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Sign into your account7 Statistics that Show Just How Crucial Referrals Are for Growth
June 01 2016
Referrals are still the best way that real estate agents can find qualified, warm leads. Increasing your referral business can significantly boost your sales--and with much less hassle than trying to convert online leads (whose intentions are often less than clear).
You don't have to take our word for it, however. There has been plenty of research into the effectiveness of referrals, and the numbers speak for themselves:
- 84% of consumers say that they almost always trust referrals or recommendations from their friends or family when it comes to products and businesses.
- 88% of buyers would use their agent again or recommend them to others.
- 63% of buyers who bought a home in the last year recommended their agent to others.
- Younger buyers are more likely to find their agent via referral, with 46% of Millennials and 43% of Gen X hiring an agent they were recommended.
- However, older sellers, ages 51-60, were more likely to recommend their agent (86%) than sellers ages 36-50 (82%).
- Brokers recognize the importance of referrals in their agents' businesses, as well. According to a survey of 120 brokers, 85% of brokers plan to train their agents on sales/lead generation/referral skills this year.
- According to the same broker survey, 35% of agents' business comes from past client referrals
The easiest way for an agent to get referrals is through past clients who had a positive experience with them. As you can see in the numbers above, a whopping 88 percent of buyers would use or recommend their agents, but only 63 percent do. That number would likely be a lot higher if agents were able to stay in front of clients in the months and years after the sale. But how can agents do this in a way that's relevant to their intended audience?