In an age of abundant leads, an increasing number of real estate agents need better ways to mine more business from the leads, contacts and referrals they already have.
But sometimes agents don’t maximize their referral and excess-lead opportunities because they don’t want to hassle with finding a suitable referral partner, tracking the connection to ensure things go smoothly and following up so they get paid. They also want to focus on core parts of their business, and monetize the rest.
This is the whole point behind ReferralExchange, a service that matches agents’ referrals and excess leads with vetted, high-quality agents across the U.S. based on a location, price point, sophisticated, data science-powered algorithms and additional factors that agents can specify. Agents work the business that makes sense for them, the service takes care of the rest.
- Matchmaking technology optimizes matching prospects with vetted agents, maximizing the likelihood that an outbound referral or lead turns into a closed deal.
- In-house, licensed ReferralExchange staff follow up with referrals, ensuring nothing falls through the cracks.
- A back-end dashboard makes it easy to track deals from contact to close and communicate with clients and other agents.
- Agents can be as much a part of the process as they want to be.
A referral prospect is only as good as the agent who receives it, which is why ReferralExchange maintains an invite-only network of 24,000 agents who service the referrals and leads sent on the platform. Any agent can sign up to send referrals on the platform for a one-time $995 fee.
When agents submit a referral on the platform, they can specify how many agents their client will match with (they can choose from two to four agents), a preference for their specific brokerage, and whether they’d like to personally vet the agents prior to sending them to the client.
Once matched, clients see the profiles and proposals of the agents they match with. They can contact the agents and then choose the one they want to work with.
A ReferralExchange dashboard tracks this whole process, giving referring agents transparency into their complete referral pipeline. They see the number of outbound referrals they have pending, how many are actively working with an agent and how many they’ve closed.
Referring agents get paid based on the percentage they specify when they send the referral (the platform allows them to choose 15, 20 or 25 percent). When a deal closes, referring agents pay ReferralExchange up to a 35 percent referral fee. ReferralExchange takes 10 percent for managing the process, and the commission balance goes to the submitting agent.
Brokers can also use this service to manage and track their agents’ referrals on an office-wide basis. In some cases, this can be an added “in house relocation/referral network” benefit that brokers can provide to their agents, enabling them to earn extra revenue for any unserviced leads they’re producing.
To learn more about maximizing your referral business with a nationwide network of vetted, professional agents and a platform that provides 360-degree visibility into the process, visit ReferralExchange or watch this video: