

It's all relative, say some agents. One number pays tribute to past success, which is certainly a story worth telling. But the other might better predict the future. Many agents plan for the idea that working only on referral may not be sufficient during slower times of the year, in a down market, or when an agent needs to expanding into a new sector.

Unless you are clairvoyant enough to flawlessly predict every market change or every life change that your clients and referral partners may experience, it’s wise to maintain an active marketing presence. The reasons vary, however, depending on the goals and trajectory of each individual’s business.

If long-term success, a growing team, a legacy or expansion into new areas are not priorities, then working a sphere of influence may be enough for some agents, especially those who may be in the industry mostly for the love of the business. But for a majority of agents, no matter how much they love their work, their real estate and mortgage businesses are careers, first and foremost.

Let’s start with the team-builders and mentors.