Jan 6, 2022
In today’s episode, Matt and Garrett talk about the referral tree, a handy little system that helps your flow and helps you discover who your true raving fans are. Real estate agents running a referral-based business have a way of keeping track of the people that have taken care of them in their business, but many people do not have a clear way of going back to all the people that have given them these gifts over the years. It’s important to analyze what has caused your business to be what it is, what has caused referrals to pour in, how you can take care of these people, be in their world and reconnect with them, and that’s precisely what our experts run through with you here today.
Our hosts explain that managing a database can be hard enough, depending on how you do it, but it is something you definitely need to keep track of. They explain referrals and introductions, as well as the risk that the person is taking by handing you a referral. They delve into how we should treat the people who refer business to us, what the foundation or structure of the referral tree or garden looks like, and which people should get your real estate reviews every year. Matt shares a book called Embracing the N.U.D.E. Model, explains that the number one reason people make referrals is that they know you are going to make them look good, and encourages you to look for opportunities to create social proof without looking for sales. Today’s conversation highlights that these referrals are an opportunity to show rather than tell, and emphasizes the importance of starting to make your referral tree and, just as importantly, to keep taking good care of it.
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Episode Highlights:
- How to discover your raving fans.
- A way of keeping track of the people that have taken care of them in their
business.
- Managing a database and drawing lines between relationships.
- What is a referral?
- The difference between a referral and an introduction.
- The intention and need of the person being referred.
- How we should treat the people referring business to us.
- What does the foundation or structure of the referral tree or garden look like?
- The simplest thing you can start to do with a referral tree.
- Embracing the N.U.D.E. Model.
- The reason people want to refer.
- Creating social proof without being looking for sales per se.
- Referrals are an opportunity to show rather than tell.
- Getting down to making a referral tree.
- How referrals are made versus word of mouth versus introductions.
- Taking good care of the referral tree.
Quotes
“The more connected you are, the more social you are.”
“What I love about the referral tree, per se, is you get to go back and say, ‘Okay, Matt Benelli just gave me a referral. How in the world did I meet Matt? Matt was referred to me through somebody interesting.’ Another branch like this is a new offshoot going back towards the trunk.”
“The stronger a referral is made, the better the referral is handed off. Word of mouth versus actually making the connection creates social proof around why Garrett is referral-worthy.”
“Where I usually watch referral-based businesses grow exponentially every year without getting very expensive to run, is because those referral bonds do get stronger and stronger. The more social proof they have, the more that they can see the good work done.”
“There's an underlying structure, that if you choose to take the time to go figure it out, to slow down with your database, to look at all the people on there, you will find this support structure that lies inside there.”
“If you were to set aside 5% of your gross commissions specifically to take care of the people that are referring you and support your business to do something nice for them out of the blue, this would give you a group to love on.”
“These people value your business; they see it as a value to other people. So continue to give them reasons to value it.”
“Real estate reviews are a great place to lean into this, have that opportunity to talk about real estate and continue to be their person.”
“If you focus on your referral tree and focus on those people who have sent you referrals you get to create a different level of energy with that group of people that are connected to your business.”
“You are the trunk of this tree, the stronger this trunk is the more people understand who you are, what your value is.”
“Every single person here has put their stamp of approval on you.”
“Take good care of that tree, make sure it has plenty of water, some good nutrients, plenty of sunlight, all the good things that a tree needs to be healthy and strong.”
“Watering your tree is making sure that you still do a good business because the only way you're going to get referrals is by making sure that you're taking care of the people who come into your business. If you don't, those referrals will stop.”
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