Massive Agent Podcast - Episode: 10X Your Referrals in 30 Days w/ Kit Bate

Host: Dustin Brohm
Guest: Kit Bate, Loan Officer, Branch Manager, and Coach at Guild Mortgage
Release Date: November 7, 2024
Transcript Highlights: [00:00] – [47:44]

Introduction: The Power of Referrals

In this episode of the Massive Agent Podcast, host Dustin Brohm delves into one of the most effective strategies for real estate success: leveraging referrals. Joined by industry expert Kit Bate, the discussion centers on actionable techniques that agents and mortgage loan officers can implement to 10x their referrals in just 30 days.

The Overlooked Fundamentals of Referral Generation

Kit Bate emphasizes that referral generation isn't about rocket science but mastering overlooked fundamentals and systems. He highlights a common mistake among agents: waiting until the closing table to ask for referrals, thereby missing out on numerous opportunities during the entire transaction process.

Kit Bate [07:12]: "During the process, that's when we're showing our value. People are commenting and saying, 'Oh, my gosh, you're amazing.' We need to capture those moments."

Dustin Brohm concurs, pointing out that the time spent working with clients is a goldmine of referral opportunities that many agents fail to capitalize on.

Setting Clear Expectations with Clients

A pivotal strategy discussed is setting clear expectations from the outset. Kit advises agents to inform clients that regular updates will include referral requests, thereby normalizing the process and reducing any potential awkwardness.

Kit Bate [10:28]: "Set the expectation and give yourself permission to ask for referrals multiple times through the transaction."

This approach ensures that clients are aware and receptive when referral requests arise organically during the relationship.

Defining and Streamlining the Referral Process

Kit elaborates on what constitutes a strong referral versus a weak one. He advocates for teaching clients to make group text introductions, which facilitate a warm and immediate connection rather than passive referrals that often go unnoticed.

Kit Bate [11:04]: "Send a group text intro like, 'Hey Kit, meet Dustin. Dustin, meet Kit. He's going to take care of you for all your lending needs.'"

This method ensures that referrals are active and engaged, increasing the likelihood of conversion.

Adding Value Before Asking for Referrals

A recurring theme is the importance of adding genuine value before soliciting referrals. Kit explains that by enhancing the client's experience—be it through exceptional service or personalized gestures—agents naturally position themselves as the go-to professional.

Kit Bate [19:19]: "Adding value makes it so easy to ask for a referral because you've earned that trust and appreciation."

Furthermore, Dustin underscores that recognizing and highlighting the value added during interactions makes the referral request feel like a natural extension of the relationship.

Effective Scripting: Leveraging Compliments for Referrals

The conversation transitions to effective scripting techniques, particularly how to capitalize on client compliments. Kit suggests that when a client acknowledges the agent's exceptional service, it's an ideal moment to segue into a referral request.

Kit Bate [21:17]: "When you get a compliment, highlight that and then ask, 'Do you know anybody right now that I should be talking to?'"

This strategy ensures that referral requests are contextual and well-received, rather than intrusive.

Balancing Personal and Professional Relationships

When managing a database, Kit distinguishes between personal and professional value, especially when reconnecting with long-lost contacts. He advises agents to maintain sincerity and focus on building meaningful relationships rather than merely expanding their network.

Kit Bate [26:36]: "It's about being sincere, adding value, and building real relationships so that referrals come naturally."

Categorizing Your Database: A, B, C Lists

To prevent overstepping and becoming cringe-worthy, Kit recommends categorizing contacts into A, B, and C lists:

• A: Top-tier relationships that are deep and mutually beneficial.
• B: Occasional contacts who are on the radar.
• C: Distant connections that require nurturing.

Kit Bate [41:13]: "Categorizing helps you tailor your approach and avoid overdoing outreach with less-engaged contacts."

This targeted approach ensures that agents focus their efforts where they are most likely to yield results.

Automation vs. Personalization in Gifting

The discussion touches on the balance between automated gifting platforms and personalized gestures. While Kit appreciates the efficiency of automated systems, he emphasizes the irreplaceable value of personal touches for top-tier clients.

Kit Bate [36:07]: "Automation is great for scaling your efforts, but personalized deliveries can leave a lasting impression on your top clients."

This hybrid strategy ensures both breadth and depth in relationship management.

Building Your Database from Scratch

For agents new to the industry or those struggling with a limited database, Kit offers a step-by-step approach:

1. Identify Key Lists: Focus on VIPs, past clients, and business owners.
2. Start Small: Begin with just a few contacts in each category and gradually expand.
3. Top Grade Relationships: Continuously assess and prioritize contacts who are most likely to refer and reciprocate.

Kit Bate [44:00]: "Start with five people in each list and build from there, ensuring each relationship is meaningful and reciprocal."

Conclusion: Implementing and Scaling Referral Strategies

Dustin wraps up the episode by encouraging listeners to implement the discussed strategies with intentionality and consistency. He reiterates the potential for exponential business growth through effective referral systems.

Dustin Brohm [46:48]: "Take action, implement what you learned today, and watch your business blow up in a major way."

Additionally, listeners are reminded to connect with Kit Bate on Instagram (@kitbait) for further insights and training opportunities.

Key Takeaways

• Early and Consistent Referral Requests: Don't wait until closing; seize referral opportunities throughout the transaction.
• Set Clear Expectations: Inform clients ahead of time that referrals will be part of the ongoing communication.
• Define Strong Referrals: Utilize group text introductions to ensure referrals are active and engaged.
• Add Value First: Build trust and demonstrate value to make referral requests feel natural.
• Effective Scripting: Use client compliments as springboards for referral conversations.
• Categorize Your Database: Focus efforts on top-tier contacts to maximize referral potential.
• Balance Automation with Personalization: Use automated systems for scalability while maintaining personal touches with key clients.
• Start Small and Scale: Begin with a manageable number of contacts and build meaningful relationships over time.

For real estate agents and mortgage loan officers looking to boost their referral generation, this episode offers a comprehensive and actionable roadmap. By implementing Kit Bate's strategies, professionals can transform their approach to referrals, leading to sustained business growth and enhanced client relationships.

Follow Kit Bate on Instagram: @kitbait

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This summary captures the essence of Episode 10 of the Massive Agent Podcast, focusing on strategies to exponentially increase referrals through systematized, value-driven approaches.