How to Grow Your Referral Base to Get More Leads

Beautiful young woman holding tablet with social network icons

By Mike Baird

The real estate business is largely a referral-based industry. Whether you’re a house flipper, a private investor, a wholesaler, or a realtor, the growth of your business depends on your referral base. The longer you stay in this field, the more you’ll find that you need more than good real estate marketing to stay ahead of the game and keep your lead funnel full.

Now, I highly recommend sending out custom business postcards to motivated sellers and maintaining a prominent online presence through your website, Facebook, Twitter, etc. But, if we’re being honest, that’s not enough to keep the leads coming in. You need to build relationships and build a referral base if you want get leads and avoid paying for your flip deals.

Network With Real Estate Professionals

Realtors, brokers, and other real estate professionals can benefit from knowing you, and you can certainly benefit from knowing them. By making connections with these people, you’ll be on their radar when they have clients who need to sell their homes at less than market value.

Don’t just go to meet-and-greets and expect them to remember you, though. When you have friends, family, and/or coworkers who need real estate help, refer them to your new connections in the industry. Then follow up with those connections later. When they see you pushing business their way, they’ll be more likely to return the favor and clue you in on leads when they see them.

Get to Know Some Wholesalers – Become a Regular

While you’re networking, reach out to a few wholesalers in your area. Talk to them about the kinds of properties you’re looking for, your budget, the neighborhoods where you buy, etc. Because wholesalers make their money by selling properties to flippers, these contacts are worth their weight in gold. If you let a few wholesalers know who you are, what you do, and that you’re looking for lasting relationships, they’ll be sending you leads in no time.

Get Active On Social Media

I know, I just told you that real estate marketing isn’t the key to keeping leads coming in. Your business’ social media presence isn’t just about marketing, though. It’s also about connecting with others in your field. Reach out to other real estate professionals through social media and network with them online. This way you won’t have to wait for any in-person networking events to get the ball rolling.

You can even use this platform to network with other flippers, which probably sounds a little bit counter-intuitive at first, but bear with me. Basically, look for real estate investors who target a slightly different market from yours. You can then trade leads that you come across that aren’t right for you but would be great for them and vice versa. Other flippers and real estate professionals are some of the best lead generators you can find.

Get Your Contractors Involved

This last tip is a little outside-the-box, but think of it this way – when you have work, your contractor has work. So, if you have a general contractor you work with regularly, ask them to be on the lookout for vacant houses around the neighborhoods where they work. They don’t need to do anything more than let you know that they saw something promising at 123 Sycamore, and they might find a really great deal for both of you.

And don’t be afraid to get your friends and family in on helping your real estate business, too. You never know when they might spot or hear about a lead that’ll pay off big time, and it might cost you nothing more than a steak dinner and or some movie tickets. Through creative networking and real estate marketing, you should be able to grow your referral base and keep your lead funnel full.

Share

About the author

Mike was the star of the Hit TV show Flip Men on Spike TV. He has personally flipped over 1,000 houses, and is known as 'the' expert on real estate investment. His passion for the business is unequaled and evident anytime you are around him. He lives to motivate and inspire others and is a sought after speaker on real estate investment, personal development and success.

Leave a Reply