Coaches Corner: How to Build the Ultimate Referral Network

Are you doing everything you can to leverage your ecosystem? Learn how to create lasting partnerships and build profitable referrals.

Everything we do or say ripples through our networks and impacts our connections within three degrees of separation (a friend of a friend’s friend). Think of it as the three degrees of influence you could have on your region.

Property managers should always be out in the community making connections to increase leads. You need a sphere of influence that’s constantly delivering referrals month after month.

Think of what you’re managing (the property) as a business. The owner is the CEO, and every CEO needs a team around them to be successful. Property managers are like the COOs – the Chief Operating Officers. Many owners just aren’t thinking about the operational side of things and need COOs to make their business as successful as possible.

Think of your C-suite team as your Rolodex – all the partners out there who can bring you referrals, and who you can help out with educational resources and referrals as well. This guide walks through all of those key partners you can add to your Rolodex to maximize your referral network and how to do it.

Leveraging the real estate ecosystem to grow referrals

It’s time to establish a give-and-take referral network. It has to be a two-way street. What can you give your partners, and what can they give you? Let’s explore what that give-and-take looks like through 11 key avenues that will grow your network.

1. Real estate agents

Real estate agents are likely the first lane to reach out to in your network. Here are a few scenarios of what you can offer them to obtain referrals:

• • Landlord education:  Position yourself as a partner that delivers educational resources on being a landlord. Give agents the tools to sell real estate investing as a viable option.

• • Accidental landlords: If you see an old listing that’s not selling, the owner may be thinking about renting. This makes them “accidental landlords.” You call the agent and pitch the idea of the owner renting their home, and tell them you’ll provide property management.

• • Investor purchase and sell: Emphasize that property managers are the interactional piece in transactions, whereas the agent is the transactional piece.

• • Tenant purchases: Provide agents with your info so they can pass it along to any tenants who are considering purchasing.

• • Small offices: This is an opportunity for you to come in and handle the property management component for a small office that’s trying to do it all themselves.

In essence, give agents something of value that will help them close more deals.

Your hook: A property management partnership can help you earn more commission.