We’ve all heard the saying “Do onto others” and I am sure that the majority of us have most likely seen or heard of the movie “Pay It Forward”, but the meaning of both is the same. The law of reciprocity is a socially acceptable rule that states as a whole, when you do nice things to others – it will come back to you and many times in spades.
In the world of buying and selling houses and in the digital age that we live in today, many new home buyers out there like to ask a friend or family member they trust for the referral of someone that they’ve done business with before in the past and would feel comfortable recommending. It’s even very commonplace in the internet world. Most ecommerce websites boast their reviews and testimonials. Everyone is trained to ask for a referral. The National Association of Realtors has stated that over 40% Millennial home buyers will ask a friend or family member who they used as a real estate agent.
The law of reciprocity is something that can be used to the great benefit of a real estate agent. Providing referrals to your trusted business partners, such as a Contractor or Home Inspector will in time generate business back to you. “You scratch my back and I’ll scratch yours” is also a popular saying and all of these are based on the principle of the law of reciprocity.
ReferralGENIE™ has a built in function that takes advantage of the law of reciprocity by promoting your business partners in a very unique and creative way.