Referrals are a giant piece of the pie.
Once you get a referral you have to move fast to capitalize on it. Client referrals are the most important referral's that you can earn. The average conversion rate is an extremely high 70%. When you get client referrals, immediately contact them.
Doing that in a timely matter will show that potential client you are the professional that they were told about. One thing to keep in mind is you don't have a full understanding of how much your client told the prospect. So prepare your presentation like you need to tell them everything about yourself, but you can lead into different parts by saying "If xxx already told you any of what I’m about to say, just let me know".
Take the time at the beginning of the relationship (or during the listing presentation) to talk about goals and the services the prospective client is looking for. You’ll save a lot of time and energy in the long run if you make the effort in the discovery phase. Don’t assume all referrals are a good fit.
Not all referrals are going to immediately turn into a lead either. So if you don't win them over immediately, continue to follow up with on emails or even direct mail if you want. The hope is that they weren't ready to make a decision and your persistence will keep you fresh in their mind.
If you have multiple client referrals going on at once, you are going to want to separate them and send them specific emails and mail. When dealing with these leads just remember how much different they are from your other types of leads. They are more than hot leads.
Remember to thank everyone who attempts to make referralsm, not just the ones that work out. Be sure to send out some sort of token of appreciation.