Real estate agents, mortgage companies, and title companies navigate the complex landscape of the property sale and purchase industry. While real estate agents help facilitate transactions between the buyers and sellers of property, mortgage companies put buyers and lenders together by ensuring that those looking to purchase property get the financing that they need. Title companies, on the other hand, make sure that the property purchasing process goes smoothly by ensuring that all research and insurance matters for the title of the property being bought are in order before the transaction is completed.
Naturally, these entities would trade client referrals among one another, since their business activities are closely related - this is where it gets complicated, as a high volume of clients and referrals can make tracking connections difficult.
What Is Referral Tracking?
As you run your business, tracking client sources is often a good data point for calibrating your sales approach. Referral tracking can be as simple as a manually filled cell in a spreadsheet, or it can be an involved process that records details such as new customer origins, existing customer referrals, and referral sales data. It can also be automated using referral tracking or marketing software.
Referrals are a great way to grow a business since the customers that come to you this way are already ready to engage your services in some way, shape, or form due to recommendations and word of mouth. In this case, tracking referrals can help you identify key sales performance metrics and determine if there are any gaps to be filled for you to get the results that you want.
What Are the Benefits of Referral Tracking?
Whether you’re a real estate agent, a mortgage broker, or a title company, partnerships among these entities for client referral purposes can only be beneficial as everyone’s involved in the property purchasing process. Let’s elaborate on some of the benefits of referral tracking: Identifying Referral Sales Sources When a customer receives a referral from someone they’re already working with, chances are high that they’ll go with the referred service, especially if they have a good working relationship with the entity doing the referral. This resonance goes a long way towards securing high-value, warm leads who are ready to engage your services. With referral tracking, you’ll be able to identify where these customers come from, allowing you to nurture the sales lead source.
Once you’ve figured out who your best business advocates are, you can optimize these sources by rewarding them for referring your business. You can even engage with less active referral sales sources by adding incentives as motivation to promote your business and send more referrals your way.
Increasing Brand Awareness and Market Reach
Tracking referral sales provides you with valuable data you can use to calibrate your lead generation process - for example, strategic partnerships with others in the real estate industry can boost brand awareness and market reach regardless of whether you’re a real estate agent, mortgage company, or title company.
If you’re at a networking event, tracking referrals that come about from these events can also help you with identifying whether attending meetups is beneficial to your business. Doing business well means managing valuable resources like time and energy, after all, and you’ll want to make sure that the networking avenues you’re using to get more sales are paying off.
Identifying Target Market and Recording Sales Patterns
Sales data is crucial to refining your sales process, allowing you to determine specific audiences to target for more effective marketing. Tracking referral sales adds to the data points used in evaluating sales performance, where you can record sales patterns in more detail for use in marketing and business strategy.
ChamberForge is a referral tracking platform built to grow with your business - it’s flexible enough to scale with the size of your group, whether that’s below 20 members or 600 and more. It helps you with tracking referrals and referral activities like 1-to-1s, meeting attendance, and meeting guests.
At only $30 a month, ChamberForge lets you keep an eye on how your time and money investments are paying off when it comes to building sales leads, networking event attendance, and relationship building - all this is easily accessible through performance metric reports and other valuable data points.
ChamberForge services individuals, small to medium enterprises, and business networking groups using a robust set of features tailored to your needs. Don’t miss out on your next sales opportunity.