Where Do Real Estate Buyers Find Their Agent?

When you're deciding how to allocate your marketing budget, spend some time considering where real estate buyers are searching for a REALTOR.  Ideally, you want to "fish where the fish are."  Make sure you have a presence in the right places and you'll find more, better quality leads who are ready to move!

In this year's NAR Home Buyer and Seller report, we learned exactly how real estate buyers are finding their agents.  Do these numbers line up with how you gain real estate customers?

49% of buyers selected an agent who was referred to them.

By far the largest percentage of real estate buyers find their agent thanks to a referral. Referral business is terrific for real estate agents, as these leads are often highly motivated and ready to buy. Are you making an effort to remind your sphere of influence how much you value their referrals? Remember to ask for referrals when you get the opportunity. And perhaps most importantly, stay in touch regularly with your past clients. They won't refer you if they can't recall your name! Sending a monthly e-newsletter, wishing them a happy birthday, or just calling every few months to say hello are all great ways to ensure your past clients remember you and increase the likelihood that they'll refer you to someone they know.

12% of buyers chose an agent they worked with previously.

Repeat business is high praise. It means that your client enjoyed working with you so much that they're willing to do so again. It's nice to work with a client who you already have a relationship with. So how do you make sure your past clients reach out to you next time they are looking to move? Again, keeping in touch is key. Recognize their home purchase anniversary with a gift, send them your holiday greetings. Remain top of mind with your past clients so that they become repeat clients!