How can you incentivize first-time home buyers to refer friends and family?

Incentivizing first-time home buyers to refer friends and family can be effectively achieved through client appreciation parties or intimate home gatherings. Hosting these events creates an opportunity for real estate agencies or developers to foster genuine, trusted relationships with their clients. At these gatherings, clients can share their positive experiences, thereby indirectly promoting the agency or developer to potential buyers within their network.

I love that most of these responses don’t violate RESPA! Remember any thing of value given in exchange for a referral is a violation of federal law.

For first-time homebuyers, it's all about patience and information. Most experienced mortgage professionals take for granted how much we know about the mechanics of getting a loan closed. We must remember that while we completely understand every aspect of the process, this is not true for somebody buying their first home. The way to get referrals is to realize this, be patient with new buyers, and take extra time to explain the process in a way nonmortgage professionals can easily understand. Taking this spare time will pay dividends in having a much smoother transaction but will increase the likelihood of getting future referrals.

The best way to get referrals from first-time buyers is to give them awesome service. Be super quick to respond, explain things in simple terms, do more than expected, and show them you really care about them, not just making a sale. If you do all that, they'll be happy to tell their friends and family about you.

For years banks gave our toasters for new accounts, but I'd steer clear as this seems like a blatant violation of the respa laws we now adhere to. It's best to bring 20 plus years of experience, integrity, advice and execution to the table. People always ask us how we clear loans to close in 3-8 days on a purchase (without appraisal vs with appraisal) and the answer is that we set the correct expectations and our experience taught us to know what underwriters will ask for in advance. It is more important than ever to work with professionals with this level of experience given that 50% of the loan originators that were in the business at the beginning of 2022 will not be in the business at the beginning of 2024. Tom- MLO NMLS ID 40080

Incentivising clients with anything of value, (as indicated above) may garner a random referral. However the best tried and true way to insure referrals is to provide: ✅ Excellent Communication throughout the process ✅ Follow through with all promises ✅ Stay in touch after closing ✅ Request a written testimonial ✅ Request a video testimonial ✅ Good customer service = Referrals

Good idea above here however you may want to read up on something called RESPA If you take care of a client, exceed their expectations and or needs, answer the phone when they call, return emails the same day, act with urgency I believe you’ve earned the right to ask your client for a referral or two. Planting this seed early in the process makes it less of a parting request that may or may not come to fruition Setting up milestone calls (1 year in the home, birthday, etc) sending a short hand written note with a few business cards thanking them, congrats on 1 year, etc) Proactively reaching out should a new program and or tangible benefit arise. These are just a few small things amongst many more I’ve used over my 20+ years

I have found that the best way to gain referrals is to stay in touch with your clients and to show you care. A few ways to do this might include a phone call to check in, mailing a note card, birthday card, etc., inviting to lunch or dropping off an unexpected gift. Small gestures make a big impact.

This is exactly what I would do. I work strictly by referral, so my system of constantly engaging my closest friends and family on a CONSISTENT basis is the key to getting business .

Yes, testimonials and reviews are important in the current environment as they help to surface the good work done in assisting clients and this will increase your chance of being referred.

First things, first. You need to start by delivering exceptional service and showcasing your knowledge throughout the process. Once we have had a successful closing, I always ask for referrals and reviews. It is important to time your request at this point, as it is hopefully and statistically, the happiest point in your client service arc. Most clients are happy to do this, and I try to simplify the request with direct links or templates. I always express my gratitude for putting their trust in me and reinforce their positive experience. An attitude of gratitude definitely helps garner future referrals and positive reviews!

"Social Proof" through online references is a great way to build your referral network. Keep track of any feedback received, and share to your business page. I like to send a card congratulating them and thanking them for working with me. Include an extra business card or two for them to have on hand for family and friends.

Ask! It sounds simple but many professionals don't feel comfortable asking for referrals. Ask early and often. Your client is focused on their needs. Even if they enjoy working with you it simply may not occur to them that you want more business.

We send out surveys after each closing to see how clients felt about our service. There are often great quotes that can be used for the website from these. Having reviews on Google or other platforms broadens your reach even further. it's defintiely a great ask and another way to follow up and stay in touch with your clients.

The best way I've found to incentivize first time home buyers is to educate them on how to build wealth through real estate investment. Their primary home is their first real estate investment but hopefully not their last. We give them free access to our E-book and course to empower them to leverage their capital, equity and/or other means to build wealth through residual income. Our E-book and one-on-one course is available at Terencelthomas.com.

As a mortgage broker, I stay in touch and provide value to my first-time home buyers. I do this by: I send monthly newsletters with market updates, home loan tips, and educational content to my clients. I remember important dates like birthdays, anniversaries, and home loan anniversary and send cards, vouchers, or small gifts to show my appreciation and care. I check in with them regularly to see how they are doing, offer them advice, or ask for feedback on my service. I invite them to events, such as webinars, seminars, or community gatherings, to keep them engaged and connected. Doing these things builds trust, loyalty, and rapport with my clients, making them more likely to refer me to their friends and family. Love to know your thoughts

Something that I was taught by Joe Stumpf early in my career is that 25% of people WILL refer you, it is in their nature. 25% of people WILL NOT refer you because it is in their nature. The other 50% of people likely fall into one of these two camps so if you do a good job and then ask for referrals then you will likely double the amount of referrals you are currently getting without asking. This advice has served me well.

Referrals are the best way to grow my business. That's why I don't hesitate to ask for them directly from my happy clients. I do this at different stages of the home-buying process, such as: After I find them the best loan option, After they get approved by the lender After they settle their property After I follow up with them to see how they are doing I also use different methods to ask for referrals, such as email, phone, text, or face-to-face. The key is being polite, confident, and specific when requesting referrals. I also use scripts, templates, or tools to make it easier and more professional. For example, I use #brokerengine,a software that helps me automate and manage my referral process.

It's pretty consistent and reliable, when you do a good job, good things happen. Agents love throwing money, gifts, parties and all types of things in an attempt to get business. Do a good job; that what matters and that is what generates referrals and more business. It's not really that difficult...

Providing excellent customer service and maintaining regular contact with clients encourages them to refer others to you. Personally, I host social events with my clients every other month, which keeps me connected with them and conveys my genuine interest in our relationship, rather than just monetary gain. I don't offer monetary incentives for referrals, as I view it as an ethical practice. However, I frequently express gratitude with thank-you gifts and make a point to call and thank clients. Quality service has a significant impact.

Prioritize customer-centricity by assuming the role of a trusted advisor. Uphold honesty, transparency, and a commitment to delivering exceptional customer service. Guiding customers towards realizing their aspirations, particularly their Australian dream, is the focal point of my approach.

Referral from past clients are the best ones! I am currently working with some of the children of past clients who are now buying their first home. they have the same questions and concerns that their parents did, we just text more now!