Wendy Papasan’s Agent Referral Secrets Revealed
When Wendy Papasan went to her first Keller Williams Family Reunion event, she had a huge aha: real estate agents are the most connected people in the world. Despite sending 150 handwritten note cards to the agents that she had met at the event, she received only one note back. This sent Wendy on a journey to build a system that would help her stay in touch with agents and produce agent referrals.
Her approach involved sending simple, engaging emails that sparked responses, fostering two-way conversations. Over the years, this agent-to-agent referral strategy became a major revenue stream for Wendy’s team, contributing between 25% and 40% of their business. Despite having to pay referral fees, Wendy views them as the cost of sale, emphasizing the effectiveness and efficiency of this approach.
1. Think BIG and start small.
We all want to generate tons of new business, and in that zeal, we often try to do too much or allow our systems to become too complicated from the start. Remember, all great BIG businesses start as great SMALL businesses.
2. Start to grow an agent database.
Many agents have client databases but few have referral partner or agent databases. Start by adding a tag to your current CRM or starting a new spreadsheet called “Agent Referral Partners.” Add to this list consistently through meeting agents outside of your market at events or on social media.
3. Send a monthly email.
This email serves as the core of your agent touch program. The emails generally fall into two buckets:
1. Questions – If you want to be in a relationship, you must communicate! Ask simple questions seeking simple replies to deepen your relationships. A timely example that Wendy receives tons of replies from is, “What was your biggest aha from KW Family Reunion?”
2. Value – Share something that an agent in another market would find valuable or helpful. Try sharing this podcast!
4. Pick up the phone.
Try calling each agent in your database a few times a year to show that you care! Care calls matter for agent partners just like they do for customers!
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