In years of experience in working my own Insurance Agency and coaching, training and developing Insurance Agencies many Agents want to know how to create a Real Estate Referral network.
If you are marketing and selling Home Insurance Products it makes logical sense that a steady stream of prospects that need Homeowners Insurance would be extremely VALUABLE.
I assure you that you can establish this process and if you are committed to consistently building the relationships you can develop a long term relationship of Real Estate Referrals.
Here is my step to step guide to getting started:
- Make a list of every Realtor you know (your Realtor, family member,etc.)
- Contact that Realtor and arrange a meeting over coffee/lunch and let him/her know you would like to see how you can work with each other to be mutually benefit to each other
- During that meeting, you have ultimately two goals-1)find out if they have an Insurance Agent that they work with when they need Insurance to close the purchase/sale of one of their properties. 2)find out which Mortgage Companies they work with and if they would be willing to introduce you to them to make sure you meet their needs to insure their sales/purchases move promptly and effectively
- Make a list of every Mortgage Company/Lender the Realtor recommended to you
- Contact that Mortgage Company and arrange a meeting over coffee/lunch and let him/her know you would like to see how you can work with each other to be mutually benefit to each other
- During that meeting, you have ultimately two goals-1)find out if they have an Insurance Agent that they work with when they need Insurance to close the purchase/sale of one of their properties. 2)find out which Escrow Companies they work with and if they would be willing to introduce you to them to make sure you meet their needs to insure their sales/purchases move promptly and effectively
- Make a list of every Escrow Company the Mortgage/Lender recommended to you
- Contact that Escrow Company and arrange a meeting over coffee/lunch and let him/her know you would like to see how you can work with each other to be mutually benefit to each other
- During that meeting, you have ultimately one goal-1)find out if they have an Insurance Agent that they work with when they need Insurance to close the purchase/sale of one of their properties.
THOUGHTS TO PONDER TODAY: A good realtor in my Market will close 12 Transactions this year, if he/she gives you all those referrals that would be 12 Home Insurance referrals for the year. A good Mortgage/Lender in my market will close 12 Transactions this month, if he/she gives you all those referrals that would be 144 Home Insurance referrals for the year. A good Escrow Office in my market will close 25-50 Transactions this month, if he/she gives you all of those referrals that would be 300-600 referrals for the year! It is a system to take advantage of the largest potential referrals. I FIRMLY BELIEVE YOU DO NOT NEED TO PAY FOR THESE REFERRALS. The key though is this is not a one time meeting with these sources, you need to build a relationship and you need to become the name they think of when it comes to Insurance. LASTLY, EXCEED THEIR EXPECTATIONS WITH THE FIRST REFERRAL THEY SEND YOU….HAND DELIVER THAT FIRST QUOTE. If they have an Insurance Agent they are working with, ask them what you could do to earn the opportunity to earn their business?
John Lucero, is a successful business owner with over 20 years of experience in multi-line insurance agency operations for several major National Brands. With an expertise in Recruiting, Educating, Coaching, Developing and Product Knowledge, his passion and drive to ELEVATE Insurance Agencies to higher levels of success is what keeps him inspired about the future and motivated about making a difference.
