Between October to December 2015, Contactually interviewed over 120 brokerage owners and senior leaders at the leading brokerages in the US and in Canada. We wanted to understand their business priorities and how they planned on supporting their agents through the upcoming year.
You can download the report here, but we want to dive into one of the findings this Saturday that isn’t only relevant to brokerages, but more importantly for real estate agents.
According to our interviews, we found that at least 65% of a typical real estate agent’s business comes from their existing network. This is broken down into two parts: 35% comes from a client referrals and 30% comes from repeat business.
Read on to find out where real estate agents’ business comes from…
We’ve talked about the importance of building your brand online, in fact, 70% of real estate agents have a website; however, only 10% of an agent’s business is generated through their website. In another stat, 49% of agent’s themselves know that this year, in 2016, their business will come from referrals.
We won’t keep spouting off stats because the true importance here is to maintain one’s network as an agent. If majority of your leads are coming from your network, then placing it as a priority is essential. From sending follow-ups at the right time to preparing your contact base for the busy season, staying on top of your network will allow you to reap its many benefits.
The other categories are important and relevant for all real estate agents, but the most leads will still be generated out of an existing network. Having a strong network will still outweigh the other factors.
Interested in our other findings in the our report? What are the other questions we’ll answer?:
- What are brokerages’ priorities for 2016?
- Do brokerages insource or outsource training?
- What are the top training topics?
- What types of technology will brokers spend money on?
- And many other questions will be answered!