Industry News

Report shows referrals important for real estate business

Half of surveyed real estate firms offer relocation services

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About 40 percent of all real estate firms participate in a referral program, while 20 percent of all firms have their own affinity programs to generate leads, according to a report released this week by the National Association of Realtors and Worldwide ERC, a relocation services industry trade group.   Advertising, firm affiliation and years of experience are all mainstays of the real estate profession, and many buyers and sellers select an agent based on previous experience with that agent, the survey shows that a significant share of a firm's business results from referral relationships: from another broker or agent, from an employer seeking to relocate some of its employees, or an affinity relationship with a particular firm.   This "2005 Profile of Referral and Relocation Activity" survey offers benchmarking information on different types of referral programs, such as affinity, corporate relocation and Internet lead generation, according to an announcement by the trade g...