Most real estate agents report that referrals and word of mouth is the number one way they grow their business. If you’ve been in business for more than a couple of minutes, you probably know that you should ask directly for the referral, both immediately after the sale and with regular interaction over the next couple of years. But once you’ve actually gotten a referral, what should you do?

Don’t wait

With as many tasks as the average real estate agent has to handle each day, it’s no wonder that some things get lost in the shuffle. But if you receive a referral, especially from a recent client, you should make getting in touch your number one priority.

If you’re lucky, the client who referred you handed over your real estate business card as soon as they suggested your name. But there are actually several possibilities when it comes to referrals:

• The recipient may be ready to buy or sell a home; thinking about buying or selling a home; or not yet ready to buy or sell a home
• The referrer may have mentioned your name; enthusiastically endorsed your services; or given out your business card or other contact information
• You may have gotten the referred person’s information, or not.

Ultimately, you’re not in control of exactly what form the referral takes. All you can do is make it as easy as possible for people to refer you, and treat every referral like gold.

Treat them well

When you get a referral, there’s a lot more than a single sale or listing on the line. In addition to the exponential ability of your referrals to grow as you continue to treat your clients well, there is also the fact that a client who has been referred to you will report back on your service to the person who referred them.

If you treat a referral badly, not only do you lose that client, you also lose repeat business and all future referrals from the initial client. And given the value a client can bring to you over a couple of decades in business, it’s always worth treating your referrals well.

Keep following up

Sometimes you’re put in touch with a potential new client who isn’t quite ready to get started with buying or selling a home. That’s not a waste of a referral – it’s an expansion of your pipeline. Don’t forget to put the person on your mailing list for your standard real estate farming postcards. Once the referral is finally ready to get moving, yours is the name they’ll remember.