As an apartment syndicator, your success relies heavily on having a steady stream of investors. While finding new investors is important, it’s equally important to cultivate and maintain strong relationships with your existing investors. One of the most effective ways to do this is through referrals.
Referrals not only bring in new investors, but they also come with a level of trust and credibility that can be hard to achieve through other means. In this article, we’ll discuss eight tips for getting referrals from your existing investors that will help you grow your business and strengthen your relationships with your investors.
1. Build strong relationships
Focus on building strong and trusting relationships with your existing passive investors. By being open and honest, reliable, and delivering on your promises, you can create a positive experience for your investors. When people like and trust you, they’ll naturally want to tell others about you.
2. Provide exceptional service
You should provide exceptional service to your existing investors. This includes timely and accurate communication, including giving regular updates on investment performance and addressing any concerns or questions quickly. By going above and beyond in providing a great investing experience, it’s more likely that your investors will be happy to refer others.
3. Ask for feedback and get testimonials
How can you actively seek feedback and testimonials from your existing passive investors? This can be done through surveys, personal conversations, or written requests. Positive testimonials can be powerful social proof to attract new investors.
4. Express gratitude
Whenever an investor provides you with positive feedback or a testimonial, you should take the time to express your appreciation. A simple personalized thank-you message can go a long way in strengthening the relationship and showing appreciation for their support. This positive interaction can make investors more inclined to refer others.
5. Educate investors about referral opportunities
You can inform your existing investors about the opportunity to direct other potential investors to your investment opportunities. You can send personalized emails and newsletters or even invest time in one-on-one conversations. Explain the benefits of investing in syndications and emphasize how referrals can help their friends, family, or colleagues achieve their financial goals.
6. Incentivize referrals
To further motivate your existing investors to provide referrals, you can offer incentives. These incentives can take various forms, such as referral bonuses, discounted fees, priority access to future investment opportunities, or co-investment opportunities. By providing tangible benefits, you can encourage your investors to actively refer potential investors.
7. Provide referral resources
You can make it easier for your investors to refer others by providing them with resources and tools that make the process easy for them. You can send pre-written emails or social media posts to your investors that they can easily share with their contacts. Additionally, you can offer to answer any questions that potential investors may have, making the referral process smooth and easy.
8. Follow up and track referrals referral resources
Once referrals are made, it’s essential that you follow up and track the progress. Reach out to the referred individuals, provide them with information about the investment opportunity, and address any questions or concerns they may have. Keeping the referring investor informed about the progress of their referral can also strengthen the relationship and encourage further referrals in the future.
Using these strategies, you can successfully get tons of referrals from your existing passive investors. Just remember that the success of referrals depends on the satisfaction and trust of your existing investors, so maintaining strong relationships and delivering value should be your top priority.
As an apartment syndicator, having a strong online presence is essential in today’s digital age. A professional website helps you build trust and credibility with potential investors. By following the eight tips we discussed in this article, you can leverage your existing investors to bring in new referrals and expand your network.
At the same time, having a well-designed website that accurately reflects your brand and values can help you convert those referrals into new investors. If you’re looking to establish a powerful online presence for your apartment syndication business, we’d love to help you. See the demo.