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Referrals in Real Estate
Transcript of Referrals in Real Estate
-Genuine relationships lead to referrals
-Provide required services
-Treat referrals well
-Net Promoter Score
"For every new innovation job, five additional jobs are created in the same metropolitan area. The top 12% high-tech markets, one of which is DC, account for almost 50% of new construction."
Did you know?
Real Estate & Construction
-Over 2,400 clients across the firm
-Commercial, industrial, mixed use, residential, and retail developers
-Amenity and resort developers, operators, and property managers
-General, special trade, and commercial contractors
-Real estate investment funds
Services in Real Estate & Construction
-Joint venture and operating agreement structuring
-Federal and state tax credits, incentives, and deductions
-Cost segregation studies
-Strategic tax planning
-1031 and reverse exchange analysis and evaluation
-Project cash flow and profitability analysis
-Review of asset valuation models
-Review of repairs and capitalization methods
-Job profitability, cost control, and breakeven analysis
-Licensing and insurance requirements
-Bonding and surety relationships
-Bid and proposal preparation
The Wharton School of Business found that a referred customer has a _____% higher life-time value.
Habitat for Humanity
Continued education classes
Real Estate Continued Education
-Requirements mandated by Virginia Department of Professional and Occupational Regulation every two years:
Brokers: 24 hours
Agents: 16 hours
-Both have 8 elective hours
Habitat for Humanity
-Match employee contributions
-Volunteer at build site
-Participate in Global Village international volunteer trip
-Aid disaster response support
In 2011, what percentage of Cherry Bekaert's total firm net fees resulted from the Real Estate & Construction industry?
Room for Improvement
Comments from the Richmond office
-"Targeted" referral networking
-Unsure of current system
-Database to track referrals
-Dependence on word of mouth
-Easier to work together office-wide
-Unsure of the current system
-Overview of Referrals
-About Real Estate & Construction
-Current Referral Process
-Largest Big Four presence in Richmond
-Internally-developed referral system
-Systematic data analysis
-Computer portal questionnaire for clients
Bottom Line: Be proactive, not reactive.
-Major competitor in Richmond
-Offer lower rates
-Less specialized services
-Involvement in Richmond
Bottom Line: Get more connected.
-Top 20 in United States
-Incentives for employees
Bottom Line: offer employee incentives.
-Optimize search engines
-Some shareholder involvement
Bottom Line: optimize our efforts.
In 2014 FY, what percentage of new business was allocated towards the real estate industry?
83 % of customers are willing to refer after a positive experience, how many actually end up referring the business?
• Partner participation in networking groups:
◦Association for Corporate Growth
◦Virginia Manufacturing Association
◦Richmond Real Estate Group
◦Virginia Chamber of Commerce
• Partners share contact information with each other
Importance of networking
Gain referrals and clients through network
Get name out to companies
Build professional and personal relationships
How to grow your network
Get involved with activities that interest you
"Be genuine and interested in what someone has to offer" - Jerry Fox
Small groups can lead to more clients
Check up on referrers, don't miss windows
Best way to receive referrals is to give one first
Benefits of a Large Network
You and your network advance together
Larger networks present easier client opportunity
Top positions bring opportunity to other employees
Window of Opportunity
-$20-$100 million in revenue
-Looking to grow or expand
-Requires multiple services from the Firm
-Over 100 employees
-Headquartered in Richmond or surrounding areas
Prospective Construction Clients
-Taylor Parrish - CCV, U of R, St. Christopher's
-Kjellstrom Lee - VCU, Reynolds, St. Catherine's
-Hourigan - Bon Secours, Philip Morris, VCU, U of R
-KBS - Bon Secours, CCV, Philip Morris, VCU
Prospective Realty Clients
-Monument - projects, valued from $500,000 to
$15 million; state and federal history tax credits
Real Estate & Construction Blog
-Referrals require reciprocity
-Individuals responsible for maintaining own referral records
-Referrals come from other lawyers due to nature of clientele
Ask for referrals
Utilizing and improving referral system
-Construction companies have a backlog of work and there is money waiting to be invested