Getting referrals… no matter what you do in life… matters.
For someone like me who has worked in a big corporation selling software and components for the better part of 15 years, referrals are huge. As a long-distance real estate investor referrals are huge. As someone looking for multifamily properties thousands of miles away from where I live, guess what? Referrals are really huge!
So let’s look at the referral process for a minute.
I don’t care what you are doing in business and life, if you want to succeed you will need to learn how to get lots of referrals, which means providing great service.
How you serve others matters A LOT.
If you’re in business, you want client and customer referrals. That’s why I’m really good in sales… because clients talk. If I’ve served one client of a Fortune 500 company really well, answered all their questions directly or with my team, went above and beyond the sale and I have given service AFTER the sale, do you think that team and the members on that team might refer me to other clients who are just like them and in need of what I have to offer?
When it comes to my dealings in real estate, it’s the same thing. Referrals come from those I’ve done business with, those who are participating in my deals with me (funding them), those who’d love to do something with me but can’t quite yet, and from family and friends.
Here’s a video I did on this subject. (You’re getting used to seeing these from me now, right? I love doing them!) After you watch it, you will understand a little better about referrals, but that doesn’t mean you should stop reading this article. Get to the bottom…
You can come back and watch this video when you’re done reading.
You want to get the phone to ring!
If you’re like me and you love real estate investing (or you’re just now considering getting involved), you can’t wait to hear that phone ring. That ring tone means opportunity!!
When you’re on the phone, you’re there for a purpose… a good reason… you are selling and sharing something. If you think you’re not, you’re wrong. You are selling to that caller or the person you are calling the opportunity to work with you in some capacity.
Hey, it could be just negotiating with friends where you’re going to meet for dinner. That’s actually a sales call. Yes, it is that simple.
Think about it. You want to eat at a specific place; they may want to dine elsewhere. If you REALLY want to eat where you have chosen, you will be selling them on the benefits. And it’s likely they will say yes. If they like the experience they’re going to recommend the restaurant to others. That’s a referral, by the way.
When it comes to business calls and the business of real estate investing, you will learn to ask for referrals. It is not uncomfortable; it just takes practice. It will become natural. Believe me.
Set up a referral program and develop a system.
You know what’s a great idea? Not flying by the seat of your pants and operating from a place of hope. In fact, you need to set up a referral program. At least that is what we call them in the business sales world.
You have to understand that when you recommend someone, especially voice to voice or face to face, it’s very powerful. It is one of the most valuable acts you can do in your personal or professional circles.
It is a demonstration of the maximum amount of confidence you have in someone when you refer them!
When you connect people, it’s also a demonstration of your desire to add value to another person that you know, love and trust. You are adding value to both sides.
You can also recommend people to each other to help people to avoid pitfalls and mistakes the other person has made. That is also adding value.
At the end of the day when referrals are happening you want to have clarity on your goals and theirs. For example, you know that someone is looking to invest in real estate in Spain and you’re not in Spain, you can refer them to me and I can link them with someone who has properties here. I don’t invest in Spain, but I know people who do.
Conversely, if you want to invest in properties in the U.S. and in particular on the east coast, but you don’t know anyone and you don’t know of any deals there, you call me and we can work together. Maybe you found me through a referral from someone who knows me. That’s awesome!
I love referrals and I love to refer people to each other. It’s just networking and sharing so we can all add value. That means people you meet every single day. And it will get comfortable for you to start referring and then asking for referrals.
If you want to invest in properties in the U.S. and in particular on the east coast, but you don’t know anyone and you don’t know of any deals there, you call me and we can work together.Tweet
That part is easier than you might think. At the end of your conversations you just have to say, “If you know anyone who may benefit from this type of information and who might be looking to do long-distance investing, please let them know I’m here for them.” (Okay, that’s kind of what I say, but you can share your goals using a little different wording.)
I am very fortunate and feel incredibly blessed that people now refer me business all the time. In the beginning it was family and friends I was talking to, sharing information with, playing Cashflow games with and working with. Then it began to blossom.
You want to know why?
Because I began asking for referrals… even if those loved ones didn’t want to work with me at that time (though some sure have circled back around and want to now) or they just couldn’t financially, they took what I taught them and shared with them at games and in conversations to other people. They recommended me; they referred me.
That is a beautiful thing and I am grateful beyond words. My phone rings, and that’s a sound I love to hear. At the time of this writing I am in the process of finding another deal to do with people who say they want to work with me and have committed a certain amount of funding. That’s exciting!!
If you like information like that and want more of it, please read my other articles here in this blog space. If you’re in my neck of the woods in Barcelona, join me for an upcoming Cashflow game. You’ll have a lot of fun and you’ll learn a lot about real estate investing.
You can also book a strategy session with me easily enough. Just click the button below and you’ll be taken to my appointment scheduler. I’ll give you 30 minutes of my time so I can answer your questions about investing in properties in North Carolina, which is where I prefer to buy multifamily properties for bunches of great reasons. Let’s talk!