A recent study conducted by the company 1000watt, a creative and strategic marketing and design firm, shows that real estate agents increased their referral earnings in 2017. In the study, it was determined that the agent’s sphere of influence — responsible for 80 percent of the referrals agents receive — remains the largest referral driver. The median number of “agent-to-agent” referrals went from six, as reported in 2016, to nine, as reported in the most recent 2017 study.
Why the Change?
There are various reasons accounting for the uptick in referrals. Some cite the inventory shortage driving agents to look for business outside of their sphere. Others state that certain markets are experiencing a heightened migration and therefore experiencing heightened market activity. Additionally, many firms are increasing their focus on referral training as evidenced by the thirty-eight percent of agents that said more than twenty percent of their referrals will close this year. With all of this heightened performance in the referral market, using a streamlined referral tool such as REALLY™ will help to secure and close more referrals than those more traditional methods or even pre-existing technological methods.
Referrals over Leads?
“Leads” and contact information sold by many websites are not performing as well as referrals this past year according to the same 1000watt study. Only nine percent of agents said more than twenty percent of their leads will close this year; the study implicates that leads seem like a poorer investment of time compared to referrals. Leads continue to take on a stigma of being chance-based inquiries from unqualified sources. However, the study shows that referrals continue to grow in a positive direction and are considered better, more qualified, and trusted from vetted sources.
Given the trend of many real estate professionals finding better returns on their time spent on referrals, wouldn’t it be amazing to have an app that consolidates the process for you in a user-friendly way? REALLY™, Real Estate’s 1st Agent to Agent Referral App does just that. It takes the pain out of the process. It removes the time-consuming investigation and potentially fruitless contacts that come with traditional referrals. When you join the REALLY™ Community, you join a vetted, exclusively-professional community.
Growing your Real Estate network is an essential activity for your success as a Real Estate Professional. It pays to be connected with great Real Estate Sales Associates in areas where we have clients moving to and from. Let’s face it. We don’t have the time and we don’t want to use our money for an airline ticket just to make a few connections. Instead, we use the internet and chip away at Social Media, not knowing (or understanding) how, or if, it is increasing our bottom line. It gets frustrating.
Ever wanted another way?
Before we tell you HOW to grow your Real Estate network with REALLY™, we want to tell you WHY you should want to!
REALLY™ offers a better way to network.
The issue with all Social Media platforms is that they are all inclusive — not exclusive. None are built specifically for the Real Estate Professional. As great as they may be, they never fully resolve many of the challenges we face in the Real Estate Industry. For some, Social Media has even complicated matters or made things worse. The consumer side of the Real Estate industry has seen leaps and bounds in innovation. So why can’t we, as Real Estate Professionals, share in that innovating spirit and create something that can change the way we send and receive referrals?
As a team of exceptional engineers combined with industry experience, we have made a platform that will finally give Agents, Brokers and Team Leaders what they have been waiting for for years. A platform of trust exclusively for Real Estate Professionals with tools to verify, collaborate and refer to one another for free.
How to grow your network on REALLY™
First, just sign up for your account and claim your username (download now, iOS only for now). The next thing you should do is verify your account (click here to learn how to verify your account). This process involves verifying your cell phone number, posting your most recent 12 months of sales volume numbers, and making five connections on the platform. You will also be required to update your most recent 12 month sales volume total every six months, with the option to update your numbers anytime. Don’t worry. It’s super easy.
Once you are verified, search for other Agents,Brokers & Team Leaders in areas where your clients move to and from. These are the connections you want to make to get actual referrals. When reviewing profiles on REALLY™, be sure to check their claimed production level and the photo of their sales volume numbers. Lastly, when searching for other Real Estate Professionals, see if you have any connections in common. This way you can check with your common connection to further verify the member.
You may not find Agents and Brokers in some areas. Keep in mind we launched in March 2018 and the word is spreading, so hang tight and keep checking and keep inviting members to the platform.
To increase exposure and to help with your search rankings on REALLY™, we encourage you to join in on the Community section. Not only will you make yourself more available to connect with members and potential referrals, but you also increase your search rankings when members look for Agents or Brokers in your area. In our next major update to REALLY™, we will quantify all actions on the platform, bringing Gamification to the forefront of the platform. Similar to how websites that are active get pushed to the top of search results, your activity on REALLY™ will determine your rankings in search results in your area. Once we have made the update we will send out a fair and straightforward scorecard for quantifying members’ actions.
Apart from you participating in growing your Real Estate network, we have another option that will actively help you grow your network for you!
The Network that gets smarter
REALLY™ goes beyond your typical network thanks to Artificial Intelligence (“AI”). REALLY™ can suggest connecting with members who may refer to you and vice versa. Imagine opening up REALLY™ and seeing a list of members who are more likely to send you referrals.
The AI component of REALLY™ will get better as the platform grows, but for now, everything is in place for the system to learn on its own and we hand over that info to the members of REALLY™.
1. As an Agent, Broker or Team Leader, you want to join REALLY™ because it offers a better and easier way to network and send and receive referrals with other Real Estate Professionals.
2. The first thing you have to do to grow your network on REALLY™ is to Verify Your Account.
3. Boost exposure and search rankings by engaging in the Community section.
4. The next major update will include Gamification, so the more you use and engage in the app, the more likely your profile is to appear in search results.
5. AI will help you actively grow your network, suggesting connections with members who are most likely to send you referrals.