In this episode Michael talks about the power of top of mind in building a referral based business.

1. Referral-based agents build sustainable businesses versus transactional agents relying on bought leads. Referral agents focus on long-term care and value for clients, becoming the hub for their needs.

2. Referrals have higher conversion ratios (3 to 2) than cold outreach (2000 to 1), along with higher retention since agents stay connected. They also incentivize clients to refer more and have the highest ROI.

3. People don't refer due to simply forgetting, lacking recent contact, no incentives offered, non-urgent client need, poor past referral experiences due to lack of follow up. Overcome through consistency, education, promotions, value, and referral programs.

4. Be top of mind by having recency of interactions via check-ins, property reviews, newsletters. Be relevant to client interests as a homeowner resource. Build relationship strength via events. Create distinctiveness with signature programs. Contact frequency is key.

5. Most agents lose contact after transactions close, failing to follow up. Referrals require intention, consistency, and value-added communication on an ongoing basis instead of at closing.

6. Have segmented follow-up checklists for buyers/sellers at 1 week, 1 month, 3 months post-close. Include gift cards, neighborhood info emails, invitations to client events, among other value additions.

7. Use relationship builders like FORD (asking about Family, Occupation, Recreation, Dreams) to understand clients better. This grows trust and advocacy.

8. Don’t cut corners - customized mailings, relationship building events, and high-touch coordination require effort. This shows clients they are valued, increasing loyalty.

9. Social media primes clients by regularly exposing them to your brand. Value-add real estate videos establish expertise over time as subscribers see you more.

10. Author Stacey Brown Randall provides referral advice in “Getting Referrals Without Asking” book and Roadmap to Referrals podcast that agents can learn from.