Broker-To-Broker Referrals

Broker-to-Broker Referrals

Outgoing Stimulators

Refer to this section for proven ideas to help you generate outgoing referrals in your organization.

NEWSLETTERS

Reward and spotlight "referral stars" in your company newsletter, a wonderful motivational tool and a vehicle to keep company expectations at the forefront of each sales associate's awareness. Consider articles featuring referral success stories with possible topics such as: "Why Mr. FSBO Called Me to List His Property", "Referral Income Pays My Operating Costs", etc.

STAMPS AND STICKERS

Try a brightly colored stamp reading "Do You Need Additional Relocation Services?" next to the signature line of each listing contract. Even those sales associates who forget to ask for the referral will benefit from the conversation stimulated by the printed question. This technique is a sure way to increase the number of outgoing referrals generated by each sales associate.

Conduct a brainstorming session to develop phrases to place on stamps that will be applied to internal communications. What about "Think Referrals", "Referrals are everywhere!” or “Make Referrals, Make Money!” Change the ink color periodically to rekindle interest.

POSTERS AND FLYERS

Why not create flyers that represent your out of area capabilities and offer them to local movers, banks and mortgage lenders for inclusion in their solicitations. Seminars, fairs and other events where you exhibit or sponsor are excellent outlets for your materials.

PRS makes available two powerful marketing pieces to illustrate the international capabilities of the network. For more information, go to PREA Center and choose From Prudential/Relocation & Referrals/Products & Services for more information.

Postcard “Wherever you are, wherever you’re going…we can help. We connect buyers and sellers.”

Brochure “Moving Out of Town?”

SECRET MONTH

Select a month (known only to the relocation department) to promote referrals. For example, if February is chosen as the secret month, the sales associate placing the first referral in that month mysteriously has a rose appear on their desk with no mention of the sender or the reason for the gift. Curiosity increases as roses show up on other desks. Once the connection between referrals and roses is made, everyone has been reminded that if they "think referrals nice things follow."

Debbie Romanski

Prudential Clark and Holm Real Estate, LLC

Downers Grove, IL

WHEN TO ASK FOR REFERRALS / WHERE TO GET REFERRALS / WHERE INCOMING REFERRALS COME FROM

On the first appointment
When you sign a listing
When you present an offer
Ask past clients when they call
When cold calling
When talking with FSBOs
At garage sales
When the buyer’s mortgage is approved…do they know of anyone else who might be moving?
Floor calls
Advertising calls
When you are buying anything!

Personal contacts
Current customers
Friends
FSBOs
Family/relatives
Cold calling
Expired listings
Clubs, organizations
Sphere of influence
Bankers and attorneys
Real estate sales associates who don’t belong to a referral network
Farm area
People with whom you do business

Prudential Real Estate Sales Convention
Camp PRS
Prudential Real Estate sales associate networking
Women’s Council of REALTORS
Board of REALTORS Networking
Employee Relocation Council (ERC)
Third party companies
Past clients
Friends/family
Advertising/Yellow Pages
Village/City/Chamber of Commerce contacts
Corporate Calling
Mortgage lenders
Farm areas
Renters/Corporate apartment units
Appraisers/attorneys
People whose services you use
Schools/PTA

MOTIVATING SALES ASSOCIATES TO ASK FOR REFERRALS THROUGHOUT THE YEAR

JANUARY / “Ring in the New Year” - Board Game with Bells – some bells have $ amounts under them -or- “Celebrate the New Year with Referrals” – drawings for bottles of wine.
FEBRUARY / “I Love Referrals” - Valentines, or Valentine boxes of candy hearts - some have money - or Drawing for Valentine canisters filled with popcorn.
MARCH / “Referrals Bring Good Luck” – Note with Shamrock on envelope - “Thanks for thinking referrals” – some have money or drawing for a beautiful shamrock plant.
APRIL / “Easter Parade” - Huge Easter basket with plastic eggs - some have prizes - gift certificates for gasoline, or drawing for brunch gift certificates.
MAY / “Referrals – How Sweet They Are” – drawing for a beautiful potted plant
JUNE / “Finance Your Vacation with Referrals” - shell game - box of sand with seashells - some are color-coded with prizes.
JULY / “Referral Explosion” - Fourth of July picnic – draw names and give things that you would take to a picnic. Grand prize is a watermelon
AUGUST / “Referrals Are My Bag” - Brown paper lunch bags with giveaways from conferences - or a board game - pick a winner.
SEPTEMBER / “Harvest a Crop of Referrals” - Drawing for a large fruit basket.
OCTOBER / “Trick of Treat for Referrals” - Halloween candy for sales associates who sent referrals
NOVEMBER / “I Am Thankful for Referrals” - $25.00 donation to winning sales associate’s favorite charity.
DECEMBER / “Play Santa with Referrals” - In appreciation of your hard work, I have a Christmas gift for you. Wrapped gifts of items from gourmet food shop.

SHARON SAPP

Director of Relocation

Prudential Florida WCI Realty

We have just completed a revamp of our website. We now have an intranet site for members only which can only be accessed by codes. In this section there is a newsletter and relocation will be featuring a different article each month. I intend to remind the agents of outgoing referrals, provide a revenue model showing the average income from a closed referral, how to place the outgoing referral and follow up. We also have forms available to be downloaded to their computers. So the outgoing referral form can be filled out and emailed to us at anytime, even as they sit in their seller’s home.

We have a sales associate computer laptop program for lease. We have encouraged all sales associates to participate. Those who do participate are in our company address book. We are also trying to compile the email addresses of our sales associates who have their own computers to add to the address book. We will be doing a referral tip of the month and also recognizing those who have sent and closed out going referrals. This is such a great way to spread the word!

YOU ARE THE STRONGEST LINK

The following is a referral stimulator to use for branch sales meetings. Be prepared to have prizes (candy bars, pens, note pads, lollipops, etc) to hand out to those who answer correctly!

1)Name the President of your Company.

2)Name your Relocation Director.

3)How many branch offices do we have & name 3 locations.

4)What does ERC stand for?

5)What is the ERC form used for ?

6)What is the difference between an "inny & outy"(don't mean Bellybuttons)? Internal referrals within your own offices and outgoing referrals.

7)Name 5 ways to generate outgoing or internal referrals.

Child’s teacher, hair stylist, dentist, lawn care service, pool service, maid, relatives, past clients, etc.

8)How soon after placing a referral with your Relo dept. should you follow up with your client?

A) 1 week B) 1 month C) Wait till they call you D) 48 hours

9)What is the best method of updating the Relo dept. on the status of your referrals?

A) Carrier Pigeon B) Ouija Board C) Email or Fax D) Written on a $20 bill & mailed to Relo

10)Bonus Round. Name the Relo staff.

CAROLYN HULTQUIST

Director, Corporate Services

Prudential Northwest Realty

Seattle, WA

At the very next sales meeting after we receive the check for the referral, we present the sales associate with a certificate for a closed outgoing referral and in the envelope we include "glitter". But more important, we include a book of Starbucks coupons. These books sell for $15 each, but it is money well spent. The coupons can be used for anything in the store. Starbucks is great to promote using the "star" symbol along with $$$ for "bucks.

This was our most successful promotion. We visited each branch in the early fall. I talked about Seattle people trying to get out of the “rain” and seeking second homes or vacation homes. Two outgoing closed as a result of this “power of suggestion.” /

Carolyn Hultquist (continued)

Each branch received a huge bowl of Milk Duds with this promotion.

Carolyn Hultquist (continued)

LIZ MILLS

Vice President, Relocation Director

Prudential New Jersey Realty

To get managers to buy into almost anything you must do "what’s in it for me". $$$ are the main interest. Outgoing dollar goes into the branch bottom line and the manager get bonused on it. Doing an outgoing referral presentation at the branch office meetings works well for about 2 months and then needs to be repeated. Always take outgoing referral forms and remind agents how easy it is to place a referral.

We bonus our branch managers. We do not keep any outgoing referral revenue in the Relocation Department. The sales associate gets half and the other half is all dedicated to the Branch Office, with the manager getting bonuses on it. This is the single most successful thing we have done.

When having a contest along with the "rules" send a list of where to find referrals:

Employment agencies
Travel agencies
Lawyers, doctors, dentists
Friends & relatives
Insurance sales associates
Open houses
Civic groups
Senior citizen meetings

Liz Mills (continued)

Before having a contest send a list of possible prizes and get feedback on what the sales associates really want.

In a multi-office company, nothing succeeds like competition between the offices…IF YOU MAKE IT INTO A BIG DEAL. The prize that sales associates seem to like best is breakfast served at the office by the relocation team.

5.Ask the President/broker/owner to mention outgoing referrals at Managers’ Meetings and to reiterate their importance. You must have support from the top to make it work.

OUTGOING REFERRAL LEADS…

WHERE DO I GET THEM?

A referral is a lead concerning anyone interested in buying, selling or leasing any residential or commercial real estate anywhere in the U. S. or Canada. Referrals can be found anywhere. Your personal business contacts are a good source. Don’t overlook civic, social or professional associations, and the church or sports interest groups to which you belong.

If you are speaking with someone and they mention that they are interested in selling or buying a house ask them if you could refer them to a professional full time sales associate who can assist them with the sale/listing. Tell them there is no obligation.

REMEMBER THE CONTEST!!!

CINDI STANFIELD

Relocation Director

Prudential California Realty

Thousand Oaks, Ca

An important aspect of encouraging agents to place outgoing referrals is to recognize and reward their efforts to use outgoing referrals as part of their marketing plans. Agents like to feel special and be recognized. These are some of the ways we try to reward their outgoing efforts.

Outgoing Referral Agents Names appear on our company bulletin board quarterly. These agents receive recognition and a gift. (Starbucks & carwash coupons or a bottle of wine are always popular.)

The Top Outgoing Referral Agent from each of our 5 offices receives a Gift basket/Present at our semi-annual regional meeting. Last year, the winner of our outgoing referral contest was announced at this meeting and received a DAY SPA gift certificate. This is a great opportunity for the agents to hear & see Broker and Management support for outgoing referrals.

Checks for some of the more unique or special closed outgoing referrals are handed out at office meetings. These are not always the biggest dollar deals but they can be. One of our agents referred an Internet buyer who purchased a 3+million $ apartment bldg. It does happen!

This is a new recognition program that we are just initiating. Our company newspaper ad, which is a full double page and appears every weekend, always has a section about referrals/relocation around the world. We are going to start putting our top outgoing referring agents pictures with this “pitch” hoping that prospective clients who want information will call them directly.

FRAN CASHION

Director, Corp. Relocation & Business Development

Prudential Henry & Burrows

During the course of our corporate calling, we always emphasize to the company the importance of referring their transferring employees to relocation professionals, like ourselves, who have similar business models for taking care of transferees.

This, hopefully, will pay off in a big way for not only our company, but for four of our Prudential brokers in different cities where this company is going to move a considerable number of employees. Each of those relocation directors was asked to provide their business model for working with candidates, as well as their relocation packets. The materials were forwarded on to our customer and now we are waiting with great anticipation to be the liaison for these referrals.

LORI GERMAIN

Referral Coordinator

Prudential Network Realty

SECRET MONTH

For every referral placed during a selected month a “gift” is forwarded anonymously via courier to the agent placing the referral. The agents do not know from whom it’s coming and why they are receiving it until the month is over. Example: February candy, March shamrocks, October Halloween, etc.

OFFICE OF THE MONTH

The office of the month for number of referrals placed receives a prize. We used a tiny stuffed animal with a Prudential blue scarf. You can also do a larger floating prize that travels from office to office each month.

CONTEST

For the past three years we have run an outgoing referral contest with a prize given each quarter and a final grand prize awarded at our Annual Awards Presentation.

Agents placing (3) referrals per quarter get (1) chance in a drawing. An additional chance is added for each referral placed after the first three.

Prize $100.00Presented at a company sales meeting

At the end of the year, all chances from the quarters are resubmitted for the grand prize drawing.

Prize $500.00Presented at the Annual Award Breakfast

Lori Germain (continued)

LAST CHANCE TO QUALIFY!

WIN A WEEKEND VACATION GET-AWAY FOR TWO

3 OUTGOING REFERRALS PLACED IN THE FINAL QUARTER OF 2000 EARNS YOU A CHANCE IN THE DRAWING FOR

DINNER FOR TWO ON RELO AT A RESTAURANT OF YOUR CHOICE

AND A CHANCE AT THE FINAL DRAWING FOR THE TOP PRIZE.

SO GET ACTIVE !!!

PLACE YOUR “QUALIFIED” OUTGOING REFERRALS NOW BY CALLING LORI GERMAIN IN RELO

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REMINDER TO “A” TEAM AGENTS: FOUR OUTGOING REFERRALS BEFORE THE END OF THE YEAR ARE NEEDED TO MAINTAIN YOUR “A” TEAM STATUS!

PAT BERTOVIC

Relocation Director

Prudential Thompson Wood Real Estate, Inc.

Fishing for Referrals Contest

We have tried many ideas to increase the outgoing referral activities of our agents and the most effective format for our company has been a contest of some sort. Our most recent success has been with a theme contest with a party at the end of the contest.

Fishing for referrals was the theme for 2000 with a goal of 4 referrals per agent. We have used racing for referrals with a horseracing theme, roping in referrals with a western theme, and Hot, Hot, Hot for a tropical theme.

We gave gummy worms as bait to every agent during the kick off meeting for the contest.

Each agent must give a minimum of two qualified referrals to place one business card in the fish bowl to qualify in drawing of grand prizes. For every qualified referral above the two referrals they can place another business card in the bowl for prizes.

We maintained a chart at the weekly meetings with the agents’ names and fish stickers to show where they were during the contest period, which runs 6 weeks.

We used props from a party supply store to decorate the meeting room and strategic areas (rest room mirrors, above copier, etc.) with fishing “stuff.”

Weekly fun flyers in bright colors are given to the agents in their mailboxes to remind them about the contest. At weekly meetings we announced the agents who gave in referrals and they could use a fishing pole to “catch” a fish for the referral they gave or they could choose from a deck of Go Fish Cards. On each fish or card is a small prize i.e. a gift certificate for $2.00 to Long John Silver’s, a gift certificate for $5.00 to Red Lobster. As the level of referrals per agent increased the level of prize increased too. i.e. car washes $7.00 value and $10.00 value and office supplies at various levels of value. There was a prize valued at $10.00 at the 4 referral level, $7.00 at the 3 referral level and $5.00 at the 2 referral level. The larger prizes are mixed in with smaller prizes, so there is an element of luck! Just like fishing. (It also helps keep the cost under control.)