Repeat and Referral Business

Let me offer you a little perspective on the power of repeat and referral business. Those of you who work in a sales oriented business are probably already aware of what it means to have others use your services time and again, as well as refer others to you. For those of you who don’t, I just want to provide you with a little more information about how your referrals not only benefit the person(s) you’re referring, but also benefit you.

Now I don’t want you to take this wrong. I’m not whining, I’m just offering some perspective that you may not otherwise had. I’m going to use my work as a real estate broker as the example. I’ve worked as a broker for about sixteen years. Over that time I’ve developed a client base. I’m one of the lucky few; I receive enough repeat and referral business that over 95% of my work is from that source. The other 5% comes from advertising and internet searches.

It sounds pretty good. And it is. I’m not complaining. However, here’s what happens every year. From my database of contacts, there are two to three people that end up buying and/or selling a home and I never even had the opportunity to help them. The only reason I end up knowing is that I either receive mail back as the forwarding order expires, or from the occasional search against county records.

I’m not saying it should be guaranteed that I receive all that business. I understand that some people have relationships with more than one broker. Sometimes. But most of the time that’s not the case. And, if so, again, that’s okay, but to not give each an opportunity to make their pitch seems to be as much a disservice to the client as it is the agent (more on that in a minute). I’d have to say that I can account for about $20k per year in potential commission losses.

If I had not provided good service and results, I would fully expect that I wouldn’t be getting a call. But, when I get my clients every last dollar out of every last transaction, provide them with great advice and guidance and continually stay up to date on the perpetual changes in the industry, I might like to think I’ve earned at lease an opportunity for the next piece of business, let alone them thinking of me when they hear of others in need of such a service.

So, how does it negatively affect the client or customer? You haven’t shopped and compared. You may be missing out on a better opportunity for yourself, both in level of stress and financially. You shop and compare before buying that flat panel television, why wouldn’t you do the same with your service providers? Sometimes the bottom line isn’t as simple as just the advertised rate. Other factors play into value. The only way to really assess your options is to let a professional make their pitch for your specific situation.

With that said, I obviously believe I provide the best value for the services I provide. I understand others may have a different perspective or opinion. However, how are they to know if they haven’t made a meaningful comparison?

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