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Building a Referral Based Business with Will Penney | Episode 100

Will Penney is the President of Penney Real Estate Company and has been in real estate for 32 years. He started his own independent real estate company 20 years ago. They are a team of 7 and sold 47 million dollars in real estate over the last year. 

Two things changed in his life that affected his trajectory- he went to a Joe Stumpf seminar and it completely changed the way he thought about real estate. He learned how to create a referral only business so you can provide high service to clients and avoid the grind. Then, in 2009 Zillow came around and a business acquaintance convinced him to spend $300 a month on the service. Reviews were becoming very important in order to gain leads, and this move proved extremely beneficial at the time. 

He went back to his past clients and asked them to review him on Zillow. This grew his visibility on the platform and his business flourished. 

Will gets about 80% of his clients through referrals. His business is almost exclusively referral, repeat, or word of mouth. He has also started posting listings to Google and growing his reviews there. By posting just one photo to Google, he has gotten 769 views. 

“Social proof on the internet is better than a personal referral. When they reach out to me and they’ve seen my reviews they are already pre-sold… I just have to do my job and communicate well,” Will explains.

Noticing trends in Zillow that have begun to move away from realtors and seemingly trying to replace the realtor, Will set up a HGML platform to post all his reviews from Zillow so that if his profile is erased, the reviews are still there. 

Will also realized the power of spending on Facebook ads and signed up with Witly to help him with retargeting that he didn’t know how to perform himself. He also uses BombBomb to send his videos out to his client base. He is consistently creating videos by doing weekly market updates. He incorporates his daily life into these videos, whether he is at home or on a jog. 

He continues to evolve his business as the market changes, and this keeps him on top. His third-party validation primes him for new leads and it does the selling for him. 

 

If you would like to connect with Will you can email him at will@penneyrealestate.com