The National Association of REALTORS® recently released their 2021 Profile of Real Estate Firms. Within the report, the NAR shared that firms tend to get their business from four primary sources:
- 30% from past client referrals
- 30% from past clients
- 10% from their website
- 10% through social media
With the right ratings and reviews strategy in place, agents can ensure that their clients’ praise helps them to win more business from all four of these business sources.
1. Past client referrals
Agents who are focused on their sphere of influence will be happy to hear that these relationships contribute to nearly 30% of real estate deals across the US. But what about those clients who know you, love you, but who, for some reason, have yet to refer you directly?
Thirty-percent of transactions originate from past client referrals. With strong online reviews, that number will continue to rise.
For this demographic, it can be critical to engage these past clients and ask them to review your service directly. If they already sent in a review for your past transaction, you can ask them to verify the review.
Doing so may lead to more direct referrals from this audience. But even if they continue to remain neutral when opportunities arise to refer you, their online reviews will be working overtime to draw in new clients.
2. Repeat clients
Repeat clients make up 30% of agent’s businesses, proving that top-tier service is the best way to build and sustain a business. A review from a repeat client is worth even more than a first-time client, as it shows your value in a new way.
When you request a review from a repeat client, ask them to include that detail. Their rating will stand out even more to those who read it.
Here’s a quick script you can use to request a review from a repeat client:
Hi Ana and Alex,
It was so fantastic to work with you again. I’m glad we were able to find you the perfect house for your next chapter. You two deserve it!!
Below is a link where you can review my services. I’m not sure that you know that a significant amount of my business comes from direct referrals and due to online reviews. If you have time, I’d greatly appreciate you leaving a review for my business and mentioning that this was the 3rd time we’ve worked together. Those kinds of stories seem to really make a difference to buyers and sellers looking for an agent they can trust.
Thanks again,
Riley Realtor
3. Websites and social media
Lastly, the NAR report shows that 10% of business transactions originated via a firm or agent’s website, and 10% via social media. It’s pretty remarkable to recognize that more than 20% of real estate transactions are originating directly from the online activity of buyers or sellers.
It also means that there is a vast opportunity in the online space for agents to be marketing their services, and to be touting their expertise.
By showcasing reviews from first-time and repeat clients online, agents can increase the likelihood that they are found on Google.
After all, reviews are the 2nd most important factor in determining search ranking of local businesses1.
Agents who use social media marketing for their reviews will also benefit from more exposure, as they can target a specific local audience, and boost brand loyalty in the process. Finally, they can benefit from direct inbound traffic to their website — the final key to winning new business from their online audience.
Ready to leverage the power of your (excellent) reviews?
RateMyAgent understands that reviews are the only business initiative that can lead to more business from the top four sources — past clients, repeat clients, and online and social media marketing.
Every positive client transaction you have is worth its weight in gold — and we want you to see the direct benefits of those words and those experiences.
Join us by claiming your RateMyAgent profile today.
1. White Spark, 2020 Local Search Ranking Factors Survey Analysis