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Referrals in Real Estate

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Erin B

on 10 July 2014

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Transcript of Referrals in Real Estate

Referrals in Real Estate & Construction
Laura Beckler
Erin Bowley
Brad Carnahan
Sam Kube
Chris Maka
About Referrals
-Two-way street
-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
-Clients include:
-Commercial, industrial, mixed use, residential, and retail developers
and operators
-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
-Percentage-of-completion accounting
Pop Quiz
The Wharton School of Business found that a referred customer has a _____% higher life-time value.

A. 9%
B. 16%
C. 34%
D. 41%
Networking Opportunities
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
-Financial Donations
-Match employee contributions
-Volunteer at build site
-Participate in Global Village international volunteer trip
-Aid disaster response support
Pop Quiz
In 2011, what percentage of Cherry Bekaert's total firm net fees resulted from the Real Estate & Construction industry?

A. 9%
B. 11%
C. 13%
D. 15%
Current Referral
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

-Competitor Analysis

-CRM Potential

Competitor Analysis
-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
-Less resources
-Involvement in Richmond
Bottom Line: Get more connected.
-Top 20 in United States
-Incentives for employees
-Networking approach
Bottom Line: offer employee incentives.
-Baltimore, MD
-80% referrals
-Optimize search engines
-Some shareholder involvement
Bottom Line: optimize our efforts.
CRM Potential
Referral Etiquette
Referral Recordation
Referral Overhaul
Pop Quiz
In 2014 FY, what percentage of new business was allocated towards the real estate industry?
A. 7%
B. 8%
C. 13%
D. 18%
Pop Quiz
83 % of customers are willing to refer after a positive experience, how many actually end up referring the business?
A. 78%
B. 52%
C. 38%
D. 29%
• 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
-Target client:
-$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


-Matrix Capital

-Monument - projects, valued from $500,000 to
$15 million; state and federal history tax credits
Real Estate & Construction Blog
Our Competitors
-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
Expand networks
-Construction companies have a backlog of work and there is money waiting to be invested
Full transcript