Imagine this: You have a client who's looking to purchase a new rental property. Unfortunately, you're out of town on vacation -- or simply too busy to meet their demands. Does this mean you lose the sale or worse -- lose one of your best clients?
Absolutely not!
In this instance, a real estate agent referral program is the way to go. By referring your clients out to other trusted professionals in your network, you can ensure everyone is happy and that you still receive a piece of the pie.
Here's how.
Why Do Landlords Need Real Estate Referrals?
Landlords are always looking to acquire new properties. But what happens if they purchase something their current realtor can't help them with?
This is where referrals come into play. A real estate agent may refer them to another licensed agent, who becomes their primary agent. This is called a real estate referral.
Their previous real estate agent will still be compensated -- typically they receive a fee should the landlord follow through with their new deal.
Referrals are ideal for everyone, so landlords shouldn't feel as if their previous agent is missing out. If they're unable to help with a property, referrals still help them financially, and landlords benefit from working with trusted real estate agents.
Benefits of Real Estate Network in Atlanta
There are several key benefits of a top realtor referral program. Here are some examples.
Access to the Best Leads Around
This focuses on the "it's not what you know, it's who you know" adage, and having your realtor refer you elsewhere helps landlords work with the most talented real estate professionals in your area.
There are several reasons a realtor wants to send clients to a top-tier referred agent:
- They're ensuring their clients secure a deal and they receive their fee
- It makes them look good, knowing they referred clients somewhere credible
- It helps with brand awareness
Trust and Security
Did you know that the National Association of REALTORS (NAR) has more than 1.5 million members? With this many real estate agents, landlords can struggle to pick the best agent.
By working with a trusted referral program and agent they trust, they'll have the peace of mind that their next real estate endeavor is secure.
You're Supporting Other Agents
Landlords need to have real estate agents they can trust, and who can trust you. As landlords work with these professionals from one transaction to the next, a professional relationship forms. When landlords and realtors participate in a referral program, they're both working to support one another.
The Best Real Estate Agent Referral Program
Now that you understand why a real estate agent referral program is beneficial for landlords and real estate agents, there's no time like the present to build your list of contacts and start networking. Should you be unable to help your client with a property, refer them elsewhere, keeping your clients happy while also securing a fee from any real estate transactions.
If you need more help building your network of professionals, PMI Perimeter can help. We offer commercial and residential services and referral programs. Contact us today to speak with a member of our dedicated team.
