Being a real estate agent is like running any other business. It takes strategy, planning and marketing astuteness. It takes a commitment to getting your name out there, to promoting your brand.
One of the most effective ways to achieve this is through creating a strong referral network. Today we want to look at what this is and why it has worked so well for The Henry Wong Team®.
What is a Referral Network?
A referral network is a group of people who refer your business to leads who may be interested in the service you offer. The people may be your friends, clients, business colleagues, professionals from aligned businesses… the more people referring you on the better.
Most referral networks are informal, although often it makes sense to formalise a referral network. This is done by creating a tight circle of referral partners around your business, all servicing the same level of clientele in different aspects of their life.
Why a Referral Network is Effective
Essentially they’re a proponent of word of mouth marketing, one of the best ways to spread the word of your business. Here are some stats to back that up:
- 92% of consumers believe friends and family more than advertising.
- 64% of marketing executives believe word of mouth is the most effective form of marketing.
- 38% of Australians discover new brands through word-of-mouth recommendations.
- Word of mouth is responsible for 13% of all sales.
Why does word of mouth marketing work so well.
Trust.
Trust is at the heart of a referral network, and trust is why The Henry Wong Team® focuses so heavily on their referral network.
The Henry Wong Team’s ® Referral Network
Henry is a seller’s agent, so the core of his job is to connect real estate vendors with affluent buyers who can afford to buy their property. He’s a middleman, connecting the dots and facilitating the largest financial transaction most people will ever experience.
To do this, his referral network has proved essential. Over the years he has built up solid relationships with partners with the same level of affluent clientele as him. Commercial lawyers, migration agents, private bankers, trust funds, estate lawyers, mortgage brokers and so on. He is constantly expanding this network.
These are professionals who are trusted by their colleagues and clients, whose word is impeccable. When they recommend Henry, the recommendation has value because it’s rooted in trust. To people that have started at the bottom and climbed the financial tree to this level of affluence, trust is everything. They simply wouldn’t recommend anyone who they feel will let them down.
More Than a Real Estate Transaction
According to a Motista survey, customers who form an emotional relationship with a brand will recommend them at a rate of 75% (as opposed to the standard of 45%). That’s a huge increase in trust and connection, and Henry uses his referral network to help achieve that.
How? Well, it allows Henry to be more than a middleman for real estate alone. He chats with his vendors, finds out about their life and what they are hoping to achieve. Finds out the problems they have. Then he helps them solve them by referring them on to people in his network. He can lean on his contacts to make things happen for his clients, helping them to skip the queue.
By assisting them with more than just real estate, Henry adds value to their lives. This value forms an emotional connection with his clients and The Henry Wong Team®. This connection means they are much more likely to refer him on to other people in their lives.
The beauty of this is it has helped expand Henry’s client base well outside the local region. Over 50% of his buyers aren’t local, and its word-of-mouth that allows him to reach them. They simply aren’t accessible by local real estate agents in the area, giving him a significant edge when it comes to selling a property.
Experience the Difference
Henry Wong and his team sell real estate on the southside of Brisbane, yet their referral network operates all around Australia and even internationally. This means when you sell with Henry, you’re reaching far more potential buyers than your average local agent can manage.
So get in touch with Henry today to chat all things real estate. Who knows what other dots he might connect for you!
