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RLSC Real Estate Training Blog

Blog by Rich Levin
Rochester, New York

Designed to educate and inform Real Estate Agents on a variety of topics. I share with you information that until now I only shared with Coaching Clients. Get my thoughts and insights from actual coaching sessions.

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Referral Reward System

Aug. 28, 2009
Tagged with: referral, reward, rich levin, systems

This system is proven to bring you a continuous flow of repeat business.
Some things make me smile!  This is one.  Fall is the time of year my Coaching Clients (Real Estate Agents) are reaping the rewards of following the Referral Reward system all year.  It actually generates business all year.  In the fall the flow increases. 
The principles behind are as simple as the system itself.

The Referral Rewards Principles:
1. People like to receive gifts
2. People appreciate gratitude.
3. People respond to attention and acknowledgement.
4. People want relationship with people they respect.

The Referral Rewards System
1. Within 24 hours of receiving the referral, regardless of what happens with the referral, send a good old fashioned hand written thank you note with a small gift.
     a. Say something like; “Thanks for putting me in touch with Bob and Sue.  Have a cup of coffee on me.” (include $5 or $10 coffee gift card)
2. Call the referring source at least once during the sale process.  (Be sure you have permission from the Client to share information about how the process is going.)
3. When you receive your check, send a more significant gift.
4. Call these Referring Sources within three months, a month later is ideal.  Just say thanks again and see how their life is going.
5. On an irregular basis send a small gift to everyone in this group.   (Favorite Book or Bookstore Gift Certificate, Movie Tickets, Dessert).  Irregular because you don’t want them to expect gifts from  you. Random unexpected rewards are proven to be the most motivating incentive. 

This system is very easy to implement in your business.  Just add it to your transaction checklist.  You can even have your Assistant do it using online gift services. 
Oh, and the return on your investment is between twenty and hundred to one.

 

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