How Real Estate Referrals Drive Success: The Power of Specialization & Collaboration
Koby Rickertsen
Land Specialist & Broker
NE, CO, SD, KS, OK, MO, WI, AR, WY
In the real estate world, you quickly learn that being a “jack of all trades” often means being a master of none. That’s why I’ve always been a big believer in specialization. For me, it’s all about farms, ranches, and recreational properties. I know the ins and outs of this unique market, from water rights and mineral rights to conservation easements and agricultural exemptions. It’s what I’m good at, and it’s where I focus my energy.
Could I market and sell a house in town? Absolutely, I could. Could I do it better than people who specialize in that? Absolutely no way! That’s where a strong referral network comes in. I’ve built relationships with trusted real estate professionals across the US and beyond, each with their own area of expertise. If I can’t provide the best service for a particular need, I know someone who can.
I’ve got a friend in Colorado who runs a successful real estate business. Her secret? It’s 100% referral-based. She’s built a reputation for being the go-to expert in her niche, and the referrals just keep coming. It’s a testament to the power of focusing on what you do best and building strong relationships with other professionals.
This year, I’m taking a page from her book. I’m making a conscious effort to increase the number of referrals I give and the referral fees I pay out. My goal is to pay out over $100,000 in referral fees to agents specializing in residential, commercial, and other areas of real estate. It’s not just about growing my business; it’s about investing in the broader real estate community and ensuring my clients get the absolute best service, no matter their needs.
Why Referrals Matter
Some folks might wonder why I’d send business to someone else. It might seem counterintuitive, but here’s the thing: referrals are a win-win-win.
Clients win: They get connected with a true specialist who understands their unique needs. Whether they’re buying a family farm, a commercial building, or a downtown condo, they’ll have an expert in their corner. This leads to better outcomes, smoother transactions, and happier clients.
My network wins: Referrals are the lifeblood of any real estate business. By actively referring clients to my network, I’m helping them grow their businesses and build stronger connections within the industry. It’s about collaboration, not competition.
I win: When I refer a client, I’m showing them that I have their best interests at heart, even if it means sending them to someone else. That builds trust and loyalty, which are invaluable in this business. And let’s be honest, those referrals often come back around!
A Real-World Example
Just the other day, a buyer contacted me about a farm for sale. The listing agent was a residential specialist with little farm transaction experience. The buyer was interested, but the listing lacked key details. I spent a day and a half researching the property, even speaking with the tenant who had farmed the land for 25+ years. What I uncovered? Major issues. The irrigation systems weren’t owned by the seller, and one of the wells wasn’t even on the property! Ultimately, I advised my client to pass on the deal. It was disappointing, but it reinforced an important lesson: Had the listing agent collaborated with a land specialist, these issues would have been addressed early on. The property could have been marketed better, sold for a higher price, and closed faster – benefiting everyone involved.
Collaboration Success Stories
But it’s not just about avoiding pitfalls. Collaboration can lead to incredible wins for everyone involved. I’ve had several experiences where co-listing or co-marketing with residential specialists has led to outstanding results.
For example, a residential agent once reached out to me about a beautiful country home with significant acreage. She’s a top-notch agent, but she recognized that she didn’t have the expertise to market the property to its full potential. We decided to co-list, combining our strengths and knowledge. The result? We exceeded the client’s expectations, achieving a sale that neither of us could have accomplished alone.
Another time, I worked with an agent on a divorce property. It was a challenging situation, but by collaborating and leveraging our individual strengths, we were able to secure a sale above the asking price. More importantly, we helped the parties involved reach a positive resolution during a difficult time.
These experiences have solidified my belief that collaboration is the key to unlocking success in real estate. When we pool our knowledge, resources, and networks, we can achieve outcomes that wouldn’t be possible individually.
The Power of Niche Specialization in Rural Real Estate
Specialization in real estate goes beyond just the broad categories of residential, commercial, and land. It can get even more granular than that. Think about horse properties, vineyards, or even churches. These unique properties require specialized knowledge, marketing strategies, and networks of potential buyers.
Agents who focus on these niches spend their entire careers cultivating relationships, honing their skills, and developing targeted marketing approaches. They understand the nuances of these markets and can provide invaluable insights to both buyers and sellers.
When it comes to farms, ranches, and recreational land, this specialized knowledge is critical. Understanding agricultural zoning and regulations, having knowledge of farm and ranch equipment and infrastructure, and experience with appraisals and valuations of rural properties are all essential. Strong connections with agricultural lenders and other rural professionals are also invaluable.
By recognizing the value of these niche specialists and collaborating with them, we can ensure that every client, regardless of their needs, receives the highest level of service and expertise.
Don’t Risk It, Refer It
That’s my motto. It’s not just a catchy phrase; it’s a philosophy that guides my business. I believe that by referring clients to the right specialists, we can mitigate risks, maximize outcomes, and build a stronger, more collaborative real estate community. Again, it’s a win for the clients, a win for the agents, and a win for the industry as a whole.
Building a Referral-Based Business Beyond the Numbers
My commitment to referrals goes beyond just sending clients to other agents. I’m also actively building relationships with professionals who can refer clients back to me for farm, ranch, and recreational land transactions. I believe that by focusing on what I do best and collaborating with others, we can create a thriving real estate ecosystem that benefits everyone.
While my goal of paying out over $100,000 in referral fees is a concrete measure of my commitment, it’s about more than just the money. It’s about building a reputation for integrity, client-focus, and collaboration. It’s about creating a real estate community where everyone feels supported and clients receive the highest level of service, no matter their needs.
The Referral Advantage
For those who might be hesitant to accept referrals, let me tell you, there’s a huge advantage to working with someone who’s already been vetted and comes with a built-in level of trust. Referrals are often warmer leads, leading to quicker closings and stronger relationships.
If you’re a real estate professional who values specialization and collaboration, I’d love to connect. Let’s explore how we can work together to build a stronger, more client-focused real estate community.
And if you’re looking to buy or sell a farm, ranch, or recreational property, contact me today! I’m committed to providing the highest level of service and ensuring you have the best possible experience.
Do you want to learn more?
What are your thoughts about specialization and referrals? Let us know your thoughts. For more questions regarding land real estate, visit our YouTube Knowledge Center or contact a High Point Land Company Agent today.
Koby Rickertsen is an Accredited Land Consultant (ALC), Multi-State Land Broker, and Senior Real Estate Specialist with High Point Land Company. With deep agricultural roots and a disciplined background in the U.S. Navy Submarine Force, Koby applies a data-driven, results-oriented approach to land transactions, ensuring clients maximize their farmland’s value. Reach out to Koby at 308-529-0067 or email Koby@highpointlandcompany.com.