Nothing you do in business may be more important than building a strong referral marketing network base. If you focus on generating leads from word-of-mouth and face-to-face interaction alone, you will close more deals and have more money left over to allocate to other areas of your business. While this sounds simple enough, too many business owners are focused only on the current deal and often miss out on referral opportunities that are right in their own communities. If you don’t strike while the opportunity presents itself, you may be left wondering why you may be struggling to grow your franchise business. Every deal and everyone you meet is a new opportunity to sell yourself and your business. All you have to do is prioritize it and make the time to act on it.
So what does the real estate industry have to do with the franchise world? Within the Real Estate industry, there are multiple facets and people that you can target for a referral. Realtors, attorneys, mortgage brokers, buyers and sellers and the investor networks they each have beyond what you know, are all prime candidates to build relationships with that could potentially open doors for your franchise business. Depending on what side of the deal you are on, you may have multiple ways to interact with these individuals. This is the perfect time to start building a working rapport and your relationship. Take the proactive approach and set up a meeting as soon as possible. If you are able to meet in person, something as simple as a quick meeting over a cup of coffee can set the foundation of a successful partnership. Nothing beats a face-to-face conversation. If you do not reach out to people you are working with, you are missing out on huge opportunities and easy ones at that.
Another great way to reach the most opportunities in the real estate industry is to attend conferences and seminars specifically designed for Realtors. Building alliances with other businesses and service providers in the real estate community can quickly expand your referral base and get more leads flying your way. At these conferences, you get to meet real estate agents, all of which have clients and candidates all looking to invest in a home. Why wouldn’t you want to network with their investors and see if they also have interests in investing in a business? Sometimes you will find that looking for a home is secondary to actually finding a business. Some investors are initially thinking of looking for a business in a specific city, and then acquire a Realtor, so that they can then move into the city where they want to start their business. It’s a win-win relationship that you can collaborate and build a mutually beneficial partnership.
It would be very rare to find a real estate professional who would disagree with the statement that referrals are their strongest leads. Realtors come with some built-in credibility and trust, making the conversion process easier. Real estate professionals are constantly asking for referrals from their customers and clients. Many have a “we appreciate your referrals” message in our email signatures and marketing pieces. So coming from a franchise broker, they would instantly understand your need for referrals and how lucrative it could be to share candidates and prospects with each other. It only adds more value to the end buyer/investor you both would be working with.
Here are some channels to think about that the real estate industry and attending a real estate conference in your community can offer your franchise broker/consultant business:
Franchise Broker Candidates: Realtors who have their broker licenses and a firm behind it, understand the value of adding franchise sales to their business. In some cases, broker firms want to get multiple agents certified so that they can add the value of assisting their investors who may be interested in also finding a business alongside trying to find a new home.
Businesses Wanting to Franchise: Many Realtors may have developed a unique niche within the real estate industry, that they are interested in franchising and offering as a viable product. From mortgage services to real estate training courses or even broker firms that offer specific real estate services, there are many innovative individuals in the real estate industry that are ready to franchise their concept.
Franchises Wanting to Join the FBA: As with most trade shows, you will have unique vendors that are not franchises but potentially have what it takes to become a franchise. Having a presence at these shows as an individual directly connected to a franchise network will offer value to these businesses and to connect them with your resources on being able to develop their business into an actual franchise.
International/Domestic Investor Networks: Depending on the city you’re in and the demographics of your community, many Realtors work with a network of foreign investors that have decided or are at the beginning of making a move into our country. Whether it’s for personal or business reasons, in most cases, foreign investors have the goal of moving to our country to establish a business of some sort. By collaborating with a Realtor who is focused on international clients, you will be able to provide a broader spectrum of services to their clientele.
Real Estate Trainers: These individuals are eager to add more knowledge to their client base. In the real estate industry, most trainers provide up-and-coming programs that will help their Realtor base advance their revenue-generating potential. Real Estate trainers are excited to provide out-of-the-box ideas such as franchise brokering because it adds a whole new dynamic to their students’ repertoire base.
