What to Say to Your Network (and Why It Matters)

Unlock Referrals in Luxury Real Estate

Do you ever feel tongue-tied when contacting your network for referrals in luxury real estate? You’re not alone. Many agents struggle to find the right words. But here’s the secret: referrals aren’t just about making a quick sale. They’re about building trust and solidifying your position as a trusted advisor within your sphere of influence.

This blog post will equip you with conversation starters to generate steady referrals and elevate your value proposition.

The Challenge: Fear of the “Ask”

Many agents shy away from contacting their network because they’re unsure how to approach the conversation. Here, we’ll explore three common – and ineffective – approaches and offer improved alternatives:

• The Aggressive Approach:?Imagine this script: “Hi, this is [Your Name]. This is a business call. Do you have a minute for me? Do you know someone who wants to buy or sell real estate in the next 30 days?” This tactic is pushy and impersonal. Instead, focus on building rapport and offering value.
• The Advice Seeker (But Really a Sales Pitch):??Another script: “Hi, this is [Your Name]. This is a business call. Do you have a minute for me? Could I ask for some advice? Our company just listed a fantastic property at [Location]. I’m excited about this and would like to find a buyer. If you were me, how would you go about marketing this property?” While asking for input seems harmless, the true goal is often a veiled sales pitch. Be upfront about your desire for referrals, but frame it in a way that benefits your network.
• Open-Ended Questions (Without Direction):??Generic questions like “What is the greatest challenge you are facing?” can lead to vague answers. Tailor your inquiries to the specific interests and challenges of your contacts.

Crafting Effective Conversations

Now, let’s look at some practical ways to initiate conversations that lead to referrals:

• Become a Resource:?Share valuable market insights, property listings that might interest your contacts based on their background, or upcoming events relevant to their needs.
• Offer Expertise:?Frame yourself as a problem-solver. Ask questions about their current real estate situation or challenges they face in their network. For example, “I know you’re well-connected in the [Industry]. Have you heard of anyone considering a move lately?”
• Direct (But Respectful) Request:?Don’t be afraid to ask for referrals directly, but do so tactfully. Explain how referrals from trusted contacts help you provide exceptional service. You can say, “I’m always looking for ways to connect with qualified buyers and sellers. If you know anyone who might benefit from my expertise in luxury real estate, I’d be grateful for an introduction.”

By following these tips and using the proper conversation starters, you can turn your network into a powerful referral engine and build lasting relationships within the luxury real estate market. Remember, referrals are a two-way street. By consistently providing exceptional service and value to your clients, you’ll establish yourself as the trusted advisor your network can rely on, generating a steady stream of referrals and propelling your business forward.

If you have more questions about breaking into the luxury market, don’t hesitate to reach out or consider joining?Luxury Real Estate Unplugged! LREU is FREE for 2024. Visit my website and use promo code JACK50 at checkout.