Has Compass cracked the repeat and referral code? The Download

Publish Date: July 28, 2023

Written by Christy Murdock

- Originally published at Inman News - Christy Murdock

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Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: Compass’ new Performance Tracker is touted as a repeat and referral game-changer. Can it live up to the hype? 

In an ongoing effort to expand market share, brokerages, teams and agents are constantly striving to one-up each other when it comes to magic-bullet technology. This week, Compass unveiled its latest tool, the Performance Tracker, with an eye toward helping agents keep a close watch on the factors and folks that drive their businesses.

This focus on repeat and referral clients — tracking them and communicating with them — is nothing new, of course. It’s the way many agents sustain their businesses and simplify their marketing. After all, if you’ve done a great job for someone once, it’s a short step from there to a referral or another transaction down the road.

Why is a repeat and referral strategy so effective? It’s all about lead temperature. Instead of constantly having to generate cold leads, like you do early in your career, time-tested agents can tap into a network of warm leads who already know how great they are to work with. That can make all the difference in lead conversion.

Today on The Download, check out Compass’ new tracker tool, then check out some of our best recent advice on keeping those past clients percolating through your pipeline.

NYC-based real estate firm Compass has added a new agent productivity tool to its tech platform. The tool, simply named Performance Tracker, enables agents and team leaders to seamlessly track closed gross commission income, closed sales volume, closed deals and average transaction price on a simple-to-use dashboard integrated with the Compass CRM and Business Tracker.

The Performance Tracker is the latest in a line of pivotal tech updates for Compass, which in 2021 outlined its plan to create the ultimate all-in-one platform for its agents.

For many agents and brokerages, repeat and referral business is an afterthought. They’re constantly chasing the high-cost shiny objects of new leads.

For others, however, the importance of repeat and referral can’t be overstated. In fact, for some, the vast majority of their lead gen is geared toward this important segment of the market. Here’s some of the best advice from Inman contributors on the subject of cultivating new business from past business.

Stop paying 35-40% to the portals for leads

For decades, the standard referral fee of a seller who is ready to list their property has been 25 percent. Some relocation companies have charged more than that, but they’re generally coordinating the move and providing other services. So why would any competent agent pay a portal up to 40 percent of their commission when there are plenty of cheaper options for generating great leads?

Instead of throwing away money on paid leads month after month, author and trainer Bernice Ross teaches you how to generate both buyer and listing leads at little or no cost.

These 4 differentiators help you stand out in a competitive market

In the competitive world of real estate, where countless agents vie for listings and clients, it takes something special to truly stand out. Mastering the art of distinguishing yourself from the crowd can lead to remarkable success.

In a challenging market, it takes more to make an impact, team leader Jeremy “Jae” Pierce writes. Find out how to create a reputation that resonates with buyers and sellers and curate relationships that lead to repeat and referral clients.

Repeat customers on lock! How this agent achieves a 99.7% repeat client rate

Heidi Harris out of Raleigh, North Carolina, has a 99.7333 percent repeat customer rate of past buyers who list their homes for sale with her. This amazing client retention percentage comes from a systematic approach to keeping in touch with her sphere of influence and past clients.

If you’re looking for consistent growth in your business, Jimmy Burgess writes, make sure you are devoting time and effort to the people who already know, like and trust you. These relationships are the seeds for future growth.

INMAN HANDBOOK EXTRA: Ramping up referral business is more important than ever in 2023

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