SOLD by David M Greene

Author:David M Greene
Language: eng
Format: epub
Publisher: BiggerPockets Publishing
Published: 2020-09-14T16:00:00+00:00

Using Referrals from Other Agents

Many agents don’t realize it, but other real estate agents can actually be a great lead-generation tool. In my experience, there are several reasons Realtors don’t want to work with a certain buyer or seller and will look to refer the deal to someone else. Your job is to be that someone else! Outlined below are some of the reasons agents will refer out business, and what you can do to be their referral partner of choice.

They Don’t Work in Your Area

The most common reason for referring out business is that an agent doesn’t work in the area where a client wants to live. Because I’m willing to cover large geographical areas, I had assumed that other agents were too. I was wrong. Many agents won’t drive more than thirty minutes to help a client, and some aren’t even willing to service clients outside the town where they live! Whenever you hear agents say something like this, pay close attention: You want those agents to know that you enjoy working in your area, will take great care of their clients, and would love to service their referrals.

In my market, it’s standard practice to pay the referring agent 25 percent of the referral fee. This is one way agents can make money—just refer clients! Look for ways to network with and get to know other real estate agents in order to do this minimal effort practice. A free Bigger-Pockets membership or a paid Premium membership for agents is an excellent place to start! You can advertise yourself on the site to other agents (and to potential clients) and begin to grow your referral network.

Broker tours and regional real estate training events also offer great opportunities to meet your peers. When you attend these events, don’t just show up and take notes. Look to connect with as many agents as you can and find out as much about their business as possible—many of them are likely already signed up on BiggerPockets.com.

Ask the other Realtors which areas they service and, more importantly, which areas they do not. When they say they don’t service the area you are in, ask them whether they have any rockstar agents they refer to there. If they don’t, volunteer to be that rockstar! Tell them how much their clients will love you and that you’re happy to pay the referral fee you choose. Get their contact information and make an effort to stay in touch. You want to generate leads among these agents just as much as you do among potential clients. Check in with them to find out how their business is doing, how their sales have been, and what struggles they are having. Not only will this help you sharpen your own skills as you talk business with them, it will also keep you top of mind so they think of you when they have a referral in your area. Be sure to add them on social media and encourage them to add you.

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