Generate Relocation Referrals

How to Thrive Amidst Declining Referrals in the Real Estate Industry

Are you noticing fewer referrals coming your way? Many relationship-driven professionals in real estate and related fields are experiencing this shift. Here’s why it’s happening, and a strategy to regain momentum.

Why Referrals Are Declining in Real Estate

As recent market data shows, homeowners are moving less often. In 2008, the average homeowner stayed in their residence for six years; today, it’s stretched to 12-16 years. This shift is largely due to three main factors:

1.Higher Mortgage Rates: With rates hovering around 7.17% in early 2024, many homeowners choose to stay put to keep their lower-interest mortgages.

2.Low Housing Inventory: Tight housing availability makes it challenging for homeowners to find suitable new properties, reducing movement in the market.

3.Affordability Challenges: Rising home prices and interest rates limit many homeowners’ purchasing power, further discouraging moves.

This doesn’t mean your professional relationships have dwindled. People simply have fewer opportunities to refer you.

A New Strategy: Expanding Your Referral Network

Instead of accepting fewer referrals, you can take proactive steps to broaden your network and regain the flow of new clients. Here’s how:

1. Identify Top Relocation Markets

Determine the top 20 relocation markets connected to your area. These are the markets where people are most likely to move to or from in relation to yours. Knowing these locations positions you to engage with professionals in complementary markets who can send referrals your way.

2. Build Relationships with Professionals in Those Markets

Reach out to top professionals in these identified markets with a simple message: let them know that you’re seeking to establish a mutually beneficial referral relationship. Share that your existing referrals have declined due to lower market movement, and emphasize your interest in supporting clients who may be relocating to or from each other’s areas.

3. Stay in Touch Consistently

Building a referral network isn’t just about one-time introductions. Regular communication with these professionals keeps you top of mind. Whether it’s through scheduled check-ins or occasional updates, nurturing these connections will increase the likelihood of referrals.

ProInsight’s Solution: A Turnkey Referral System

At ProInsight, we’ve developed a streamlined system for professionals looking to build and maintain these critical connections. Our platform does the heavy lifting, from introducing you to top professionals in other markets to creating consistent touchpoints that keep your relationships active and fruitful.

If you’re ready to enhance your referral network and take advantage of ProInsight’s proven system, reach out today to see if you qualify for our exclusive network. Let’s connect you with a wider community that can keep your business thriving.

For more insights or to explore ProInsight’s offerings, contact us below!