Get More Referrals This Holiday Season (Part 3 of 5)

In part 1 and 2 of our 5-part series on generating more referrals this holiday season, we unpacked the importance of having a methodic, ROI-generating referral strategy for the holiday season with the Referral Generation Matrix, as well as tips to host an impressionable holiday party without going over budget.

In part 3 of our 5-part series on generating more referrals this holiday season, we discuss keys to a successful pop-by strategy. In this article we’re going to discuss which clients in your database deserve a pop-by gift, which gifts will make a lasting impression (without breaking your budget), and how to make the visit a success for future referrals.

The Pop-By

Anyone who’s spent a day cold calling or door-knocking is familiar with receiving rejection from countless prospects who did not expect your visit. While the idea of door knocking may send shivers down the spines of most salespeople, the holiday pop-by is a very impactful (fun and fulfilling) method to drive conversations with past clients. 

When done correctly, the pop-by not only shows your client of your appreciation with a gift, but it provides you a fantastic opportunity to have a 1:1 conversation with your client, reestablish yourself as a valued and trusted real estate partner and set the table for follow-up conversations that can generate potential sales.

ROI Strategy for Pop-By’s

As we outlined in our first post discussing the Referral Generation Matrix, generating an ROI on this expense requires we stick to a budget of $3,000, a client list of 100 people, and a goal of 2 closed referrals from the event. Lets unpack three simple steps to ensure you reach these goals!

1. Which Clients to Target for Pop-By's

With a budget of $30 per client, it’s important to prioritize the right 100 past or potential clients that are in your sphere. Ideally, these are people in your database who may be considering upgrading or due to life stages like a growing family, or empty nesters and retirement. Beyond individual real estate needs, consider targeting clients in your database that may have large extended networks like church, employment, community involvement, etc. When you tighten your client list with filters that pinpoint higher intent clients, or clients with large networks, you move closer to realizing a transaction and generating a ROI on your time and money.

2. Keeping to Budget

The first principle of sound business management is control of capital expenditures. If we desire to realize a positive ROI of 500% on your holiday referral generation strategy, then keep in mind the importance of sticking to a budget. This means finding meaningful gift ideas that create a lasting impression, are special to the recipient and can be done without breaking the bank. Consider edible gifts like custom pastries from a local baker, or serving platter when hosting friends and family. The point is less the gift, and more the gesture you’re making by showing consideration to your past or future client. Lets review some tips to avoid over-spending. 

While your time is valuable, we encourage agents to avoid using mail delivery services for their gifts. Not only is this a quick way to inflate your cost per client, but using a mail delivery service eliminates the benefit of personally reconnecting with a past client. Take the time to budget personal pop-bys by starting your holiday outreach in mid-November and use the six weeks before year-end to visit each client. Prioritize 17 pop-bys per week, or 4 per business day and budget the time each day to personally reconnect with your clients.

Last, but certainly not least, avoid branding your gift. While there is no shortage of branding services for real estate agents, you can keep your cost-per-customer lower by avoiding the trap of slapping a logo and your name on any gifts. Besides the cost savings, keeping your gift brand-free sends a message of confidence and trust in your client. You’re saying you believe in your ability to best serve their real estate needs that you don’t need to leave a physical reminder on the gifted item.

3. Generating Two Closed Referrals From Your Visits

As we discussed in part 2 of our 5-part series, soliciting referrals is NOT an activity you perform during your pop-by activity. Nothing could be more transparent as a sleazy sales gesture to a client than being asked to give something while receiving a gift. People value authenticity! Your customers want to know that you value the relationship and their previous business, without feeling obligated to provide more to you. So, use the pop-by to deepen relationships and showcase your value as a friend and real estate advisor. Consider using the acronym MITS when engaging with your guests:

• M - Make your visit brief, but impactful. Try to time your visit to no more than 5 minutes.  
• I - Inquire about their life. People love talking about themselves and asking questions about how they’re doing since your last transaction can reveal possible real estate needs they, or their friends/family, may have.
• T - Thank them for their time and friendship! Making sure to end the visit by showing your appreciation for their friendship and welcoming you into their home for a brief visit. Intimacy deepens loyalty which will pay dividends long after the event.‍
• S - Schedule time to follow-up. After the holidays have passed, but before Super Bowl Sunday, be sure to check-in with each guest. Be sure to check-in on if they’ve enjoyed their gift and ask if they’d like to meet for coffee and discuss housing trends and understand what needs they may have related to refinancing, home insurance, buying and selling, etc.

Pop-by’s are a great way to reach a large number of people with a personal gift during the holiday season. Be sure to apply these principles this year and message us when you generate referrals and see success!

In part 4 on ways to generate referrals during the holiday season, we discuss philanthropy. How you can use generosity to not only give back to the community, but create interactions through your philanthropic endeavors to generate referrals in the year ahead.

Read Part 4: Get More Referrals This Holiday Season (Philanthropy)